Newspaper Page Text
THE DAILY . EVES IMt TELEGHAPIT PHILADELPHIA, THURSDAY, DECEMBER 5t 1867.
SriMT OF THE PllE&S. EDITORIAL OriSIOSB OF THE LKADINfl JOURNALS CPOR CCRBSST TOP1CR OOMPILRD BVBBT DAT FOR TBI BVENINQ TBLKdBAJPH. Report f the Secretary of tha Ttury. From tA A. Y. Jeiald. Mr. McCulloch'a annual report t0 Congress is ft ver long one, and we wih we could say that its ability corrcuponds with lta length; tout we cannot, for it abounds with absurd and pernicious financial theories, and shows, what we have always said, that the Secretary is merely a small country banker, aud has not the first qualification of a statesman. But before we proceed to touch upon his arguments and recommendations let us look at his figures at the actual financial condition of the country. The total debt on the 1st of Novem ber, 18G7, was $2,G25,.r'02,643. Of this there was bearing coin interest. $2,204,879,631; bearing no interest, $402,335,84S; besides over eighteen millions of Texas bonds and othor Items of old indebtedness. There was in the Treasury, however, $111,540,317 in coin and t22,458,00 in currency; leaving the debt, less money on Land, $2 491,504,450. The receipts from all sources for the fiscal year ending June 30, 18G7, were $190,034,010 The expenditures for the civil service, inclu ding Tensions, Indians, War Department, Navy Department, and iuterest on the public debt, were $340,729,129. Of this the iuterest on the debt was $143,781,581. The loans paid, as they are called, were $74(i,3r0,525; and the receipts from loans were 8G40,42iJ,910. That is, in the payment and transformation of this portion of the debt there was a falling off or10t,9ZJ,(ilO. This won 14 make tne total drain upon the Treasury $452,652,731, leaving a balance of income over expenditures of $37,981,276. .. The estimated inoome for the three-quarters of the fiscal year ending June 30, 18tf8, la $296,000,000, and the expenditures $295,000, 000, leaving a surplus of a million. The Sec retary makes an estimate, also, of the next fiscal year, ending June 30, 1869. But we must remark that, in view of the ex traordinary changes that are likely to take place, and the Secretary's ridiculous mistakes about the Income and expenditures of the Government, this seems to us a superfluous labor, and very unreliable. The Secretary still clings to hla resumption theory. While he confesses that the trade, revenue, and condition of the country have been such as to check him in his efforts to contract the currency and force specie pay ments, he still hopes resumption may ba reached within a short time. He did expeot to reach this by next July, and notwithstand ing the adverse circumstances, as he regards them, operating against him, he says "the 1st of January, or at the furthermost the 1st of July, 1869, specie payments should be re sumed." He takes credit for having done "much preliminary work" to bring this about. Of course he means by that that he has con tracted the currenoy and thereby brought us nearer specie payments. In this we think he deceives himself. At any rate, we are con vinced he has brought u.i nearer financial trouble, and that unless Congress checks him serious disasters must soou follow. By far the greater part of the report is oc cupied with a discussion of the national bank system and about contraction of the ourrency and specie payments. Mr. McCulloch comes to the conclusion that the national banks should be sustained. He argues that they are "so interwoven with all branches of busi ness, and are so connected wkh the credit of the Government, that they could not be de stroyed without precipitating upon the country financial troubles." Yet he thinks that when we shall have attained substantial prosperity "it may be wise for Congress to consider whether the national banking Bystem may not be dispensed with." Did any one ever see before such a jumble of contradictions f The national banks are the greatest blessings to the Government, to its credit, to the trade of the country, and they cannot be destroyed without breaking faith and doing them great injustioe; yet the time may come when it may be wise to break them up. "What absurdity ! If they re to be broken up at alL the time to do that la before they lecome firmly established, be fore they are rooted and interwoven in all the transactions and property of the country, At present they may be regarded only as an ex periment, but if they should continue long in existence they may claim vested rights and privileges. However great the evil may be, it will be hard to remove it when firmly estab