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THE PAIL TgEY ENINO TELEQRAFII PHILADELPHIA, MONDAY, FEBRUARY 13, 1871. erxn.17 or sun muss. Editorial Opinion of the Leading Journal cpon Current Toploi Compiled Every OtY for the Evenlnfl Teleflraph. rnoFESsoR montagu Bernard. From tht A'. Y. World. ' V ' The member of the British portion of the commission who ia said to have been seleoted on account of his conspicuous familiarity with the questions of international lav likely tooome np for consideration in Washington, has written a book, which has been recently published in London, under the title "The International History of the American "War. A Uistorical Acoount of the Neutrality of Grout Britain Daring the American Civil War." ( Therein he has given the result of his labors in this interesting department of jurisprudence. For many years Professor Bernard has filled, with credit to himself and pupils, the chair of International Law at Oxford. His volume is able and interesting; it sets forth with skill the international ques tions growing out of the Rebellion, and dis cusses them fairly, although somewhat nar rowly and with too much regard to British ErecedentB, which have always been insular, is work is legal rather than philosophical. What he says of the deep-seated causes which brought on the great catastrophe of our civil war is to be regarded as the opinion of an intelligent bystander not professing to have special information of the inner working of the political and moral forces of this nation years before the ultimate schism occurred. Whether it be true or not that the republio was rent asunder morally, by its two hostile types of labor, long before a material breach occurred, the premise is favorable to one who vindicates the Queen's proclamation of neutra lity which gave to both combatants belligerent rights. Mr. Bernard insists that the British assertion of a neutral status, .May 13, 1861, and all that flowed therefrom, were not only in accordance with international law, but the inevitable result of what had already hap pened. One would naturally be assisted in coming to this conclusion by a prepossession that the history of the internal forces in this country the mutual jealousies and dissen sions between the North and South was such as to satisfy an impartial person that either the South would achieve independence or be subdued only by immense military opera tions. Professor Bernard urges that British recog nition of the South contributed largely in its results to the ultimate triumph of the Union. He says: "What the United States lost by It has never been distinctly stated. But It is easy to see what they Sained. Tfcey gained the liberty to exorcise against rltlsh ships on the high seas the rights of vUltinjr and searching, of capturing contraband, and of blockade-rights, which spring solely from the rela tion of belligerent and neutral, aud whteh the neu tral acknowledges by recognizing the existence of that relation." There is marked correspondence between these views and those of Mr. Caleb Cushing, expressed in December, 18G1, in a letter to Mr. Fernando Wood respecting the Trent affair. He said: "Above all, as I think, have we been over-prone to And lault with Great Britain for the attitude, which she has officially assumed, of neutrality In the war now raging between us and our insurgent Spates. If Great Britain stood aloue, that fact might imply the existence of Just cause of umbrage ou our part. But we should remember that France, Russia, Spain, and other great powers take the samo view of their International duty In this respect that Great Britain does of hers. If, In coming to this conclusion, they contradict our policy, and accord to the insurgent States a belligerent status which we refuse to concede, and so do prejudice to us, it Is to be considered that, la so proceeding, they do advantage to us also, by thus reitevlngus of all fu ture responsibility for any international acts of the insurgent Government, and bestowing on us the right to hold them as neutral Governments to the punctual fulfilment of the obligations of neutrality which they profess, and the rigiit to compel Its ob servance by their suUjectB both on sea and land. "s That portion of the volume before as which Professor Bernard devotes to the blockade and the international questions arising oat of it is well worthy of careful study by the stu dent of international law. There is evidently a tendency in his mind to hold that, although we Guarded the immense line of sea-coast with great diligence and maintained there a formidable naval force, yet, as the regular arrival and departure of blockade-runners into and from some of the Confederate ports attested that the blockade was not effective, England oonld, had she been an unfriendly central, have plausibly insisted that the siege should be raised. In respect to the affair of the Trent, the conclusion of international law which he educes, while vindicating the attitude which Lord Russell took, is that in certain cases a neutral destination does not necessarily exempt a neutral vessel from capture and her freight from seizure and detention, if what she carries be of a hostile character. At the same time he contends that no matter whether the Confederate envoys were in the nature of "contraband of war," they were, while on board the Trent, not liable in any way