OCR Interpretation


The evening telegraph. (Philadelphia [Pa.]) 1864-1918, July 10, 1868, FIFTH EDITION, Image 2

Image and text provided by Penn State University Libraries; University Park, PA

Persistent link: http://chroniclingamerica.loc.gov/lccn/sn83025925/1868-07-10/ed-1/seq-2/

What is OCR?


Thumbnail for 2

"
THE D All j i EVENING TELEGRAPH PHILADELPHIA, " FIUD.AY, JTULY 10, 1868.
SPIRIT OF TJIE PRESS.
DITOBUti OPI.MOH3 OF THE LKAPl.NO .TOOnSALI"
CPOSf CCKBENT TOPICS COMPILED KTKBT
DAT VOU 1H 5 SViNtKO TELKOBAFU.
Free Tratlr anl I.imv Prices
1'rom the y. Y. Tritmni.
The CLioago Trihnm which la sapfeut ou
the Tariff question, figure up the effect of the
Moorbead Tariff bill as follows:
A carpet which might le lail down at our
door for $1 a square varJ, will oorit under
thia law aa foliowb.-
Cost of Carpel ?100
Premium ou e M ))
Duty. !)c. aut 35 per Cut -liO
l'reiulutu ou gulu "Z
Total ,2 21
Kate of taxation, 121 per rout.
The following are a fw of the errors ex
pressed and implied in thia calculation:
First Error, The premium on gold coat of
the carpet, amounting to 40 centa, would have
to be paid, whether there were any tariff or
not, if the purchaser paid for the carpet ia de
preciated currency.
Second Error. Because British importers
would "lay a carpet down at our door for
$1 in currency," when trying to undersell
American manufacturers ranning at full blast,
it does not follow that if the American com
petitors should be uudersold and broken
down, and the British manufacturer should
get full command of the American market, he
would then lay ttie fame carpet down at otir
doors for $1 in gold, or 1-40 in currency. On
the contrary, he would be likely to charge
to make up the losses he ha l incurred In com
peting with, and underselling our manufac
turers while the latter were protected. For fre
quently, to keep the market against the manu
factures of other nations, the British manu
facturer will pay the tariff himself, and stand
the loss of it, rather than sot dispose of Lis
goods. Reports made on behalf of the manu
facturers ot Great Britain prove that they hare
thus often submitteit to enormous losses
by payiDg foreign tariffs, and still underselling
foreign manufacturers, at less than cest, iu
order to ultimately break down foreign indus
tries, and make up for their losses when they
got control of the market. The cheapest way
for Americans to get their carpets is to induce
the men who make them cheaper in England
than we can to come here and make them
cheaper here. By importing carpet weavers,
instead of carpets, we net only obtain a surer
reduction in the price of carpets, but we add
to our own means ef purchasing carpets,
from the fact that the carpet weaver buys of
us Lis food, clothing, machinery, wool, cotton,
etc , thereby Increasing the demand for and
the value of all we have to sell.
Third Error. Americans do not produce
"dollars," but crops and manufactured pro
ducts. Whether carpets are cheap or dear
depends not so much on the nnmbor of dollars
asked for them as upon the number of dollars
the American purchaser is getting for his
cropa, his labor, his i-klll, or his products of
whatever kind. Free Traders claim that free
trade will reduce wages here to the level of
wages in Great Britain and France, and so
enable manufacturers to ilourish on pauper
labor. But the laborers and farmers of Great
Britain and France have no money to buy
carpets with not because carpets are not low,
but their wages and crop profits are lower.
So long as Americans farmers raise wheat
instead of dollars, apples insteai of shillings,
it is far more importaut for them to sell dear
than it is to buy cheap; for they sell about
three times as much as they buy, and
twenty times as mucL as they buy,
of any foreign product. The statis
tics show that :!5-3t;ths of all American
agricultural productions find their market
in America. The chief aim of American legis
lation, therefore, so far as it bears onjindustry
should be to give us & good market to sell iu.
jiive the people that and they will attend to
their buying. Protective tariffs Lave always
given all classes good markets to sell in. If
free trade, therefore, while reducing carpets
from $2-24 a yard to II-IO, should reduce labor
from i'3 a day to $1, as we think it would, the
laborer would Lave to work nearly a day and
a Lalf to earn a yard of the carpet which Le
now earns by working three-fourths of a day.
So, if free trade should reduce the farmer's
wLeat from $1-'.10, as we think it would, to (JO
cents, tbe carpets which he can now purchase
for 10 bushels of wheat he could only purchase
then for 1!) 8-10 bushels of wheat. The car
pets in sucb case would be dearer to the farmer
by nearly 100 per cent at $1-40 than they are
now at $2-24. So, Free Trade friends, don't
give su these things too oheap.
The Financial Flanks of Die Democratic
riatlorni.
From the tf. Y. Times.