lished. It took years of the most desperate struggle with all the power and will of An drew Jackson to put dawn Liddle's United Etates Bank; but that was a weak Institution compared with the national bank combina tion. A vast moneyed power like this, when deeply rooted, cannot be removed without the greatest difficulty without ft struggle that would shake the foundations of the Govern ment. -If It be an evil, now is the time to remove it or never. The Secretary speaks of the banks being "connected with the credit of the Govern ment." He has not the hardihood to say they are necessary -to its credit. Yes, they are con nected with the credit of the Government that is, the Government lends them its credit to bank upon, and makes in addition gratuity to them of a national circulating Medium. It is a one-sided affair, and the panxs get au me Dttmmi. i ny are or no earthly use to the credit of the Government and never can be. They draw seveu and-a half to eight per cent, in currnncy on their bonds deposited and make about as much on their circulation. It is a monstrous monopoly. drawing upon the credit lent to them, and the circulation given to tliem, fifteen or sixteen per cent from the industrial earnings of the people Mr. McCullooh aud the Comptroller ?, the Currency endeavor to make it appear r"" ao not receive tnis enormous banelit, MUhat there would be no savin by " BUP?u,luu of a legal-tender currency for fariv0 rSer ?oheLul4n' nd T PrLu- This is- simply rldlouSlV . i the common sense of tbJfg n ,,.n?uU V? known that the property orT?t 8 1 ness of the banks are not UxedMl, L , , ha1' property and business of all our? "lu M deed, they are not taxed aa much, la" profits on their three hundred millions o,fe cnlatlon. amountiux to twenty-five milliou FT currency a year, at least, is a clear gift from the Government. It is giving away to au overgrown monopoly twenty-five uiillioiia a year which belong to the people,' and which ought to be saved. If the national banks lie such a blessing to the country, let them sliew it by doing their business with Govurnment legal-tudttrs, and let the people Lave the profits that belong to them of a circulating medium. There is no objection 'to thse bauklot them exist if they will only let the people aud Government Hot be robbudfor thuir xi;1uh1. .lr.nair - . - . and M us not perpetuate an enormous mono poly that will control the Government itself, rule the roarkpta and swallow up all the profits of industry. Mr. McCulloch, through out tbe whole of his long rigmarole about the national banking system, has but one idea, and that is to favor tbe banks and banking capital at the expense of the industrious olanses and the Government. - It would be an interminable and profitless labor to go into all the contradictious and absurdities of this report, or to endeavor to sift out any grain from such a mass of chaff. But some things should be noticed. For ex ample, he concedes the general prosperity of the country, the extraordinary stimulus that has been given to production through an abundant currency and an easy money mar ket. He could not do otherwise; for his enor mous revenue and the condition of the people show that too plainly. Yet at the same time he calls this an unhealthy state of things, and urges a further contraction of the ourrenoy to give health. The country is remarkably well, he says iu one breath, and in another he declares there must bt some disease not actually seen. He would bleed the patient for an imaginary disease, and then, of course, when the patient dies, he, like all other quacks, would deolare the experiment was a legitimate one. We do not want Mr. McCul loch's experimental quackery. The oountry is very well, and will go on very well if the currency be let alone. We want no contrac tion, and only a uniform currenoy by substi tuting legal-tenders for the national bauk emulation. We shall grow up to specie pay ments, if that be desirable, within a few years, thiough the natural growth of population, business, and the country. With regard to 1 he payment of the debt in coin or ourrenoy the Secretary makes a long and labored argument for the bondholders. He quotes the proceedings of Congress (though, nnfortunately for his object, they are against him) to show that the principal of all the debt, the five-twenties included, should be paid in coin. He talks a great deal about national honor and all that to sustain his weak argument. The whole truth about the matter is simply this, that there is no obliga tion to pay the principal of the debt in coin, except where that is