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The Cairo bulletin. [volume] (Cairo, Ill.) 1872-1878, July 28, 1876, Image 2

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Steevwkag Tntta mm Every Pc.
RATIONAL DEUOCRATIC TICKET
Tot President,
Asirr.i. j. tii.df.!v(
of Xew York .
For Yioe-rreaideot,
1IIOHAR A. IIF.XDRKVHM.
of Indian.
United Statks Sknator Capkrto
of West Virginia died in Washington on
Monday night.
Om. Grf.ks B. Kacm, of Ilarrisburg,
111., recommended by the Illinois dele
gallon In congrw, has been appointed
commissioner of Internal revenue to suc
ceed Mr. Pratt, who retires August lt
Geu. Raum has been confirmed by the
senate.
Grant and Hayes are friends, says a
dispatch to the Chicago Evening Journal,
and to prove it says that Graut sent pa
pers and documents on to Hayes so that
he might determine a certain appoint
ment at Cincinnati. So then it Is the
firm ot Grant JL Hayes after all. Hayes
is the silent partner now, and Grant will
be, if the people do not upset the ar
rangements by electing Tildcn.
Scott Wike, the hard-money member
from the Quincy district, has been defeat
ed tor re-nomination in the congressional
convention, and non. R. M. Knapp has
been nominated to succeed him. Mr.
Wike refused to report a bill In congress
lor the repeal ot the resumption clause of
tlie.resumption act, and there Is no doubt
that this is the cause of his defeat.
Adams, the most influential county In
Mr. Wike's district, is the home ol Geo.
Singleton, now one of the most pro
nounced "greenback Democrats" of the
state, and probably the most influential
Democrat in his district.
A special telegram to the St. Louis
Republican of yesterday Irom Springfield,
said that in all urobilitr there would be
no coalition eflected between the Demo
crats and tho Independents, and that
this prospect had in ado the canvass on
behalf of candidates more brisk.
To-night," says the correspondent,
"Farnsworth seems to be in the lead lor
'governor, wltu Brown close up, rainier
third. Palmer insists that he will not
'run, and Allen and Glenn are bringing up
'the rear for lieutenant-governor. Doc.
y. B. Casey of Tulaskl seems strong,
with E. L. Conkrite ol Stepenson
second and Sogers of McLean third.
'It is not improbable, however, that
if Brown fails tor governor he will be
'given the second place. For secretary
'of state 8. V.Thornton seems to have the
lead. It seems possible, however, that
. 'the position will be forced upon G: A.
Koerner, although he Is not a candidate,
'in order to strengthen the German vote.
For treasurer. Pricket ol Madison coun
'ty, seems to be making the best fight,
with Carlln rlnen tiolilnil T"li 1 (,,,..,
strength lies chiefly in the fact that he is
'a relative of old Gov. Carlin, and was a
'soldier. The friends of Alex. Slarue are
punshlng that gentleman forward.but he
'is not making any canvass. For auditor
'A. K. McCabe ot Galletin has suddenly
'developed great strength, and he will
give Dilger ot Chicago a hard fight. For
'attorney-general F. M. Youngblood is
'the only candidate, and an excellent one
he Is.
is Her
The Chicago Tribune in an article cx
plaluing the Krpublicau endorsement at
Cincinnati of President Grant, says :
"Whatever may be said against him, It
cannot be denied that he performed a
great service in selecting and authorizing
Secretary bristow to break up that gi
jrantic combination of whUky-thieves
which was formed in Andy Johnson's
administration. President Graut Issued
his edict, 'lt no euiltv man escane and
authorized Secretary Brlstow to carry it
out. The secretary did so. and the presi
dent is entitled to credit for this, and It
would be mean not to award it. The
president is also entitled to the thanks at
the country for his able efforts to reform
me civu service."
inula good this is excellent. "Grant
issued bis edict, Let no guilty man es
cape," and authorized Secretary Brlstow
to carry it out," and then turned the
secretary out of the cabinet because he
took the president at his word and
niado an honest tflort to follow
Instructions. And this is absolutely rich :
"The president is also entitled to the
'thanks of the country for bis noble tf
iorts to reform the civil service." The
civil service under President Grant lias
been disgraced by such appendages as
Schenck, Babcock, Belknap, Kobeson,
and the whole host of revenue robbers, a
few ol whom are now in jail. Grant
clung to Schenck as long as he
could; be sticks to Babcock closer
than a brother; he parted from Belknap
with regret," and though the whole
Republican herd, as a few of them al
ready have, should flee from Robber
Bobeson, bis home would still be in the
bosom ol President Grant. As to the
whisky thieves, they have had Grant's
countenance and sympathy throughout.
To praUe President Grant as a civil
service reformer is to attract attention
to toe very acts which have sub
- jected him to the aaeauivocal censure of
respectable men of all parties, and Is
ts luuomeoess caieuiaiea u make even
the respectable Chicajro Tribun rldicu-
lam. It was uemrer the path of eipe
tteacy when it announced the other day,
- la Its stricicre on the discharge of
Jewell, that the KepuLlican party could
El3f tw beld responsible for the
, rrccLIt' freaks. Gen. Grant's claims
U ti gratitude of the American people
Crj cti tbusrtri oa bis record as a civil
frrrt rrnarr. It Utejr were, who
rlM poor to do turn reverence ?'
THE CURRENCY CONFLICT.
Adalrr mtM. W. Hrhrkrn. Eq. Be
fore the Literal Clnn mt Sew mrU
City, rrlelne- Evening-. Jane , lT.
We publish the following extracts from
the address ol Mr. 3churkrrs, believing
that they contain many fiu't of Interest
to the cople at this time:
Fifteen years ago the American people
suddenly found the msefves confronted by
the Inexorable necessity el 'her of aband
oning the war lor the I'nion or ol resort
ing to a system of inconvertible paper
notes upon which to wage it; and they
had to choose between the inconvertible
notes of the State banks or inconvertible
notes issued by the federal government.
They preferred the lat ter, although vin
dictively opposed in their election by the
selfishness and cupidity of bankers and
the general principles of tne political
economists.