The World, which has hitherto manfully re
sisted Mr. l'endleton's financial propositions as
unjust and impolitio, makes their incorpora
tion into the democratic platform the occasion
of epecial exultation. "We cordially indorse
the financial part of the platform, and will
atand by every wod of it" is the emphatio
sayiug with which our contemporary chroni
cles its approval. The World, then, "cor
dially indorses" what until now it has vigo
rously and consistently condemned, and pro
mises to "stand by every word" of what it
rebuked and repudiated when originally ut
tered by Mr. Pendleton.
The process by which the World overcomes
the scruples of conscience which must have
been awakened by the sudden change is amus
ing, though neither novel nor unexpected.
We are asked to believe that Pendleton has
been converted to the World doctrine, in the
face of the fact that so much of the platform as
relates to the bonds and the currency was dic
tated by the Ptudletun section of the party,
and forms an unmistakable expression of their
views. Admitting the explicitneis of these
declarations, the organ of the New York De
mocracy yet insists that they carry a meaning
exactly the opposite of that which their pro
moters intended to convey. Let us see what
ground exists for this interpretation.
The three resolutions, which must be read
together, and which will form a very promi
nent feature of the contest, are as follows:
"I'aynieut of the public debt of the I'nlted
Stales as rapidly u pruct Icable; ull moneys
tliawu lrom ilio People by taxation, except no
much esU rci j ul , in- for lue iiecuKmtien of the
Uoverumt-ut. economically iilniltils'med. belni
lionoHily applied to sucn payment, ami where
tbo obllt;tiioiiM of tlie (iovui nmcit do not ex
prt'HSly mule upon im-ir f,ce, or tbe law under
Which, tht-yweio lusiird does uot i-ruvldu that
tb-y nball bo paid in coin, tney ou jut, lu rUbt
nnd In JiiNtlce, lo bepnid iu me law.ru I money
Of tbe Uli leu HI lit en. I'nanilem ol applause )
"KiiuhI taxation of every species of property
accoiuing lo Unreal value, luclu tint; Uoveru-
juoui oiiikih anu ( i nei pviouc KecuriueM. (K0
viewed cheei n n aod cries of "Head It hliiiIu.
"One enritncv lor tiie (Jovernmeut and thn
people, the laborer und the oHice-bolder, ttie
pensioner and tbe Holdler, I be producer and the
bond-bolder, (fire .1 cbeeriim anil crleiof 'lloncl
llagHlu.') The fill b i evolution wus utfuln ruud
fclid again cheered."
The cheers which greeted the reading of
these resolutions show that they were well
understood by the assembled delegates and
observers. No other portion of the platform
elicited a fraction of the enthusiasm which
these failed forth. They touched the DrtUlO-
ki-pviiioible ou to e.iettiiul points.
In the first place the platform aflirms that
ihe Government bonds which do not carry ou
their face, or in the legislation authorizing
tlieni, a specific Ktatement that they shall lie
paid in coin, tire legally and properly payable
in currency.
In the Best placa, the platform pledges ita
party to the taxation of the Government
bonds, in common with all other property, ia
defiance of the fact that exemption from tax
ation was; one of the conditions on which they
were iff tied.
To understand the Fpirit and purpose of the
Convention, the two resolutions must be taken
together. The first may not be literally opeu
to the charge of repudiation. It professes ad
herence to the terms of the contra :t, but it
dipcards tbe implied understanding, and the
distinct assurances of the Secretary of the
Treasury and his agents, on which the sub
eciibera to the several loans acted. The
second resolution ia clear, unequivocal confla
tion. It abrogates one portion of a oontract,
and imposes a condition fatal to the good faith
of the (iovernuoent.
The World, however, totally ignores the
latter declaration. It makes no mention of
the proposed taxation of tonda. That mea
sure of confiscation or repudiation it passes iu
cilence. And thojgh the clause in question
cannot be separated from that "fiaaucial put
of tbe platform" which the World "cordially
endorses," our contemporary makes n? refer
ence to it, or to the signilioant inference to
w hich it leads. We don't like to say that the
tupprtsMon is dishonest on the part of a
journal which has been outspokeu in its fi mu
cin! discussions, but it is certainly disingenu
ous, and as certainly invalidates the general
argument with which the platform is upheld.
Besides attempting to avert the charge of re
pudiation by omitting the most specific portion
of the evidence on which the accusation rests,
the World aflecta a discovery which cannot
impose on any intelligent reader. It may
be stated thus: The financial declarations
are limited and modified by statements "scat
tered through different sections of the
platform;" out of which statements the
World manufactures the conclusion that when
the Convention demands one currency for the
laborer and the bondholder, and asserts the
right of the Government to redeem its bonds
with this currency, a currency appreciated to
a level with gold, is what is really meant by
the party. But nothing could be moreuu
tenable than this interpretation. The finan
cial proportions make no reference whatever
to aught besids "the lawful money of the
United States." It is with this, ind this only,
that the Democratic party would pay the
bondholders. Aud though we may assume
that in the opinion of the party, specie pay
ments would be more quicklv resumed under
a Democratic than under a llpublican Gov
ernment, we challenge the World to point out
any sentence in the platform which qualifies
the bond quebtion by any reference to this
contingency.