expressly stipulated on the bonds; that whenever paper or speoie is the currency of the oountry it is perfectly legitimate for the Government to pay the bonds or buy them up in either; that it was so understood in Congress when the bonds were issued, as Mr. Stevens has clearly stated, and that we are not called upon to force specie payments for the special benefit of the bond holders, so as to pay them forty or fifty per cent, more for their bonds than they gave for them. There is no fear about the national honor so long as we pay in the same money in which every one is paid. One of tne most absurd and mischievous E repositions of Mr. McCulloch in this report s relative to taxing the bonds for the benefit of the several States. No doubt this kind of property ought to be taxed as well aa any other; but for the general Government to col lect the tax and then distribute it among the States is preposterous. The Secretary-knows nothing of history, or he would be warned by the land and surplus revenue distribution funds in former times in this oountry. It was, as history shows, a frightful source of corrup tion and dissension. This proposition is nothing more than a gigantio bribe offered to the States and politicians to support Mr. Mo Culloch's infamous system of finance. Mr. McCulloch is not very explioit about the progress and amount of contraction of the cur rency, nor upon the eneot produced, lie has touched this matter very gingerly. He has utterly failed to propose a good system of revenue, so as to reduce the burdens of taxa tion, to prevent the stupendous frauds prac tised and to provide for the rapid liquidation of the debt. On all these important topics he deals in vague generalities, or says nothing. In fact, there never came from ahy Secretary of the. Treasury such an unsatisfactory mass of wordy, meaningless stuff as we find in this report. Tbo Secretary and th Financial Situa tion. , Fi omtheN. T. Times. The first point in the present Treasury Re port is one of figures, relating to the revenues and expenditures of the fiscal year of 1867, and to the progress in the reduotion of the public debt out of the surplus of the former. These figures approach much the estimates of the Secretary made in December, 186G, than the actual revenues and , expenditures of the previous year contrasted with his estimates of December, 1865. The' gold customs of 1867 amount to $176,000,000. The estimate' was for $160,000,000. ' The direct Internal taxes to 1270,000,000. The estimate was for $285, 000,0(0. The miscellaneous receipts, includ ing land sales, to $44,000,000. The estimate was for $29,000,000. The total income to $490,600,000. Tbe estimate was for $475,000, 1)00. The public debt compared as follows on the 30th of June, the close of the fiscal year: 18B9. 1887. Juueftfl. June an. TVbt outstanding..... 2 7h:U2S,89 2,flstt lt 2IR Ubacuiuvu btuil..,., 182,887,649 ISO aH,2u2 Debt unprovided for. , J? urikier reduction to Nov. .. '2.o0,6il8,30 l.loJ7... .. 2,61 1.HiJO.UIS 2U .o6'i Public dcot at date of present report......'. 12,491 M,i u The receipts of the first quarter of the our reut fiscal year amount to $121,000,000 that is, July 1 to Sept. 30 as against $158,000,000 for the corresponding quarter the previous year. The estimates for the remaining three quarters amount to $296,000,000 as against 342,600,000 received for the same period last year. Total actual and estimated receipts, 417,000,000; expenditures, exclusive of re duction of publio debt, $393,000,000. Of this estimated surplus of $24,000,000, the sum of 20,295,563 (as above stated) , had already been applied to the reduotion of the debt at the close of the first four months of the fiscal year. x It is scarcely safe or necessary to anticipate the Secretary's estimates for the suooeediqg fiscal year ending June 30, 1869. He places his revenues at $381,000,000, and the expendi tures at $372,000,000; thus aUowing f jr only $9,000,000 as applicable to the prluuipal of the public debt. But he hopes for a largely re duced expenditure, by Congress, Iu all branches of the servioe. We notioe tint he calculates on only $145,000,000 in gold from customs, as against $118,000,000 which will be required for gold interest, assuming that his funding process will stop at $2,000,000, of w uien nine-tenths will bear six per cent., and $200,000,000, or one-tenth of the whole, will ',iar Ave per cent, in gold per annum. This "'mate has at least the recommendation of $40 00T(Jieve U wlu ta found $30,000,000 or country is v00 lowj tue huslness of the distrust aud uUet to 6 without the almost sure to ?rUlnt7 wU,cU wouia l"? nii)rtruii,i.