Time has abundantly vindicated the
wisdom ot the choice then made. The
use of the national credit as the founda
tion of the monetary system, enabled the
government to carry the war to a trium
phant conclusion, and to re-establish its
authority everywhere throughout Its
former borders ; at the same time that it
supplied to the people a sounder and
more stable instrument ol exchange than
the country had ever before known.
The tremendous disaster the uanic of
1S73 furnished to the enemies ol the
paper system, which I ehall Call the
American system, a new ground of as
sault, ot which, lndeed.thcy were not slow
to avail themselves. In defiance of all
truth, in the very face and front of all
history and experience, they charged
that (treat calamity to be a natural and
necessary consequence ol the use ol in
convertible paper money ; and upon this
charge they rung the changes with
uuremitlinjj vehemence. They pro
tested ttiat nothing would restore
soundness and prosperity to the com
merce and Industry ot the country
except a return to gold and silver as the
basis ot the currency. Oftice-holders
and bondholders, capitalists and bankers,
brokers and speculators, politicians and
political economists; the whole unpro
ductive classes, in a word, joined in a
clamor, and it did not take Jong to in
volve in it almost the whole body of the
Republican leaders, and very largely
the leaders ol the Democratic party also.
liut there were, and continue to be, many
uotable exceptions ; and sooner or later,
the Republican or the Democratic party
probably the latterwill range itself
iquarelv ana bravely against the enor
mous and utterly indefensible injustice
which resumption must iutlct upon the
productive classes.
I very earnestly
hope that the Democratic part v, so long
and so fatally wrong upon the slavery
question, will retrieve its great error on
that Dy taking a right position on the
money question, not less important in all
its bearings on the happiness and pros
perity of all the people thau was the
question of slavery.
To substitute a more valuable money
for oue of less value, is a work of greater
or less difficulty, and hardship and the
degree ot hardship and difficulty will de
pend upon the extent or the depreciation
to be overcome.
There is but one possible way of meas
uring the extent to which the paper
money of a country is depreciated, and
that is, by the cost of restoring it to a
specie-valuation. By the words "restor
ation ot a specie-valuation," I do not
mean merely a condition in which the
paper-money of a country is at a nomiual
par ot gold ; but the establishment
of an actual state or convertibility
of the paper-note into the stan
dard gold coin. Mr. Webster laid down
the true rule w hen he declared that no
paper notes could be made or kept equal
In value to gold which were not actually
convertible into gold on demand ; and
ue proposed a very stringent rule for
preserving their convertibility. A nomi
nal par ot the circulating paper-notes and
gold at this time exists In France, but
that the notes of the Bank of i ranee are
ot less actual value than the standard
?:old coin of the empire is proved by the
act that they continue to be inconverti
ble ; although the bauk has four hun
dred millions of gold and silver with
which to to redeem less ttian five hun
dred millions of notes, were the bank
disposed to enter upon the work ot re
demption. But resuming specie pay
ments is not so easy an operation
as the average American finan
cier is prone to allege. And
you will allow me to observe, that bril
liant and conservative as the administra
tion of the Bank of France admittedly
Is extraordinary and unprecedented as
its present position of strength is that
most powerful and opulent establishment
stm naa before it the perilous work of ef
fecting an actual resumption. To re
store the convertibility of Freuch bank
notes into French coin is still the busi
ness to be accomplished, and that such a
restoration will tax all Uie splendid pow
ers even ot the most impregnable organi
zation ot credit on a grand scale in the
world as the New Vork Tribune once
called the Uauk or France will be proved
by the event.
Now, it tho extent to which the paper-
notes of a country are depreciated is to be
measured only by ttie cost of restoring
them to a par with the standard coin, bv
making them actually convertible into
such coin ou demaud, how are we to as
certain the eot of their restoration ! Well
there is but one way of doinir this also.
and this Is by ascertaining the extent of
me contraction wuicn must bo ettected
before an actual condition of converti
bility can be established ; and 1 assume
as a practical scientific fact, from which
there is no possible escape, that the only
way in which convertibility can be ea-
tablished is by contraction.
The contraction to be effected in this
couutry, then, before, a sound stato of
convertibility can be established, is not
less than cue-half, certainly, of the whole
outstanding circulation of legal tender
aud national batik-notes ; that is to say,
the present paper circulation being about
seven hundred aud tltty tuillious of dol
lars, must be reduced to a total sum not
exceeding throe huudred and fifty mill
ions. For it is important to observe,
that to resume specie payments iuvolves
not only an appreciation ol the paper
money of the country to an acual gold
value, but au extensive appreciation ol
the precious metals themselves. The
nominal difference between gold and pa
per is 12 or 13 per cent., but the actual
and potential difljrence is 40 or 50 per
cent. This is a consideration of some
subtlety, aud is best illustrated by
a reference to actual facts. When
the act of parliament was passed
iu 1849 requiring the Bank ot Eng
land to resume specie-payments within a
period of four years, the premium ou
gold was only about five per cent., and
the advocates ot resumption conspicu
ous among whom was the celebrated
economist lUchardo boldly declared
that the whole business involved a nut.
ter of no greater importance than that of
raising me value ot bank notes five per
cent. Sad and even terrible experience
realized, however, the enormous mistake
that had been made; for In order to es
tablish a state of covertibility, it was
found necessary to appreciate the Bank
ot England note fifty percent., and the
value of gold and silver not less than
forty-tlve per cent. This tremendous en
hancement to the value ot money was
shown by the tact that Uie universal prices
of commodities In the British
Islands and the wages ol labor fell upon
an average of 50 per cent, within a po
r'otl of less than three years, The fall
proved to be permanent, also; and
though it advantaged the fund-holders
and money brokers, capitalists and spec
ulators, it had a frightful effect upon
many even of the rich, upon men ol
moderate fortunes and upon the artisans
and In borers of the kingdom ; and indeed
npon the whole productive classes as I
shall presently show upon uniiniieaeh
ablo testimony. We have lately had In
our own country a curious Illustration of
this same error of confounding a nomi
nal depreciation with a real one. The
congress of the Tnlted States, not long
ago, legislated a fractional currency of
silver and wilfull debased It Ik-Iow lie
nominal value, in the current paper
money.