The World's discovery involves another
source of consolation. The platform, it tells
ns, is positive against inflation. "Where are
the greenbacks to come from.'" it asks tri
umphantly. And the answer is ready:
"They are not to be manufactured by the
printing press, but to be raised by taxation."
For this assertion we find no warrant in the
platform. True, it speaks of "the credit of
the Government and the currency made good,"
but tbe phrase occurs in a resolution alto
gether so meaningless that even the World
condemns its "silliness." Aside from this
there is nothing. The party leaves the ques
tion of means with which to redeem the bonds
open; and we prefer Mr. Pendleton's interpre
tation to the World's. We kuow that the
author of the doctrine which that journal
"cordially endorses" has not sanctioned the
construction which it would foist upon his
platform.
Let there be fairness In the controversy now
begun. The Democracy, as a party, can have
no desire to evade the meaning plainly carried
by its financial declarations. They proclaim
the taxation of the bonds and their payment
in currency; and on neither point is there
room for equivocation or denial.
The Two riatfbrms-PlatituiUs ami Dim
combe From the N. Y. Herald.
Looking closely at the Democratic platform
and comparing it with the Republican Chicago
platfoini we see that either would suit both
parties. In order to show bow they resemble
each other in vague generalities, in bavins
several faces to suit the vision of long-sighted,
short-sighted, and double-sighted people, and
in their platitudes and buncombe, we publish
both to-day in another part of the paper.
Talleyrand said the use of language was to
ccoaceal the thoughts, and the politicians of
both our parties evidently think the same.
When men are ignorant of the subjects they
write or speak upon they cannot be clear, and
that is the case with most of these platform
makers, particularly on the questions of
finance and currency. Besides, it Las become
the habit of those even who have some
knowledge to use language that may be con
veniently interpreted to mean one thing or
the other, so as to confuse and humbug the
people. Only statesmen grasp great political
and financial subjects and express, their mean
ing clearly. Unfortunately, we have few such.
Politicians everywhere resort to chicanery and
double dealing, but nowhere is it so much
their stock in trade as in this country. Our
politicians, having few Unas and a want of
breadth and coinpreheusiveuess of mind,
would have nothing to fay it they did not
leave political questions open for the purpose
merely of bandying words and ventilating
Stale platitudes. This is exemplified efery
day in the repetition of their dull harangues.
It is the same w ith these party platforms.
Apait from the recrimination aud abuse of
each party in the platforms there are but two
ideas negro suffrage aud the finances. With
regard to the finances aud what is popularly
termed the greenback issue the platforms are
nearly alike. Both denounce repudiation aud
say that the debt shall be paid according to
law. True, the Republicans fay "not only ac
cording to the letter, but the spirit, of the laws
uuder which it was contracted;" while the
Democrats say that "where the obligations of
the Government do not expressly btate upon
their face, or the law under which they were
iseuid does not provide that thoy shall be paid
in coin, they outht in right aud justice to be
paid in the lawful money of the United States."
Now this is evidently au attempt to make
a distinction where there is little or no
difference. Both parties will act according
to circumstances aud interpret their platforms
to suit cases as they arise. If we should arrive
at specie payments when the live-twenties are
paid pajmeut will be made iu coiu by the one
party as well as the other that may happen to
be in power. If we should not be ou a specie
paying basis when the five-twenties are re
deemed no party in power would venture to
pay a hundred iu gold for what iu the market
might be worth only seventy-five. Besides,
the Government, like au individual, can buy
up its bonds at any time at the market value
wuuoui aoing injustice to any one. 'ibis,
then, is not a practical issue. The twaddle
about it by the politicians aud the platform
makers only kIjows their utter ignorauoe and
the muddle they are in on the subject. Cou-
f- Inst !"'-nn f
' " A oueijUon might arue, Lowsver, lu this
way: the bonds having run flvo years and the
Government being at liberty to redeem theiu
acobrding to law, suppose it had ons Or two
hundred millions in the treasury to apply to
that purpose, and gold should b at a hundred
and forty, as now, would the Government piy
more than a hundred ip legal ten Ws for every
hundred dollar five-twenty boul? Would it
pay a hundred aud forty, the coin valdef Or
would it redeem them at the market value, say
one hundred and ten, thus giving ten per cnt
more than the fjee demands if they be payable
in lawful money ? This question may arise;
but the politicians aud would be financiers
have not understood it nor touched it. In
that case tba party in power, whether radical
or democratic, would act according to the letter
of tbe law and the face of the bonds. B ith
would act in the same way, for they could act
in no other wy.