-"Td any violent or forced aud of th New York on Specie I'aywent bytbmVBr of, 4Co' question, June 30, l8(Ji. T oth a 1ia farm yar iu I bin11. vt.i.1,H a.. e former has . - . j v-ivmkvu iitw whj vi cracfl t tbe decree in bis previous annual report. On th other hand, the estimate may provrt $25,000,000 too high, or bandy up to the sum of gold interest required to be paid, should our foreign trade and commerce, sympathizing with our doniestio interest, as they nearly always do, be convulsed by the question re ferred to. To the rapid funding pfooess of the pait twelve mouths, nearly five hundred million in amount, we hve nothiug at present t object except to say that if it had been routined to the four hundred millions of 7 30 per cents , taken up and cancelled, iu place of including about one hundred mil lions of common and compound greenbacks, the grand total of $2,000,000,000 of gold bearing lKHids would have more nearly covered the remaining 7 30 per cent, than it is likely to do if contraction of green backs had not fo persisteutly adhered to. The Secretary, in his present report, con tinues to iiiMst upou this favorite but un equal and oppressive theory to depress gold and to arrive at early resumption. We be lieve that herein he makes a grave mistake, or we should ray that he repeats the blunder of his Foit Wayne speech and the grosser miscalculation of his last annual report. The latter he tacitly admits by extending the time a whole year. The New York gold room tills the story of the Fort Wayne speech. The Secretary now says that he deems it important, to this end, to fund or pay off the remaining interest-bearing notes compounds and 730 per cents and to continue to con tract the paper currency greenbacks, be condly, to maintain faith in regard to the funded debt, to which all good men should heartily assent. Lastly, the restoration of the Southern States. All these look to an early return (July, 1869) of the specie standard. He admits that he "was authorized and directed" by Congress to substitute $50,000,- 000 of new three per cent, legal-tender certifi cates lor tbe compound legal-tenders, falling due from June to December, 1867, inclusive. Thus far he has used only $11,500,000 in re demption of October and December compounds. We deem it almost certain that the Secre tary cannot reach hia object of specie pay ments by the inexorable contraction of green backs, or by destroying their circulation alto gether, which seems to be the ultimate end of his theory. It is quite oertain that, thus far, such contraction has not brought down the premium on gold. And it is tacitly conceded that the third element to resumption is the restoration of the Southern States as an essen tial element; and how remote this is, at pre sent, will he understood by relerenoe to the President's Message. ihe second element. the funding or paying of the remaining interest bearing notes, Is also deemed essential to the resumption of gold payments by the Treasury, but not by the national banks. We do the secretary the credit to believe that he contem plates no partial resumption. ihe banks must resume at the same time with the Treasury to make it general. They cannot do so with nearly all the available gold in the country locked up in the Treasury, and the greenback legal-tender circulation, whioh would be the equivalent of gold under Trea sury resumption, wholly withdrawn from em ployment. A reterence to tae last quarterly- bank Ftatement is sufficient to demonstrate this difficulty $537,000,000 of deposits and $293,000,000 of outstanding , circulation,: against which an average reserve of 20 per cent, or $207; 500,000 in greenbacks or gold is required to be held by law, and would be de manded to be held by publio oonfldenue to make resumption permanent. We have not time or space to follow Mr. McCulloch in his unsupported assertion that we have far too much currency for the busi ness of the country, as it is now conduoted while he admits that even paper money is now scarce at the financial centres nor to enter, at present, into the discussion of his novel proposition to create a consolidated six percent, gnld-beanug loan, upon which only five per cent, shall be paid to the holder of the bonds and oue per cent, in gold divided annually to the States by way of quieting their claim or pretension to tax the present securities of the Government, which Congress has said snail not be taxed, and which the Supreme Court will never suffer to be taxed. Ihe states have preferred no such