It was supposed that this debarment
would keep the new coins in circulation
since no motive could be foreseen for
taking them our. But preatly to the sur
prise and disappointment Ot the rrsump
tiouists, these degraded and dishonest
coins disappear about as fast as the mint
can produce them, and Wall and Third
street brokers buy them at s premium!
Here is a dilemma from which our con
gressional financial philosopher will find
some difficulty In extricating them
selves for their new silver, de
graded as it Is, will disappear as steadily
as it is Issued, even It they were to Issue
fifty millions a year, and indeed, the more
they issue the faster It will go ! The reason
is simply, that the precious metals arc
fat more extensively depreciated in this
country than is indicated by the cur
rent premium on gold, the true depre
ciation being, probably, anywhere from
33 to 50 per cent. ; from which it neces
sarily follows that every effort to keep
them in circulation, until their real
value is fully restored, w ill prove utterly
fruitless. It is then a very luisehieveou's
And misleading fallacy to suppose that
the current premium on geld makes the
real extent to which our paper money
is depreciated. (I beg to say here, by
way of necessary explanation, that in
Using the word depreciation, I do not
mean to imply that the money of the
country Is in discredit. There has been
a steady depreciation since the discovery
ot the Californian and Australian
mines, iu the value of both
gold and silver, but they nre
not hereby discredited, vv hat 1 wish to
imply is, that the volume of paper
money being larger than It would be It
gold and silver and convertible notes, is
of less value than if more limited In
quantity. 1 may add, moreover, that
the fact of depreciation, once established.
is not of itself necessarilly an evil, if the
diflerence between the pajn'r and gold
be due to the natural fluctuations Inch
take place in the value of the metal
and not to changes In the volume of the
paper which for the time being lurnis the
instrument ot exchange. In such a case
the fluctuations between paper and gold
roav be likened to the fluctuations iu gold
and silver in countries supporting a
double standard ; and that a double
standard has great aud preponderating
advantages, Is a proposition both by rea
son and experience.)
There are three wavs by which we can.
with and almost absolute certainty, ascer
tain the extent of the contraction neces
sary to be effected before a convertible
system can be established in this country:
1st. Bv ascertaining the total amount of
convertible paper-notes sustainable in
other commercial countries; 2d. lsy ex
amples of contraction ettected in otticr in
stances of inconvertibility overcome and
convertibility, either real or nominal, re
established; and 3d. By comparison of
prices in our own and competing nations.
The speaker here instanced the inabil
ity of the Bank ot England, France and
the German Empire, all ereat and opu
lent countries, to support a convertible
circulation reaching three hundred mil
lions ot dollars, and argued that the
I" nlted States, whoe gold and silver has
a constant tendancy to take to themselves
wings and fly away, could not support a
convertible circulation of three hundred
and fifty millions. He touched upon the
history of the four general bank suspen
sions of the United States, w hich took a-lace
in the years W4, 1&37, 107 and 1S01
respectively and of the three resump
tions, with the widespread und universal
distress which followed in the wake of
each of them, which the literature of the
several times painfull)' witnessed. In
these three general resumptions Jie aver
age contraction necessary to effect them
was nearly 60 per cent. He cited finan
cial crises in the history of Kugland and
France : when England resumed specie
payment in 121, after a suspension of
twenty-oue years, its w hole note circu
lation was contracted AO per cent.; the
contraction to be effected by the Bank
of France to resume specie payment is 50
per cent., and these Instances imply an
almost fixed law of contraction. It has
already been shown that the United
States will have to contract the currency
60 per cent as an lndesjensiblc prelimin
ary to resumption. 1
Now, there is no possible) road to con
vertibility except by that of unremitting
and relentless contraction. All the au
thorities agree to this : and the obiect of
the contraction Is to create scarcity of
me current money ; to create that intense
and protracted scarcity which may justly
be called a state of monetary famine ;
whicli shall be so unremittingly oppres
sive that men will bo forced to part with
their labour aud property at steadily di
minishing prices, no matter how earnestly
tllfV IllttV utpilnrrvlu afrtifiii.fr tl.n 1.....?..
they are compelled to suffer In conse
quence. Recollect the powerful agency
ot money In all the complex affairs of our
modern civilization iu Influence upon
the destluies ot the church, the state and
family aud you will at once see how
tremendously any taiujteriiig wit i its
value must affect all the relations of
our social organization. Inflation is one
way of tampering with it, but the worot
possible form of interference is arbitra
rily to raise its value. Contraction is
the one potent method of doing this, und
is always attended by a greater or less
degree of loss and suffering, because iu
effect is to depress and destroy the value
of all other commodities, whether labor,
or the products of labor, or the soil itself,
it disturbs aud deranges every iera
tiou of industry aud commerce, and pro-
uuces au uie signs and realities ot misery
and distress the American icopleareiiow
suffering of labor unemployed, ol mills
aud workshops idle and deserted, of
storehouses tilled with fabrics tor which
purchasers cannot bo found, of ships out of
commission, ot money accumulated
in the hands ol bankers, capitalists and
speculators the reason of all being
that, in the midst of the constantly re
curring failures aud bankruptclei that
always aud Inevitably follow in Uie wake
of a diminishing volume ol money, con
fidence is destroyed and tho functions of
credit paralyzed. Nor must it be sup.
posed that the failures and bankruptcies
that take place in these miserable times
are necessarily the results of business mis
management or ol fraud ; for it would
be a false and unfounded supposition;
in most instances they are the natural,
necessary and unavoidably consequences
of a cruel and wicked public policy the
policy of the contraction of the currency.
It is from that same cruel and wicked
policy of contraction that the whole
productive classes of the country are
suffering; it ts the same cruel
and wicked policy ol contraction that is
eating up the vitals and destroying the
commerce nnd prosperity of the great
metropolis, lct me rail your Attention
to a vciy stricking fact. Since tho work
of resumption began, the currency has
been rontia ted about thirty-five millions,
and no important impression has yet
been made upon the price of gold. But
we the utter and universal prostration ol
all our Industries! if so small a contrac
tion has exerted such powerful effects
upon the commerce and industries of the
people, w hat w ill be what mut bo the
consequence of the tremendous contrac
tion of lour hundred millions of dollars
still inexorably necessary to be accomp
lished before a system of convertible
notes can bo finally established? In an
swer to this question, I repeat what I
snld ut the beginning, lhat so enormous
a diminution in the money of the country
involves all the evils, moral and physical,
that attended upon the work of suppres
sing the rebellion, as many human lives
must 'jc sacrificed, as much physical suf
fering inflicted, and as much property de
stroyed !