Both platforms are silent on forcing specie
payments, which, after all, la the rol ques
tion at the bottom of thia issue about paying
the bonds in coin or greenbacks. Iu fact,
both parties, in and out of Congress, have
found it necessary to leave the currency an 1
specie payments to be regulated by the lawa
of trade, aud we are satisfied neither will ven
ture to disturb these laws. Mr. McCulloch
tried his baud at this dangerous performance,
but the voice of the country and the votes of
Congress Btopped him. Both parties stand
upon the same platform In thU respnot.
As to taxing the bonds or the interest on
them, the Democrats are more explicit in favor
of such a measure, while the Chicago platform
rather squints the other way, but at the same
time it saya "it ia the duty of Congress to re
duce the rate of interest thereon whenever it
can le done honestly." It would require a
very sLarpBighted individual to see much dif
ference here between taxing the interest of the
bonds and reducing the rate of interest thereon,
notwithstanding the saving clap-trap clause
about doing it honestly. But if the Republi
can framers of the Chicago platform ever in
tended to express disapprobation of taxing the
bonds, the Republicans in Congress have abo
lished this plank, for they voted for taxing the
interest ten per cent.
The two platforms are singularly alike in
denouncing frauds in the Government aud in
declaring that taxation must be reduced and
equalized. Both are right so far, but neither
tells us how this is to be done neither grasps
the subject nor gives us any plau while both
parties in Congress are increasing the burdens
upon the people and making taxation most
unequal.
iu the negro question, one Convention (the
Democratic) thinks right aud the other wrong;
but both are silent or vague iu expression as
to the fundamental constitutional lw the
thirteenth and fourteenth amendments to tne
Constitntiou which is to regulate the suf
frage. The people will dtcide this for them
selves. The Democratic platform ia right ou the
attempts of the radicals to force negro supre
macy, on the outrageous conduct of our radi
cal Congress, on the establishment of military
despotism in times of peace, aud on the other
atrocious measures of the party; but the
Democrats are not blameless, for they indi
rectly and stupidly aided the radicals in mauy
of their acts. The platforms will have little
to do with the coming elections. It ia the
historical record of the two parties for the
past few years, together with the character of
the nominees, that will decide them. If the
Democrats should be wise in the selection of
their nominees they have a fair chance of
success; if not the odious record of the radi
cals may not prevent the perpetuation ot
radical rule.
Which Do they Mean .'
From the JV. Y. Tribune.
The Democratic platform open? by demand
ing the immediate restoration of all the States
to their rights in the Lnion. Seven of the ten
seceding States have just been restored to
their rights in the Union against the votes of
every Democratic member of either House of
Congress, and over the adverse veto of a
Democratic President. The platform demands,
alto, "civil government for the American peo
ple," while every vote of the party at the
South or in Congress is for perpetuating mill
tary government, rather than allowing civil
government to be established on the basis of
universal suffrage. These two demands, there
fore, are hypocritical, and do not express the
true intent and sense of the Democratic party,
which really desires the delay or the restora
tion of the Southern States until the present re
construction laws can ne repealed, the pre
sent State Governments overturned and
new ones established based on the white
vote only. Should the Demooratiy party
elect the next President, both Houses or Con
gress will still be more than two-thirds Re
publican, and these majorities could not, by
any number of Democratio victories, be
changed iu less than four years, or until 1872,
so aa to effect the repeal of the present mode
of reconstruction aud the adoption of a new
one. If, therefore, the Democratio party are
in favor of reconstructing the South on the
white vote only, it follows, "as the night the
day," that they cannot be in favor of the im
mediate restoration of those States, but
must be in favor of maintaining military
governments therein lor at least nve years
longer, "immediate restoration," aud "re
storation on the white vote only," are at
present wholly incompatible with each
other. Which will the Democratio party
really stand by? Their platform dodges
this vital point. If the party, in the event of
success, will ptand by immediate restoration,
thev must abandon their crusade against the
rightful authority of the present Southern
State Governments; must accept universal
suffrage, and submit to what they have stylol
"negro supremacy," i. e., the right of the
black man to vote, hold office, aud sit onju
ries. But if all these things are irreversible
facts, the Democratic party accept reconstruo
tiou on the Republican basis, just as they
have accepted a Union sustaiued by coercion
and emancipation. Ihey have really no mis
sion or aim whatever relative to reconstruc
tion or the colored race, bticn a course
would swindle and cheat the Democrats party
out of that very principle or prejudice which
forms their strongest bond of affinity aud
cohesion, vi.: their desire to maintaiu some
sort of leal supremacy of the white race over
the black. Such a course, therefore, is not to
be expected.