claim thus far, and made no demand upon Con gress to grant the right of suoh taxation. When they do so in form, either by menace or memorial, it will be time enough to alter our funding laws,' which have already so very nearly accomplished their mission. We had supposed that the War of the Rebellion had quieted tbe pestilent doctrine of State rights: and the right to interfere with the power of the General Government to borrow money on its own terms is about the last we should have exptetfcd to see revived, under the sanc tion or "sympathy" of the Secretary Of the Treasury. Ttia National BanUc-Ilaak Notea Orn Prom the N. Y. Time. The Report of the Comptroller of the Na tional Currency is . an extremely satisfactory exhibit of the working and seourity of the national banking system through the past year, and indeed sinoe its establishment. That only ten associations out of 1673 banks all over the country should have gone into receiverships .in four years, and that these failures should not have entailed the loss of a single dollar on the note-holders, and that the exceptionable cases of gross mismanage ment which led to them leave a loss of less than thirty per cent, on the sum due to de pt sitors, to be assessed on the stockholders, are fuc-U not ouly remarkable in themselves, but extremely creditable to the system aud its carefully considered legal safeguards. ' The capital of the 1673 banks established sinoe If-63 amounts to $424,394,861. The amount thn.wn iuto receiverships by failure, $1,870, H00. Tbe total circulation is $299,103,996. The amount assumed at the Treasury, where the Securities held were equal to 120oeuU on tbe dollar, $1,187,900. These securities re turn to the general assets about $250,000, after paying every dollar of circulation. l'ai-bing over the various suggestions of the Comptroller for the improvement of the law in regard to the periodical returns of the banks aud the central redemption of their currency, and the prohibition of the allowance of iuterest on country bank balances by city banks, we come to his defense of the privilege of circula tion, which certain parties in Congress would repal ou tbo fccore of eoouomy to the treasury, and bin figures of the relative Federal aud local taxes paid by tbe banks to the interest derived from tbe United States stouks pledged a) security for their 'circulation, appear rea u nab'y couolucive. The difference is not suoh, iu any view of the case, as would Justify Cou ptess in wl hdrawiug thla privilege and sub stituting greenbacks, thereby diiviug to liqul il:iou a vtry large number of the coun try bunk, whose . chief ruliauoe U upon their circulation. We use tbe terra a very lare number, ' without admitting, by any means, the theory of the Comptroller that nine-tenths of the banks would be in clined to wind up under the National system altogether. We have no idea that one out of ten, much less nine out of ten, of the city national banks would wind up because of the loss of tbe privilege of droulation; nor would more than three out of ten of the substantially e&tablirhed country banks, having tbe basis of a stockholding Interest of real substance and a liberal as well as profitable line of de- fosits, and altogether a safe local business, i found ready to liquidate on this account. The withdrawals from tbe system would be tbe country banks of circulation mainly. Their expenses in very many instaiiies un doubtedlycould not be supported without the profits derived from this source. But we are yet to believe that the proposi tion to do away with national bank notes will receive tbe approval of either branch of Con gress. Tbe Comptroller argues, however, on tbe apparent belief that it has the favor of a considerable party in that body, if not in the country, and we think that he greatly weakens bis own reasoning by attacking our greenback legal-tender circulation, not ouly as a present hindrance, but an original blunder, and insist ing upon its withdrawal as essential to finan cial soundness. His referenoe to, and quota tions from, the debates in Congress, pending the original bill to create the greenback circu lation, are quite foreign to the argument so far as the well-understoed popular preference since the war is to be consulted, and they will be quite as foreign to the question, we under take to prediot, when the oountry returns to specie payments. Greenbacks will then be used as a valuable auxiliary to the perma nent maintenance of this standard. They v.i l be made by common consent to share, with gold, in the offices of bauk reserves, cus toms