To sustain his position Mr. SehucKcrs
here referred to the disasters to the in
dustries and commerce of England
and the distress which follow
ed the resumption of specie
paymeiit by the Bauk of England Iu 1821,
and takes the testimony of admitted au
thorities to show the actual consequences
of the act :
"The apparent proscriiy of the coun
try," wrote Robert Musliet (said Geu.
Garfield In a speech delivered in the
house' of representatives In lsG, to be
one of the ablest of England's ablest
writers on lluance, as ho was), 'seemed
to vaiiisli with the first measure ut the
Bauk ol England to effect resumption"
(Dunk of England Issue, y R. Mushet.
p. '.11): and he proceeds to show how
a contraction of tilty per cent, took place
belore the work was done, aud how
eiioruioily it effected commercial Inter
ests ot the kingdom "The effects of
this extraordinary piece of legislation,"
Says Sir Archibald Alison, "were
soon apparent. The industry of the na
tion was speedily congealed as a flowing
stream is by the severity of an Arctic
winter. 'jie ef
fects ot contraction were soon apparent
mid rendered the next three year a pe
riod of ceaseless di-tress and suffering in
the British Islands." (Alison's History
of Europe, 21 series, vol. II, chap. 2).
Said Lord Land-downe (as quoted by .Sr
A. Alison), "Wage fell in ail the great
stations ol the cotton manufacture one
halt in a period of six months" alter the
resumption act was passed; and before
resumption was effected, says Sir Archi
bald Alison (History ol Europe, 2d series,
vol. II, chap. 2). "the fall had extended
to wages in all the operations of agricul
ture and manufacture." Great numbers
of arlians unl laborers were thrust out
of employment ; and the suffering they
endured finally brought them almost tb
the madness ot open rebellion. The
prices of all comodities, said Mathias
Attwood, in a speech in the house
of commons in 1S22. alike of agriculture
and manufacture, were broken down up
on an average tltty percent.; and fac
tories and lauds stood ide and unfilled.
Mr. Alexander Baring (speech in the
house ot commons, bee., 1M9.) said that
the suffering extended to all classes, and
that the condition ol Great Britain in the
sixth year of the peace was uuparalled in
the history of any nation or time. Lord
Brougham ((eeeh on the corn laws,
made in the Ilou-e if Lord", February ID,
i'J.) said that the restoration of the cur
rency was almost as bad as the deprecia
tion ; and mat uittiou'Mi lie Imil sup
ported the resumption bill, he had always
deeply regretted havi.ig done so. "1 lie
bitter fruits of the act," says .Sir dames
Graham (in his celebrated pamphlet on
Corn and Currency, page 49,) "were tasted
by all classes, save lhat in the midst
of the ruin inflicted upon farmers
aud manufacturers, and the Insur
rections of a populace without bread aud
without employment; the fuudholders
and tax-eaters protitcd." They prolited,
lie said byjwhat the producers lost. "The
distress, ruin, and bankruptcy that took
Place," says Mr. Doubleday (Financial
History ot England, p. 271), "by reasons
of the relentless narrowing of the cur
rency, were universal and extended to
ali tfie operations of land ami trade."
"That the resumption net put a burden
upon industry." says .1. It. McCulloch
(Commercial Dictionary, article Banks
and Banking), "and in so far was hostile
to the public interests it is impossible to
doubt. ' Lord Oversone (Tracts on Me
tallic ond Paper Currency, p. 133) says
that the restoration of the cur
rency in lSl'J 2d produced ex
tensive private suffering, de
rangement of property, disturbance in
the operations of trade, and Injustice to
extensive classes of people. Jean Bap-
tistesay, the eminent i- rencii economist,
after reviewing tho period of the suspen
sion and the consequences of resumption
(I'ractical Political Kaonomy, ed.. of 1828.
printed at Paris, p. 01.) sums up by say
ing that "the privileged classes, the pub
lic functionaries, the pensioners of the
stale, and the fund-holder, prolited by
the enhancement In the value ot money;"
but adds that "it laid a burden
upon the masses of the people
and upon industry ; a burden
that so rich and industrious a nation.
and so admirably administrated In other
respects, could alone support." Dr.
Thomas Chalmers (Political ecouomy
p. 200). writing in 18C2. took great pains
to show that the condition of the British
laboring classes was Herloiisly worse
than it had been up to tho year lsl I : it
was ulKMit that time, he said, that their
progress was first arrested and then
turned backward : aud the Hon. George
C. Brodriek (Cobden Club essavs. ls7o).
speaking ot the deterioration in tho state
ol fcnglisli yeomanry, says that, "By
the relgu of William the IV (who
succeeded to the throne In 130) the de
scendants of freeholders who once sat as
judges and legislator In the courts of
their own county hundred and township,
had sunk into day laborers, but out de
gree removed from nerfdotn, dependent on
individual landlords for the humblest
dwelliug, and on landlords assembled at
quarter or petty sessions, lor the security
of every civil risrht." And let me here
observe, that it was not until 1S30 that
the monetary sy stem w as finally and per
manently settled upon a gold foundation.