But if the necrophobia element in the De
mocratio party is neither to be surrendered
nor cheated of its success in the eveut of a
Democratic triumph, how is it to be gra'.itle i f
SuppOFe their utmost dreams fulfilled. Sup
pose a Democratic President is elected, aud a
decision of the Supreme Court rendered de
daring the Reconstruction acts uucoustitu
tional. Seven of the ten States are already iu
the Union under constitutions which forbid
anv restriction of the suffrage, aud most of
which forbid any person who desires to restric
the sullrage from voting at all. Moreover, the
two Houses of Congress remain Republican
aud as they refused heretofore to accept oon
stitutious or admit Representatives chosen by
tbe white and Rebel vote only, they proba
bly would do so again. Besides, the experi
nient of reconstructing the South ou the
white vote only would not promise any bette
remits when tried a second time than when
ULi the liiit. TLuU it U-icd directly to
r.bloro slavery, to produce ui'gro wi&uztib
and a war of races, to pUee Rebels In pover,
and to disolve the Union. Tiiere la uot'iuu
so attractive iu that mode of reconstruirio i
that the country pants to get buck to it. I'.--all
these reasons it ia obvioHS that the effirt oi
a Democratic President aui Supreme Ciart t
iit)irnchin the colored race and reconstruct
be South ou the white vote only, with tin
Southern ''tdiftitutions, the Southern Il-pub-
an party, w hite and black, the two Houses
of Congress, aud tbe great republican party
of Congress, and the gret Republican pirty
of the INortu opposing thm, would only pro
tract, during four years to come, the aony
and discord of the past four years, increase
he antagonism 1tween the races, aud re
kindle the finoulieiing and nearly extin
guished embers ot the late Uebellion. The
continuance of military Governments for
many yeara to come would be the least of the
evils trowing out of hitch au attempt to
make a revolution move backward. When
tbe Democratio party demand in the same
latform the "immediate restoration of the
'nion" and the abolition of negro suffrage,
we ask which they mean. Both are im
possible.
Debt -Hurd cited Feoplos.
From the N. Y. World.
Four years ago the French Government.
being then, as now, at peace with all the
world, was constrained to negotiate a loan of
sixty millions of dollars. This money was
soon absorbed, and the expenditures of the
empire Lave continued to exceed the amount
of its revenue. Last year the deficit amounted
to 5ii, 720,000 (15,000,000 francs), aud now
the Government is in market for a new loan
of 4-10,000,000 francs, or $88,000,000. With
the proceeds of this loan the deficit ia to be
extinguished, and about $50,000,000 are to be
applied to pay debts incurred for the enor
mous national armament recently male.
This, as will be seen, will absorb nearly the
whole of the loan. there is a floating debt
of $194,500,000 unfunded and unprovided
for. W ith taxation piled on up to the last
limit of endurance, the annual deficit iu the
revenue will continue to be about thirty-live
millions of dollars, to say nothing of the
extraordinary Labilities that must be incurred
for the "national defense it the armament ia
continued on the scale recently fixed; and it
appears certain that the nation must oontiuue
to drift to leeward. The present loan will be
the third one obtained within the last eighteen
years. Ia 1854, a loan of three hundred mil
lions of dollars was easily obtained, almost
wholly from the French people themselves, by
the expedient of selling the bonds at a rate
lower than the then ruling price of the exist
ing three per cent, secuiities of the empire.
The second loan, as we have said, was one of
sixty millions obtained m lSb4; and now a
new one of eighty-eight millions is needed
making $448,000,000 in eighteen years, all of
which may be counted as having been already
epent.
This is a bad showing for tne .umpire the
more especially since there is not the slightest
protpect of auairs growing better in the
future. But still some lessons profitable to
ourselves for reproof and instruction, may be
derived from a glance at the comparative con
dition of the public debts of France, Great
Britain, and the United States. In 1815, im
mediately alter our last war with Great
Britain, our debt wa3 about fcJO.OOO.OOO. but
this was soon placed in a shape which brought
about its rapid extinguishment. Iu the same
year Great Britain had a debt of $1,310,000,000,
involving an annual payment of $10.5,225,000
for . interest; while France has a debt of
only $253,230,000, on which the annual in
terest was ifl 2,UC1,525. Now, what has
since happened ! The debt of the United
States baa risen to $2, 013, 7 53, 5 00, of which
if 2, 223,! 45, 2!) 1 ia bearing interest at
from 3 to 7 3-10 per cent, but mostly
at 0 per cent., and costing the eouu
try $132,098,593 annually for interest,
nearly $120,000,000 of this sum being paid in
gold. The debt of England has decreased to
$3.1)00,000 (792,000,000) a diminution of
(350,000,000 having been effected since 1825,
notwithstanding the vast sums the kingdom
has paid in these fifty-three years for subsidies
and wars. And on this sum of 13,900,000,000
the annual charge for interest is If 130,000,000;
less by more than $2,000,000 than what we
pay on a debt of a vastly smaller amount. The
debt of France, on the other hand, has in
creased like our own, and at this moment is
$2,500,000,000, on which the aunual interest
ia only $80,(100,000. In the fifty-three years
the national debt of France Las increased
$2,448,770, aud of this increase $1,015,585 has
been effected since 1858. These figurea are
very striking. Look at them again for a mo
ment:
1815.