duties, interest disbursements, and, in short, to participate in the whole banking and Treasury machinery,'' so far as the publio are in lined to accept greenbacks, redeemable in gold, for the gold itself. There might have been some doubt of the permanency of this circulation, when it was resorted to during the war, but we believe there has been none since the war closed. And, as we have contended, Mr. MoCulloch never made a greater mistake than in the pertinacity with which he now, after two years of acknowledged failure, in sists upon destroying the greenbacks of legal tender, as a first necessity in breaking down the premium on gold, and the main condition precedent to the resumption of speoie pay ments. And his indorsement of the Comp troller's view on this subject, while it may contribute some official importance to the Re port of the head of the Currency Bureau, will add no strength to the arguments of the latter for perpetuating the National banking system. . Gen. Grant's Report aa Secretary of War, SYomtheN. Y. World. The man, of all onr countrymen, in whose opinions the publio takes the liveliest interest, steadily bailies curiosity. His report as Secre tary of War will be scanned in vain for a clue to the enigma. If he is without opinions, this strange reticence is explicable, as it might be also, perhaps, on principles of military pro priety, if General Grant was not understood to give his implied consent to the free use made of his name as a candidate for President. It is not very fitting that a soldier, as suoh, should be a dogmatist or a brawler in politics. The strict subordination of the military to the civil authority, which . is one of the cardinal maxims of free government, renders it inde corous for an officer who must be equally ready to enforce by his sword the polio y of whatever party is in power, to be a very active and demonstrative partisan. But when mili tary'efiicers consent to be candidates for the highest political trusts, the country is enti tled to know their opinions on important ques tions. And yet we think the close reserve of General Grant deserves more commendation than censure. Though politicians make free with his name, no . responsible party has nominated him; nor is it certain that any will. To flaunt his opinions (if he has any) would look like a bid for support, and if he should fail of a nomination, it would be a gratuitous humiliation. He probably thinks that the proper occasion for setting forth his views will be in a letter accepting the nomi nation of one of the great parties. It might seem wonderful, if the speoimen before us did not show it to be so easy, that a Secretary whose report touches upon several of the most exciting and debatable topics of the time, can pick bis steps among - them so dexterously as to avoid any oommittals. He is Secretary of War against the spirit of the Tenure of Office bill; he oooupies a position in which the Senate may attempt to reinstate his predecessor; it falls In his way to recite the proceedings under the Reconstruction laws of the fire military districts; he reviews the operations of the Freedmen's Bureau; and he coolly travels among suoh ticklish topics as safe from detection as a cunning spy in the camp of an enemy. The process by which this feat is performed is not wonderful at all; it is as simple as silence. The greater part of his report has been got up by the mechanioal process of condensation; it consists of mere digests of the reports of his subordinate olli cers, and is as dry and colorless as the news summaries in journals that lack skill to make suggestive head-lines. It is right to add that on matters purely military the report has the decisive precision of a conscious master. The single respect iu whioh General Grant's repoit has any obvious politioal bearing is In its opening paragraphs, where he gives an ex culpatory explanation of his being found at the head of the War Department. He brings to the front, and parades iu fall, the corres pondence that took place on Mr. Stantou's suspension, although there is no man in the United States, certainly no member of Con gress, who was not familiar with it. We sup rose these letters are again brought forward for the sake of reproducing the compliments which Grant paid to Stanton in bowing him out of office. "Thou canst not say did it," is the spirit of this part of the report. He furnishes, however, a pretty conclusive proof that it was a 111 thing to be done, in the ac count he gives of the large and necessary re trenchments he immediately undertook, and Stanton had