The oeration of tho resumption act
upon the people, it is thus seen, was one
of unmitigated evil; and led to great
popular agitation, riots, murders, con
spiracy, tumult, nnd threatened und
even attempted insurrection iu vari
ous parts of the kingdom so
extensive and portentous, indeed,
that the government was com
pelled to resort to the most extraordinary
measures of repression. The local mill
tary organisations were largely aug
mented, until thev numbered, in addi
tion to some regulnr troops, 35,000 men ;
and it wa this exhibition ot resolute pre
paration, organized especially In the
manufacturing dUHets. says Sir Archi
bald Alisou (History ot Europe, 2d series
ch. x.,) and tho decisive demonstration
it afforded ol moral and physical strength
on the part of the government, that
saved Great Britain from an alarming
conclusion. The political economists
were promptly on hand with their petty
and most preposterous explanation
of the source of il e misery and agitation:
it was nrprod.ietion! an explanation
rightly denounced by Mr. Alexander
Baring as pure (rath. ye : over-production
made the year 1819-'20-'2l the roost
anxious and distressful in modern
British historv. You can consult
the literature M the times for the
facts. Thomas May Kr-klue, in
his "Constitutional History ot Eng
land," My the year ISI'j was ono of
peril. Harriet Martineau, In her "His
tory ol the IVa.x-," describes the dis
tracted condition of the country with
graphic, power. Sir Archibald Alison
is ornate nnd eloquent In his descriptions
ol the state of flic nation. The govern
ment alarmists of that, period," says
Charles Knight, in his "History of Eng
land," "were In a condition of almost
helpless terror. Lord Eldon decrlbes
the peopled the country as divisible Into
two classes the one insane, who mnn
ifwsted their Insanity In perfect apathy,
eating and drinking as if there was no
danger of political death, yea, even no
to-morrow ; contrasted with the other
class, w ho halloed on an infuriated mul
titude to nets of desperation. - The
country,' said the Chancellor, must make
new laws to meet this state of things, or
we must make a shocking choice between
military government anu anarchy " An
extra session ot parliament was called in
November, 1S11), and It made the new
laws imcessary, In the judgment of the
ministry, to curb and quell
the lawlessness and insurrectionary
spirit ot a whole people, afflicted with
the most extraordinary and unprecedent
ed of nil complaints orer-production !
who hail so much to t at, to drink, and to
wear, that they were on the verge or
open rebellion against the constitutional
authorities ! Irom sheer excess of the
fatness of the land, the people of the
British Islands threatened to destroy their
government! surely an unparalleled
thing iu the history ot nations; Shake
spcre says Hamlet.was sent Into England
because all the English being reputed to
be Insane, an insane prince was not likely
10 ue au object ot sieeiui notice among
them; and lucontestably a nation mutt be
insane that grows rebellious because of the
presence ot too much wheat and corn,
beef and bacon, butter and cheese, beer
and gin, cotton and wool ! Well, to meet
this most remarkable and abnormal
state of affairs, the parliament made
the necessary new laws; they were
known ns "the six acts" and w"ere de
nominated by the larger part of the peo
ple as wickedly oppressive and uncon
stitutional. Lord Camptiell said of
them that they were the last violation of
the constitution of the kjngdom. The
six nets conferred new and extreme
powers upon the government; they au
thorized arbitrary arrests and unusual
punishment, the suppression of public
meetings, the search ot private houses,
and seizure of private papers, and the
lettering of the public press; "The old
spirit of liberty appears to have de
parted," says Charles Knight comment
ing upon these statutes. And all this in
subordination and insurrectionary spirit
on the. part of the people, aud the exhi
bition of military power and civil repres
sion on the part of the authorities, were iu
consequence of over production', of too
much to eat. to drink and to wear! of
storehouses filled to repletion with fabrics,
of industry too active, ot commerce too
gainful. It was a portentous time,
indeed ! the harvest season of
demagogues and of "reformers," though
there seems to be no authenticated in
stance in which, under guise of "reform."
a policeman was made a leer, or a thief
taker a prime minister, or where so evil a
thing was even proposed. The doctrine
of over-production waj ot course the in
vention of the political economists, and
was not warranted either by lacts or
common sense, any more than it Is now
warranted in explanation of the di-tress
prevailing in these I nited States. It was
a very convenient phrase, however, and
extremely satisfactory to the office hold
ers, bond holders, speculators, and the
political economists themselves.
The lesson of English resumption is
one of iustru?tion and warning ; one that
the whole American people should take
thoroughly into their hearts.
The existing monetary system is as
sate and sound as exists in any country
In the world ; it is capable of absolute
demonstration that since lw prices have
been as uniform and steady in America
as in Great Britain, though sustained at
a higher level, if any one expects better
protection tor either labor or property
under a convertible system than lie has
under the existing system, he exwets
what never will be realized. I
wish to see that system so strength
ened and perfected that it shall
become the ermauciit system ot the
country, lor under it tho rights ot prop
erty and the rewards of labor may be
alike protected and secured ; and no
system can effect more and these are or
ought to be the objects ot even' system
in every country. And sooner or later
this is the solid ground upon w hich the
labor and capital of the country, ions
aud fruitlessly oppressed bv legislative
ignorance and sinister public policy,
must unite for a common protection and
safety. The American system will prove
their final defence against the gold fa
natics and idolaters on tne one hand,
and the inflation fanatics and communists
on the other ; the comrnon;and equal ene
mies ot morals, of order, ot property and
oi inuustry.
In conclusion, 1 beg to say that 1 am
neither inflationist or repudiator. 1 pro
test that i am no enemy ot the public
creditors, ot the public honor, of the pub
lic justice, or ot a sound public policy.
The public creditors should be paid to
the uttermost farthing. The public honor
is a glorious part ot the public estate, but
l fail to see that its support or prescrva
tion deiMMids upon a particular form ot
paper money. The public justice is the
fountain ot that perfect equity among the
people w hich is. in its administration.
the noblest of the public functions. Its
most memorable and illustrious
exhibition in America toek place under
au inconvertible system ot paper
notes, and was the emancipation or four
millions of slaves; an act upon which God
Himself must have looked with favor.
which won for the Federal arms the
good-will and respect of all Christian
men, and which would have been physi
cally and politically impossible had the
national authorities, during the late war
for the L nion, been restricted to the use
of convertible paper-money. And in all
1 say or do ou this great subject, I am
moved by a sincere desire to promote the
universal public good as 1 see and under
stand it.
FAINT AND OILM.
Blake & Go.
(Successor to)
B. F. PARKER,
Dealers lu
Paints, Oils, Varnishes,
X3HTJBXZX18,
vVall Paper, Window Glass, Win
dow Shades, fco.
Alwy on baad, Um celebrated IllunilastlDg
AURORA OIL.
Broaa' BuUdlnc,
Ooiwr Kieventh Street jb4 Washing
ton Avsas
MOTEL.
St. Charles Hotel,
price: deduced to hit the tikes
Room and Board, 1st and 2d
Floors, $2.50 per Day.