Debt of tbe U. States $:;'MiiM).'iO0
lubt of (ireal Britain 4..HI0.0IH) OiW
Debt ol Franco 3j3,iu,uu0
IWiS.
Pebtof Unltod States S2,f!H 7.W,5fi6
Deblof Ureal Brltuln.... K.WUOrOOuO
Debtor Jfrauce 2,7uO,ouO 000
Inlcrr.it
$1 8' 10,000
lOi.'Jii OUI)
12 01)1.52.5
IiUerext.
81'UllHS 6IH
llii) 000.001
bO.OOO.OUO
In the name of all the gods at once, what
kind of statesmanship is that which leaves the
people of the United States to pay upon a
debt slightly smaller than that of France
fifty-two miilions of dollars every year in in
terest more than the French people pay; and
two millions more thau the English pay upon
a debt one-third greater. Admit all that can
be said about the low rate of interest iu
England and the high price of money in the
United States, and still it will be a difficult
thing to find an excuse which will hold water
for this amazing difference. When Congress
assembled last winter the financial Solous iu
the Senate had their heads and their port
folios crammed with plans for the funding of
the debt into a shape which would lighten
the burden. What has become of all these
fine projects ? After eight mouths spent iu
gasconade aud worse, the Congress ia about to
adjourn, leaving the finauces of the country
iu a worse muddle than when it assembled,
and without having perfected one coherent or
intelligible measure of reform. The burden
of the debt is heavier than ever it was before
one hundred and seventy-six millions of
paper-intersst-bearing bonds having been con
vened into gold-bearing securities and no
thing has been done, of all that was promised,
iither for present or future relief.
Notwithstanding the comparative lightness
of the burden in the way of interest payments
whieh rests on the French people, they cou
bider themselves, and with good reason,
ground down to the very dust with taxation.
The average expenditure of the French Gov
ernment is about $410,000,1100 the heaviest
item, of course, being the army aud navy ex-:
penses. One cannot indulge in the fun of
keeping up an army ot puo.oou men, and an
iron-clad fieet of thirty vessels, to say nothing
of a wooden lleet scarcely second to that of
England, for nothing. The population of
France is not very far from equal to that of the
United States. The recent pamphlet of Mr.
Horn, who Las the reputation of being au emi
nent and accurate statisticiau, states that be
sides the single persons of both sexes, there
are in the empire 9,327,000 families, on each
of which rests a burden of fifty dollars a year
for its fhare of tbe expenditure of the General
Government. The municipal and depart
mental taxation, also, is heavy. We think
that we kuow something of onerous taxation
iu New Yoik. lint ttie proverb which pro
iiiists good New Valuers wheji tfc7 did the
218 X 220
3. FROiiT ST.
b-
4'
OFFER TO THE TRADE, IN' LOT3,
FUSE HYE AM) B0 1! K 110 X WHISKIES, Iff B0Df
or lon, lj-uio, inor, ami ihoh.
AIS 111 IE FIXE ME ARD BIIUIKIXY WHISKIES,
Of GREAT AGE, ranging from 1G4 to
Liberal oon tracts will be entered Into for lota, in bond at Distillery, ot this yeara' manatacttirt.)
LappineFs of being translated to Paris would J
lose all of its appositeness were H understood i
that upon their arrival there they would be J
compelled to pay the local taxes which M. j
llautsman, the Prefect of that earthly pira- j
dice, levies on ita inhabitants. Ilia budget '
for the present year ia $.10,000,000 some
thing more than twice the amount of tin mu
nicipal taxation of New York. Tim city of
l'aris now has a debt of its own of $400,000,
010, and all the other principal cities of
France Lave similar blessings. The bureau
of taxation falls on the consumer, and the
poorest laborer Cuds his comforts and even
his necessities heightened in price by the in
crease of the governmental expenditures.
But neither does the petty capitalist, the
small merchant, or the farmer escape. There
are the license tax, the registration dues, and
the land tax, which pluck even thesa
pigeons. In announcing tbe new loan, which
the Government finds itself compelled lo ask
for, it does not propose to meet it, oi even
the interest upon it, by the impositi m of
any new taxes. The limit which the peo
ple can bear La3 apparently been rettched,
and the new loan, or the deficit which the
payment of its interest will ere loug make in
the revenue, already too small by thirty-five
millions annually, can only be met by a still
newer loan. Thia canuot go on forever, of
course, and when the time arrives when t'ais
wild game can be played no longer,
there mnst be a smash. We have lately
been travelling rapidly along the same down
ward road. The expenditures of our Govern
ment are greater thau the receipts, and when
the deficiency bills come to be made up next
winter, the people will be astounded at the
revelations that will be made of the reck
lessness and inefficiency of the present
Radical Congress. Thiug3 Lave come to
such a pass in France that eveu the
best management may prove inadequate to
prevent final ruin. But it ia only the most
culpable carelessness and corruption that
have brought the United States into a similar
condition; and bad as the present financial
situation is, the country can soon be made
prosperous again by the reforms of a vigo
rous, honest, and enlightened Democratio ad
ministration. WATCHES, JEWELRY, ETC.