neglected. But it is too evident, both in the matter and manner of the report, that General Grant is solicitous to excuse hlin relf and stand well with Congress. He is care ful to insinuate the Idea that he accepted the Secretaryship from a sense of military subor dination, and he signs his report as General of the Army as well as Secretary of War. A voluntary participation in an administration whose chief deserves impeachment for high crimes, would be rather awkward for a Repub lican candidate for President, aud yet nothing is clearer than that General Grant was free to do as he liked. His fluessing on. this point is more objectionable than his political silence. The President's Utmas;. The New Yoik Tribune closes a Bevere article upon the President's Message as follows : Mr. Johnson has plaoed himself iueffaoeably on record sa affirming and exercising the right of the Union to exact conditions of . th ex- OLD E YE W H I S K I E S. THE LARGEST AND BEST STOCK OF fine old nor e whiskies In tho Land is now Possessed by HEN11Y S. IIANN1S & CO., Nos. 218 aud 220 Eeuth TROUT Street, WHO CI I F.H THE SADIE 10 TUB TRADE, IX LOTS, ON VERY ADVANTAGEOUS! TKBSIiV. Their Stock of Rye Whiskies, in Bond, comprises all the favorite brands extant, am! rans through the various months of 18C5, 'CC, and of this year, up to present date. Liberal contracts made for lots to arrive at Pennsylvania Railroad Depot, Ericsson Line Wharf, or at Bonded Warehouse, as parties may elect. -ENGLISH OAEPETINGS. MW COlDS OF OIK OWN IMPORTATION JUST ARRIVED. ALSO. A CHOICE SELECTION OF AMERICAN CARPETINGS, OIL CLOTHS, ETC. English Dmggetlnga, from rial yard to four yardawldei Mattlaart Rags Mat. ' ti9?'I,tir Bt0fk' h)C,udiDl? new Roods daily opening, will be offered at LOW 1 KICKS FOR CASH, prior to Removal iu January next, to New Store, now building, Ho. 1222 Chesnnt street. ! ' REEVE L. KNIGHT & SON, U 14UiBtu2m KO. SOT lUEtiNVT STREET. Rebel States. Let us now see by wkomhe holds that that power should be exercised. The Convention of Florida, assembled by him, proposed to submit the repudiation of the Rebel debt to a vote of the people of their State; but receded on learning that this would not do, and repudiated that debt outright. A Legislature was thereupon convened, which ratified the Constitutional amendment abolish ing slavery, but appended the following con dition: "Jicsolved, That this amendment to the Con stitution of the United H tales Is adopted by the Legislature of the Btate of Florida, witti tbe understanding tliat il does not confer upon the Co rg reus the power to legislate upon the politi cal ttatu of the freedmen In this Btate." Governor Marvin, having issued a proclama tion with reference to reconstruction, Mr. Johnson's Secretary of State telegraphed him as follows: "It must, however, bo distinctly understood tbat the restoration to which your proclamation refers will be tubjeet to the decision of Congress. . William U. Sxwabd." So we might go on, quoting Johnson against Johnson; but why need we t Having turned against those who elected him, how could he help turning his back on himself f We leave the subject, with an avowal of our conviction that the President obstinate as he is will regret having uttered this most per verse Message. ; On a single further point do we dare to remark to-day. ills views on finance . are generally sound, and in nothing more demon, strably so than in this forcible statement of a primary economic truth: "The proi onion which the currency of any country should bear to the whole value of the annual produce circulated by ita means. Is a question npon which political economists have not agreed; norcen it be controlled by legisla tion, but must be left to those Irrevocable laws which everywhere regulate commerce and trade. The circulating medium will ever Irre sistibly flow to those points where It is iu greatest demand. The law of demaud and sup ply Is as unerring as tbat Which, regulates the tlces of ocean." In palpable, overt defiance of the above, we read in the next column this absurd recom mendation: "Specie payments having been once resumed by theGovernment and the banks, all notes or bills of paper issued by either, of a less denoml tion than (20. should by law be excluded from circulation , bo that the people may have the benefit aiid conveDienoe of a gnid and silver currency, which in all tholr business transac tions will be uniform lu value at home and abroad." , , : i Here "irrevocable laws," including "the law of demand and supply," are ignored, and Congress asked to deprive the country of