Room and Board, 3d Floor $2.00 Per Day
Special Rates hj Week er Month.
A 1 i ... : t A.I hi.n.l ... r MMM I i .-.mil .
" - .(..il .iiiiiiii.-. i.i 11,'rimiMr imiiiiij
room cii lie wvurnl Hi ruwunable rstes lor the
Sinmiirr month.
i h M. htti hn In tlio larfrmt nl lirst nolnt
fl House in Soiillicru llliimiH, nml lit llif lew) in
mi. i in , Kin,. DoiwiintiMiniiiir "i' immi
Kwk" reduction In rig, the lbln will,
llUllul. 1m. liliftriallv .ui.i.iul wl.t. .1.. 1..
offvi-rvthinK Hint rn be found in market.
t ine larjre Rninple nmrai for commercial trav
elers, on jrrouml floor, free of rhartre.
it oapiraireoi frumis conveyed tosml Irom
the hotel without charge
KLIIAII TIIL' IIAal U.,
To whom Pensions are
T ATT) I-VIOTIV- MolAler
JEXLX J-f tTUSABLKU while to the line
aad discharge ot duty, either bf aneVlent o"
etberwlee, ihonld tiara a pantos. Toe torn ot
lager entitlce tou to a pernios. motor
ao matter how illgbt, cWee 70a s peaatoiw
The loes of a toe fire 70a a peaelos.
The iote of an eye sire you a pension,
11 give yon a peiuton. .
uiiauuk
fAXY penoin
lerelnavlv
TYa
loroopyorreaeion and B.-mntr Act.
Add"., p. H. FITZGERALD,
Cnlted State Claim Airent, IDUaroi.ie.In
MrOa all letters mark I. O. Box U.Jm1
'aw ftai la bt hht rvu n taia edrtnla
THE BEST AND PUREST
TOILET SOAP.
CHEAP, CONVENIENT, CLEANLY.
DELICATELY PERFUMED.
ASK VOUR GROCER OR DRUGGIST FOR IT
WM. GLENN & SONS, CINCINNATI.
ADVERTISING
. treat do my
1 ib Buy lifrjf
I tsapvra. until
I tOU MtMl aV.
Off Il Will met roU abuLhllln- 4Ud Will BUI: MM ftvn
lu"n r. A'irirwaa,
fct. XjOiu AdvertU'c ft Publ'r Co., St Ixmia, M
OR. RDCE,
37 Court Place, LOUISVILLE, KY.,
A rswAJsnrlT t4Klr4 ntrfi eaf qiMltfc. (Jtiasou o4 tfc
Boei suc;tsfal, ns bLs (iracu. vtll 1 rut
EASES.
Spermatorrhea and Im potency,
m tt.r'ill of ir-ahtHB lm TtUt, sctta) fin s ( an,
tunr fnr. r othr u. aui rTtJa ibf a.rt( tfc flol
r wip c t 'wrttMiM. i-ai.rn I fBitxtonrs ntM Tiav
n t dreams). Ulna- f fi-l)t, lrfo-uv MrwiT, fb
HiSIUtit Kiii(iQ t mr.i1 . A .-fttjB I- fcwittj i,f fr tthiUi,
(.SHtfiika) Of f ft4 I rawer. 4r ,rsDB(
tonrruf Unpmirf-r or wsit i-i , mm tstorsmt-U atvl frrats
sVails fure.l. SYPHILIS j"1''" ai4 eSV
nFv'iu1S?Ul9 ,-ta"u - Gonorrh,
KM LZM 17 Firktur. Onhitls, Retain, itu4uu,
H l Mif-eYHtrut Uiat a (-MT 4ctti w ho par ecU1 aitefitW
t a rrteJii etaas of dn-, m4 tnmtlfta twvunai,4 &
Jl. a. -juirws fft-cfu skklL lt raid an kan.nf tfeui feet otta
rwutiiBMrftJ (-eraon tt nsT Oart, w'besi ll ks 1sh-iSj rastl tv
li the cur tor fXMUuetit. MfldktiM can t sent Lrivairis
aVO'1 aatftls by abailor Apraxa aiJwUT.
Cure Oaaranteod ia all Cmm
undertaken.
i satiations perajaHr r t.v Wttf fres a4 lnvttft.
Charge. fMHiaia nil corr-stttSi but eutcuy citAMuUaL
PRIVATE COUNSELOR
Of JfW cc, sei to ant addreec nvrwrel swatesj. for tturtf
' etata, HrtoteM be rA bf all. 44r atevse
Oaos) fcsmrs frusw A. U. p. U. SuiUj. 1 1 p M.
DR. BUTTS'
DISPENSARY ivf ISrVWe?-
Hiii-ycririTliKin th. ttatawM vf Sexual ana
Chroma biaeau.ulb.itii ,.-
BlStm tr-B TTM Marriage UejM.
M1IT. A Phy.iologlcal Vi.w tM,rnan
Milrue, on tbtmyrtrnrtur rr-i.ruiluru
kiM .lid th. K M ii.finmti t.1 viiul'i.
ni.nhood aud wom.uhoud An il.vMtatnl U.k 'Mi
Ir m.i. r4:ng, .hi. h Iwiul In an uukr WU tui
key. M-Tit onili-r ri furftuctt.
A PRIVATE M EIJICaL THKATISE on a)l ditM
of a PriT.to N.tur. In bnih mm, tli. tbur id
tnlf.nt thermal ,,nm. an4 111. otrant ul cur. I4u pai
K ill riirrxv.ng,. i.tuiM.r.. turttrM.
MFDIC'AL ADVICK on briuaiand Chrnnlr Dimm,
nuiAl Cturrh, C.m--r, fttibuiir, (li. iufa
lUbil, Ac., .VJ pmf Work m-mt under . lur At rt. All
three beokai-untaiiiiiig 460 page, and vvrvthii wwna
.uu;iik un Ui fut'jvct, aent eeourely aaled oa re
eeipt of 60 eta. Adarni. Dr. Butta' Oiap.ri.ary.