TTAVING PURCHASED THE INTEREST
OF THOMAS WBietllNS, ESQ.
My late partner In the Arm of WKIQQINS 4 WAR
DKN, I am now prepared to oiler
A MJS.W AND VARIED STOCK OF
WATCHES AND JEWELRY.
AT THE OLD STAND,
H.T.. CORNER FIFTH AND CIIESNUT STS.
And rpaptctlully rpqnest a continuance ot the pa
tr naye bo long and liberally benlowed upon tne lull
It rin . Par'lcular attention given to the repairing ol
WATCHES AND JKWhUY,
A. B. WARDEN,
Philadelphia, March 16, 1868. S s wfm2m
JEWELRY! JEWELRY!
S. E. t'orucr Tenth ami CJiesuut.
NEW STORE. ' NEW GOODS.
WRICCINS & CO.,
(Formerly Wringing fc Warden, Filth and Chesnnt)
luvlie attention to their New Jewelry btore, b, K. cor
ner TkM'H and CHKSKUT ttlreeis.
We are now prepared, with our itx tensive Stock, to
Oiler UKKAT J N i U CKM ENTS to buyers,
WATCHK8 ot tne moHt celebrated maker, JEW
ELRY, ana SILVER WARE, always the latent de-
"'ir e-pecmVlVSned for BRIDAL PRESENTS.
Particular attention given to the Repairing ot
WATCHES AJSD JEWELHY. L 1 uwf
WIIIQQINS & co.;
8. E. Corner Tenth and Cbcsnut Streets.
ims LADOMUS & CO.
'nininXD DEALERS & JEWELEKS.
. WATCHES and JEWELEY EEPAIEED. JJ
J02 Chestnut St., PhiH-.
WATCHE3 OF THE FINEST MAKERS),
DIAMOND AND OTHER JEWELRY,
Of the latest styles.
SOLID SILVER AND PLATED-WARE, ETO.ETO.
SMALL STUDS FOR EYELET HOLES,
A large assortment Just receive), with a variety of
settings.
We keep always ou band an assortment ol
LAIMEfiP AND UENTN' "FINE WAICMEa1
Ot tiie beat American and Foreign Makers, all wai
i.ij'.eJ to give cniuptotesatlstactlon. and at
OREATLY REDUCED PRICKS.
FAHK A BKOTHEil,
leifioi trn ol Watches, Jewelry, Musical Boies, Sic
11 llsmthlrp No. 824 CUESNUT St., below Fourth,
."v.b 'il attention given to repairing Watches an
alub.'cal Hoieu bv jb'IiMT-CLAH' workmen.
T
U It R E T
CLOCKS
V. W. KCBHELL,
CsttJLdt Importer aud dealer in fine Watches,
French t locks. Gold Jewelry, Etc., No. 22 N. SIXTH
Htrtet, having received the agency ol
STEVENS' PATENT TOWER CLOCKS,
Is prepared to make enllmutes and contract lor put
ting up these Clucks lor Town Halls, Chnrohe),
School Houses. Etc., Iu the full Kiaurauce that thoy
are the beet and cheapest
TURRET CLOCKS
In the United Stales,
Inquiries by mall promptly answered.
E26
QConcE PLOWMAN.
CAlll'KNTUR AND BUILDER,
REMOVED
To No. 134 DOCK Street,
PHILADELPHIA.
SOU
r :-; im HM' r I vr 1 1 1 O . - T 1 1 K 1 1 1 G II
' eal pnet) paid lor Ladies and (leuw.
krtflPMH 11. AifcliitJiS.
i FINE WATCHES.
i
0
213 S 220
IS. FRONT ST.
i5v
DRANDY, WINE, GIN, ETC.
111 AM PA (INF. AN INVOICE Of "PLAN'
' Dore" Champagne, Imported aud lorsae by
JAM r M CA ttSTA I K8. J rt.,
126 WALNUT and 21 GRANITE Street
CHAMI'AfiNE. AN 1NVOICR OP "GOLD
Lac" ChaL.pague, luiponeo and lor .ale by
.1 A fc EH CA KHT4 I RtS. JR.,
12(1 WALNUT and VI WKA"I PKHlreet.
PJHAMPAGSE. AS INVOICE OP
GLO.
s ria vuaniphgiift, imported and rorsn'eby
JAM IK CARHTAIRk, JR..
4111 128 WALNUT and 2i ORAM I E street.
CAttTAIU' OLIVE OIL.-AN INVOICB
01 the above, lor ale by
JMKrt CARSTATR'l JR.,
12(1 WALNUT and i OKA NH K Sii.reit.