such a currency as it may choose to employ, in order that "the people, may have the benefit and convenience of a gold and silver curren cy." But such a currency happens not to be either beneficial or convenient to us, who have always supposed ourselves a part of the people. We receive at least f 100,000 per annum by mail in small bank notes money which could not be sent us in gold and silver unless at a heavy cost and rhik. Those notes are indispensable to the successful proseoution of our business; for what reason shall we be depiived of them f Who is to be benefited by that which will work us so grave an injury? We need those notes so do thousands of others whose need is subserved by depriving us of them r iet ns nave specie payments and liberty of choice those who need .or choose specie drawing it at will, while we who need notes of less than $20 are likewise ac commodated. Why cannot the President trust to a law which he says is "unerring as the tide," and let the people use suoh cur rency as experience has proved most conve nient and usefut f L O OKI ft C -CLASSES OF TUB BEST FIUNCI1 PLATE, In Every Stylo of Frames, ON HAND OR MADE TO ORDER. NEW ART GALLERY F. DOLAND & CO., Il l lm2i No. 014 AIIOH Swoet. u ki ariier iirotlifw, Aonerie!i raoi rwK-ieiy, ana ollirn. M'l t, gem. 1. I CiiAUUt St CO., Nu, 44) Oft. AtUtUS MM-. ,... . W KION PAbTE AND SIZING COMPANY. A VkI lor Bna-UJUff". BuoktiliiUrs. I'aoi- liMi'gern, tilioeumkera. mkenn"'" m !, mil eio. li lil uvt wur. ,1" cUeBp aud always ready l r ui.R Id li i ! n. JJiliicou Ui.,tii'vr A Keller, W!llln' M. rhilnilHpliia JiKuiiut WATCHES, JEWELRY, ETC, AMERICAN WATCH ES. W. W. CA8SIDY, No. 12 South SKOOWD Street Philadelphia, ant's attention to bia varli-d and exten sive ku cm ol HOLD aJNjV BLLVKlt VVaXCUK j AJiO SI LVfeK WARK. Custoruen may he a mured that none but the beat articles, at reasonable prices, will be sold at bis store. A One aaaor.ment of FLJlXKD-w AiUJ, constantly oa band. Watches and Jewelry carelnlly repaired. All orders by ruall promptly attended to. 11 18 slulh LEVIS LADOMUS & CO., DIAMOND DEALERS AND JEWELLERS, No. 803 CHEHNUT BXKE2KT, Would Invite tbe attention of purchaser to their 'orge stock of GENTS) AND LADIES WATCIIES. ' Juat received, ef tbe finest European maker. . Independent quarter, second, ana eli-wlndlnc, la gold sua silver cases. Also, AJU KKICAN WATCHES of all Buses, . - Diamond is, fins. Blurts, Kings, eta Coral, Malachite, Oainet, aud JCtruscaa Beta, ia great variety, 61940 SOLID SILVERWARE of all kinds, Including ft large asMortmeut suitable lor Bridal Prcenta. FINE WATCHES. We keep always on band an assortment ol LADIES' ADD tiENTS' "FINIS WATCHES' Of the best American and Foreign Makers, all war ranted to give complete aatlslacllun, and at GREATLY REDUCED PRICES. FARR & BItOTHEB. Importers of Watches, Jewelry, Musical Boxes, etc, 11 Uamthjrp No. S24 OEESNTJT Bt,, below Fourth. Especial attention given to repairing Watches and Musical iioies by ilKaT-CLAtw or kuiiea, - C. RUSSELL & CO.. Ho. 23 N0BTH BllTH STREET. OFFEB OJHB OF TBE LABOEST STOCKS - FINE FRENCH CLOCKS, :i OF TIIEIB OWN I SIPO STATION, U IU! ' : ' CITY, 6 2 AMERICAN WATCHES, The best In the world, sold at Factory Prices, C. A. PEQUICNOT. MANUFACTURERS OF WATCH CASES, No. IS South SIXTH Street. - Manufactory, jfn.tZ. 8. FIFTH rt . gTEKLINO BILVEEWARE MANUFACTOL . KU. 414 LOCUST STREET. G IS OltGE 8 II AB I?, Patentee Of tbe Ball and Cnbe patterns, manntactares every dencription of flue STERLING SILVER WARE, and oners for sale, wholesale aud retail, ft choice assortment of rich and beautiful goods of new styles at low prices. (aft 3m J. M. SHARP. A. ROBERTS. FIRE AND BURGLAR PROOF SAFES C. L. MAISER. MAKorAcrrnaiB or FIRE AMI M li HULA R- PROOF SAFK8, K4CKK9tITfl, HGLlrUAHHKR, AN , l)AUUt IJK HI31U1S4 HAHDVvARM, Et Q. 411 Msl K STKKIST, A LA KG 12 ASSORTMENT OF F1KB and Rurslar-nroofHAFES on hand, with Inslda doors, Dwelllug-bouse Snip, free from dampness. Prices low. (kUAssKMruUbKH, s so. res una mreas. ' PAPER HANGINGS, ETC. ' pAPER HANGING 8. EW EKTAnUSUMKST. E. COBKER OF TENTH AND WAIJSTJT. J.O.FINN dTHONS Have opened with an extensive assortment of DECO RATIVE and PLAIN WALL PAPERS, embracing every quality to suit all tastes. titu , o OWN K X C II A "tt A fl MA Vl:irifvlAlltr ' . lunn t'fAV ivni JOHN T. UA1LKV A CO., H KM 1V ICD TO . N, E. corner of U UK kt ana WATER Street. DEAI.FTtH IN MA(ir AND ruuciiara Or every lt-Tl,i l". ", . , drain, Flour, ball, Mu-pii")bte of Lime, Bona Larpe aud small fJTTKN V 'hacih ronstauUy on baud S221, t. liiiT WOOJj OA,.. L2