Ko.U N. 8th rt.. St. Louis. Mo. (iiuwvi im; '
CARRIAGE
SECRETS.
fc m. VOHAKWA!fa
wllil fauueruuci47TLnfj
rum I tie irsutw ail Uve Ut
quisitive tou:d know ca
C'Urlshlp. MaUTiatfr, ti.t)
Fiij-swU-Ku-su M ftrnr
ftiMi Kev:taon of ti
ftllkind Of f)isftaS. With hfimlrrria al,.AvKl ua.r.ia
who should BiarTT.trie iinpt-iliriwnto to mtrrfufhrir bsv
Curntdcur. i rvatsooail Dis-t, toll m'mimitf their
"' ty mptome au4 tee,u Ut rur u iuinly rraliv
vurutiOc work uwire kind ever puh.isherj, aixl U o.mnlrti
? T?r? ,Prt -" Murely aemjeU o rt.t.iH of u n.
Addn, l'r CA. lVH 4aw. i NtU i .nil ftrewC
Jk. LtiiA. Ut Established. 1. 1J7.
riAnniAGEisiss
a a a am aai . . riagcabJ. ua tb mjturitt
fjl nrefthaMuaJ vMeai, iu abwra,
mm eta.. law dia,.riM u Ui.
VS w B mm mm acirae. orrepruductuiai how la
be truly h.L(iy il Um niuried nlatkm. Mtlm aad Iraalk
ycuuf aud uiddi al aauuid read ai.d prune, it i 4
imwN imwiHim, wiiir. neon. ce. auoi
euit oa now 10 prater. 1
fix to fcdrd thxkl Uie
ta. hrarth. and eofopkaioe, aais
trMluio. ol tOUil. : tli. kvM ...A
en
ale true Marriuc (iuid. la tL. world. Price Aeeaia
MaiL Tu author may b. connltrd eeneaallreeae)
tnail on any of the rubWu ancetioocd Id hi, work..
Ir. A. O. OlJUf, iS VV Jbiayon at. Chkato, AiL
CINCINNATI.
Wm. Glenn & Sons
Headquarters for Groceries
4,000 Rio and Santos Coffee,
2,000 h ds New Orleans Sugar,
2,500 bbls N. Orleans Molasses,
1,500 bbls White Refined Sugar,
1,000 bbls Yellow Refined Sugar,
500 bbls Louisiana Rice,
100 Tierces Carolinr Rice,
500 h'fehs Green and Bl'k Tea.
ALSO, UKALKItSIN
PROVISIONS, SEEDS,
AND OTIItB rUoDULE.
SK, 70 and 7 J Vina turret. OIW.. O
Lock Eoipi'4
t'OSIIKB
WaithliiCtOBi
nnd IraakllN
N lrele, hi.
rassu, I llmoia.
ClmrUred by the
ritate of Illlnuia
u all caaca of private, chronic, autl uriuary di
aeeaee iu all tbeir coiuiilicatetl forms. Il id well
auown that Dr. J unit baa alool at lite ltaU ol
tlte profeaaiou for lite ia.l M yeara. Ace aud
eiuerienceereall-imiKirUBt. Mvmlnal Heal.
attMMi, night luasea Ly dreatua. piniole oo the
fitce. loel luaiibond, can uoaitivcly be curcea
Ijuub wauliOK Uie mo.t delicate attention. caU
or write, fleaaant borne for patient.. A book
fur the million, alarriajte tiuide, whlt-b UsiU
fou all about Uieae diMae who ahoulJ niarry
"Whruot 1 cents to ty iMMtage. Ir- Jaijtea
liaaMI lootnaand uarlor. Vou are no one but
the doctor ouice hours, w a.m. to 7 p.m.
tlaya, 10 to U. AU buaiut-a strloUyeoaSdea
tUI. -ft.dewly.
Any Injury wl
PENSIONS
who ere now are win r a penalm
tlM to an Increase. nnTTIa
elr8end t iUsmDU U JM
AOTirC.
NotUe Is hereby glvsu tbat default nsr
Ing been made lor more than sixty days In
the paymeut of a portion ot the amount se
cured to bs paid by a certain morV
(rape eaeruted by John Hodgen to
iuuci msiu Taylor and cuwin
I'anona, trustees of the Cairo City
1'ropfrty, dated March lllh 1134, and
recorded In the recorder's ollice In and lor
Alexaiiderrounty, In tne State of lllinota,
in book "L" of deeda. tinue bffl. eto. The
underaifrneil tho succeiieor ot said truMeea"
win on weaneaday, me imn day ol July,
neit, A. I. 18TU at 1 a'clnvk In (be fore,
noon or that day, under nnd by virtue of
t be power of sale contained In said tnort
f!pe, sell at public auction, to Uie highest
riddcr, for canh, at his ofhe, corner of
Washington avenus and KiKhUenth street,
In said Otty of Cairo, In AleianJer county
andEtateorillinola, slltberlKbt, tlUe and
Intf rt ft of anid John llodset or hi annlgin.
in and to Iota numbered IT (evr utrt-ni and
IK (eightpen), in block uiiuibereij tm elKit) )
In the t int Addition to said City of Cairo,
according to the recorded plat thereof,
with the appurtenance, to sstialy tbe pur
poes and condition of aald mortgage.
Dated, Cairo, II!., June ;th 17.
8. 8TiAT8 Taylor,
Truntee of tbe Cairo City Property. .
6-2!). wtd
OTICK.
Motlce Is hereby given that default hav
lug been made for more than sixty days in
the payment of a portion ol the amount e
cured to be paid by a certain mortgage es
ruled by Jaaet'ltyan to fcamuel Htats
Taylor and Kdwln Partons, trustees ot tbe
( alio City Property, dated the Hub day ol
May, A D. 1873, and recorded Intherecord
er'a office, In and lor Alexander county, In
the State of Illinois, In book 6 of deeda.page
ft etc. The underaigned, the nucceasor of
aald tniHteea, will on Wedneaday, tbe Ifrth
day of July n.xt, A. 1. 187(1, a; 1(1 o'clock
in the forenoon of that day, under and by
virtue of tbe power of aula contained ia
said mortgage, sell at public auction, to tbn
bighent bidder, for csnii, at his othVe, cr
nr ot Washington avenue and K ghte nth
rtret, In aald City or Cairo, in Al-xander
county and State ot Illinois r II the rl'bt.
title and Interest of said Jauiea Jlyan or hi
auMgna, in and to lots numbered a Cl hlr
teen and 14 (Fourteen), in block number,
ed 'in (Twenty-eight) In the Kirat addition
to said City ol Cairo, according to tbe re
corded plat thereof, with tbe appurtenan
ce, to aa'.iafy the purposea and condition
ofaaid mortgage.