BITTERCORDIAL.
S C H E E T Z'S
I'KLEHH.tTKn
BITTER CORDIAL,
N. W. Cor. of FIFTH and RACE Sts.
This medical preparation Is purely vegetable,
composed of various liertm, gatuerod from tbe
griac Hlorelicu&e of nature, aud Heiecled with,
tbe utmoHt ct re, it is a reliable Family Medi
cine, anil cau be taken by either lntunlor adult
with the tame benellelul retains. It Is a cor tain,
prompt and hieay remedy tor Diarrhea. Dys
entery, llowel Complaint,, Dyspepsia, Lowuess
ot !plrll(i, KaliitinnH, Hick Htoiunch, Headache,
etc. It creates an appetite, proves a powerful
dlesier of lood, aud will couuteract the ell'dota
of liquor in a few mluutes. As Indisputable
evkitni eof Us medical properties, we appeud
the lollowtnc:
Strong fftstlmoalal front Fire Marshal
Uiachburn.
" I'liiLADKLPiiiA, March 10, 18(53.
Jacob Scheetz,Knq. My Dear Hir: Some eight
mouths ago, w utu sull'erlng from great ner
vous prostration, the result of exposure and
overtasked energies, 1 was induced by you (an
old friend) lo take its a Tonlo your celebrated
liltler Cordial; and so agreeably surprising
nave bet n Its beneficial effects, that I cannot
refrain from thus bearing testimony In Ita
fnvor. As a beverage, it Is as pleasant and de
ligbtful as a glass of rich dark-brown Snerry;
as on appeilztr before meals, perfectly maelcal,
and aa a digester of food, the most notent com
pound I ever knew. Altogether, I consider It
one of tbe bnppieet combinations of medicinal
herbs ever ollered to the public as a curative.
1 uiobtcheeilnliy and coutldently recommend
It to every sufferer from Debility, Dyspepsia,
and Rheumatism. As a substitute for the vll
lanous alcohol io and vinous concoctions Im
bibed at too many of the publlo barsot the pre
sent day, It mustalso prove a blessing.
Very trulv yours,
ALEXANDEH V. BLACKBURN,
6 lGmwliUt Fire Marshal.
MILLINERY.
MRS. R. DILLON,
os, aaa and ssa boutu htbkjbt
Has
large assortment of
MILLINERY.
Ladles'. Hisses', and Children's Bilk, Velvet, Felt,
Straw and Fancy Bonnets and Hats of tbe latest
itylea. Also, Silks, Velvet. Ribbons, Crapes,
Feathers, flowers, Frames, eta, wholesale and
retail. Sis)
FURNISHING GOODS, SHIBTS,&0
H. 8. K. C.
Harris' Seamless Kid Gloves.
ETEBT PA IB WARRANTED,
EXCLUSIVE AGENTS FOB GENTS' GLOVES,
J. W. 8COTI & CO.,
m;rp
HO. 814 CIIKHA HT STREET.
p ATEN T SHOULDER-SEAM
SHIRT MANUFACTORY
AHDeENTLEMEN'SrURNUIIINeSTORJS.
PERFECT FITTING BHIRrS AND DRAWERS
made from meaxurement at very short notice.
All other articles ol UENTLEUEN'a DBESS
OOODtt In lull variety.
WINCHESTER COH
U9 No. TIM CHK8NTJT KtrwM.
CARRIAGES.
'Js
GARDNER & FLEMING '
CAItUIAQU BUIL.DKIIS,
So. 2H SOUTH FIFTH STREET,
BELOW WALNUT.
An assortment of NEW AND SECOND-HAND
CAKIUAUE8 always on band at REAbONABLB
PK1GK8, eSfinw6m
DYEING, SCOURING, ETC.
T R S N O H STEAM
8COUIUNG.
ALDEDYLL, EV.ARX & CO. 2
KO. 138 ttOI TH ELEVENTH STREET
4 SB
BIO HAtlE STREET SlOmW
HE STEAM GENERATOR
SlAMFArTl'UINfl COMPAXY
OF rtASSYLVAMU,
CAPITAL, S I CO, OOO
This Company are now prepared to furnish
HIl UtNU'S LATENT 131 PROVED STEAM
UENEUATOH,
Of any power required, upon two weeks' notice. They
have been introduced In this city, aud thoroughly
tested, with most satisfactory results, and are sold
UNDER GUARANTEE Ot ABSOLUTE bAtETY
FROM DESTRUCTIVE EXPLOSION. They are
cheaper In first cost, aud In expense of erection, mora
economical In foul, durable aud oonveuleut la UN
than aui other apparatus for venerating steam.
OrriCE OF COM FA ST.
(KOOM9 Nou. I aud ),
No. BSQ WALNUT BTRKET
NKLHON J. NICKEIUSON, Prtttldeut,
FT) WARD U, GRAHAM,
sut B-cr:K7 mil Trs m

xml | txt