Dated, Cairo, III, .Tuns 27th 171.
8. 8T a ats Taylor.
Trustee of tbe Cairo City Property.
e-29-wtd
ftherlfTs ajiale.
15 y virtue or an execution to me directed
by the Clerk of tbe Circuit Court of Alex
ander County, in the State or Illinois, In
favor of Bernard McVanu and agatant
James A. Fry, 1 have levied upon the toi
Imv. Ing described propeity, in lira Addit
ion to the City of Cairo, iu the County ol
Alexander and State of lliinota, to-wit:
All of the riifht title and Interest of said
Jamea A. t'ry in and to lot numbered thir
teen (13) in block numbered forty-aeyen (47)
which I aball offer at pjbllr; sale at the
Soutu-weht door ot the Court House In tbe
City ol Cairo, in the County or Alevander
and State ol lllinola, on the filth day ol Oc
totter, A. D., 1X76, at tbe hour of eleven
o'clock, A M., for rab, t) aalUfy said ex
ecution. At XX. II IKVIX,
SHerilf of Alexander ounty, Illinois.
alro. 111., July 11. 1H7. did
1 KW AUfCKTIRRXBHTC.
AGENTS WANTED FOR THE GREAT
oENTENHIAL HISTORY
It aella fwler than aav other hook ever publish
ed, tine apant aold fcl COi.iea la one (lav. Send
I'irourrxira u-rttit to agenta. National Pub
liahinx Co., Chicago, 111., St. Louia Mo., ot
toluiiibua, O.
'Sk-rew Iha Basrr ai tlsatt au yeu
ru, that's riteumatiain I one turn more, Ikat'a
trout,' ia a familiar dearription of the a two
(Iimwj-. Ihoutfb each may aud doea attack
dinerent rtions of the ayatvni. lb cwtae la be
lieved to Im- a poiaonoua acid la the blood. I'u
rifj tliia by tlte uae of
TAKUAST'S 8ELTZKK APKK1EST.
It will do It work atwedlly and thoroiurhly- It
l the rreat friend
tii-iu and pout.
oi I
tbe aufferer from Kbeuma-
SOLD RT ALL IKL'G;iST8.
$77
A WF.ICff e-uaranteetl to male aad
female agenui lu their locality.
(.ta nothing to try it rarticuuura
free. P. U. VICKtR V A CO ,
jautfuate, air.
3S tf Si 9.0 P' ' nome. Samples worth
.i tree, t
Miufou Company,
Portland Maine.
Mind Bendlna. Fsycaomancy, Fnalnn
' tion. Soul Cmxnulnar, MwamerUm, aud
Karriaw7 Ouide, allowing bow wither sua;
luay faaciuate and iraia tbe love ef any peraoa
they chooae inatantly. "" tMue. Dy mail
centa. Hunt A t o., If' 8. 7tb t. I'hlla.
A ANTED. Any Person can make)
" S500 a month aelhug our letter-copying
book. Any one that haa a letter to write will
ouy ii. ao preaa or water tutea. pent! atamp
fur f circular. HXi KLeloK CO., 17 Triuuite
Ituililing faicago 111.
WESTERN LAI1DS.
If yon want reliable information, where and how
to tret a cheap Pirn or Kovernmeut Hoaao
Btead free aeud your addreaa to ft. J, till.
MtJltK, Land Coiumieioner, lwrence Kanaaa
aad receive (cratia a copy of The Kanaaa l'a
ciflo Hamaitaad.
fiC Fancy Cards with name, tr ceuu- -i'
UJ Bnu, 'A. iHAVttt A CO., orth Chat
kam, N. V.
WHITE
HiTriiriinnrTa a r
w 1
WINE
Mi
eli-bratrd for lu Parity, Strwartk and naTirr
warranted to Keep Pickles' Wi OwarnatSee It M
be entirely free from Hulphnrie Arid or other delete rt
Mi.iatiataiice. with which Jfoet Hawe la adulterate
PoreelebrallOrocara. Lareeet Vlaeawr Workela tai
world. io.ima. K. LTpRtJSSliOw)CA,Ceicaee
LEARN TELEGRAPHY.
liut before going flee where to do so, send for
circular, of X. W. Telegraph Institute, Jaiiea
ville, W'iauonain. Kecoitiended by 8upt. of
Weatern L'niou Telegtapb Co., aa the only re
liable school in the, Went.
THE NEW YORK
Military Agency
procures PKKSIOXN8 for Orlicere and Soldiers
wounded, injured or ruptured, however .lightly
obhtlnsan increaae of old ratesi eolleeU arrears
of pay and bounty, etc. So charge nukwe auc
ceaaful. Lettera promptly anawered by ad
drw.iugJ. II. SCHOLL. Attorney at Lew, 61
Chamber, street, New Tork -City, oare a. O.
Box i,Ut.
TJKALVE
aad aaalttra
UIM, OILS. OOwMfe.
DUNIONS. OUT, , MUI.4B. OWlU
ALAIN, UkOtM, aonld, ,
loracawH. aar. M. tgCataaaea. rreeanaif
Tsrasjisaoo.
S a
Dearatra St., Oaieaf a.
Barclay Bro'a.
Wholesale Druggists
OAIBO, ILLS.
lt-4-
PRAIRIE LANDS.
The last chance for good agricultural kUMSS oa
laa Vkak.' Cmcuit, at bix ra cairr. Uitae.nl.
Ixin'l run anv riaka, but go to a CHtalry that has
been proved to be good, Mead your adiuaas bf
I io.ud card to Land Cont'r it. 4H.I. a ,
luriington. Iowa, aad rtceive free oupr mt Iowa
and Kebraaka saruwr, with chart of tand. and
W round trip rate.
S--Wen.
I: I !Mllliill
ti i

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