to arrest. His thought evidently is that Lord Russell laid down the doctrine of neutral rights in the case rather too broadly. The conduct of Great Britain in declaring that she would acknowledge the nag of the Confederacy as well as the United States; that she would not pursue Confederate cruisers as pirates; that she would admit publio armed ships of either belligerent into her ports on equal terms, excluding, however, their prizes, but subjecting both to the rule that twenty four hours must be given by each enemy's ship to the other; that she would prohibit the men-of-war of either belligerent from remain ing more than one day at a time in her waters, except in the case of stress of weather, and would prevent them from supplying themselves with more coals than were re quired for a voyage home theue provisions Professor Bernard maintains were not only just in the sense of international law, but were entirely in the interest of the North and extremely onerous to the Confederate States. However correct these propositions of Mr. Bernard may be, it is clear to see that the kind of neutrality which Great Britain exer cised in her colonial ports enabled the cruis ers, after they bad escaped from British home ' jurisdiction, to maintain themselves on the nigh seas. . In the volume before ns the most important question of international law which will come before the proposed commission to sit in Washington, which is that whioh involves' re sponsibility for the escape and career of the cruisers and their immense injury to our commeroe, is discussed at great length and with marked ability; and in his conclusion he is very positive that, under the circuinstanoes, there was no such disregard by England of her international obligations as ought to make her liable for the havoc done even by the Alabama. Not only does Professor Bernard aver that England, in the ease of the Alabama, did not fall short of her international obliga tions, but that the Amerioau losses, heavy as they be, are, so far as concerns that country, what lawyers call damnum absque injuria, lit relics much upon the fact that the Ala bama was unarmed when she left Liverpool; and he is evidently of opinion that it is not wise to enlarge the obligations of neutrals in th a relation, since enlargement would lead only to difficulty and confusion. He would make a neutral government responsible only when the escaping cruiser is ready for war. Here, we think, is an evidence of what, at the beginning of tbis article, we char acterized as narrowness of view on the part of the author. In respect to the Shenandoah, Florida, and Georgia, the Professor holds that, having once made their escape, and hoisted their flags as Confederate cruisers, they could not be treated as pirates. He suggests that if the injury done by the Alabama was great, end if the British Government paused a long time before ordering her seizure, the United States should recollect that in ether instances the ministry was both active and successful in arresting vessels of a similar kind, and that Great Britain always acted in good faith. In other portions of the volume Professor Bernard deals with the liability of British born subjects to the military regulations of belligerents, and his work is throughout a valuable contribution to international juris prudence. Having thus made profert of his ability to deal with questions of international law and of the careful attention he had given to some of the issues between the two na tions, the present ministry were able to cor rectly estimate his fitness for the duty to wbich he has been assigned, and the result must be taken as evidence that it desired the views contained in the volume before ns to be vindicated before the commission. THE TREASURY'S COIN RESERVE. From tht A. T. Bun. Before Mr. Boutwell leaves the Treasury Department, which it is on all sides declared he is soon to do, we wish to express our ap proval of a practice of his which has not met with that support from the leading organ of the administration to which it is entitled. We refer to his resolute holding on to his coin reserves. Mr. Trumbull in the Senate, and Mr. Greeley in the Tribune, have never lost a chance of condemning this practioe, and of advocating the emptying of the Trea sury of its gold for the useless purpose of reducing the funded debt. Their complaint is that the country is losing the interest money on the gold held in reserve by the Treasury. There is no sounder or mors self-evident proposition than that in all banking opera tions a certain amount of cash should always be kept in hand. If it be not necessary that it should be in coin, as mav be urged is the case during a suspension of specie payments, coin is nevertheless needed for other pur poses. It is necessary at tho present time especially to show that benen'V moun tain of paper money transactions uioJosedby the bank and Treasury operations, there is something at the bottom which denotes some degree of actual solvency and real ability to pay. We have at this moment an irredeemable paper circulation of about seven hundred millions. Now, who but the most crazy advo cate of paper issues and no-money banks oan say that this gigantio pile of paper money re quires no coin basis r Let it be always borne in mind that our Government is plying tho business of a banker. It issues and keeps out in circula tion four hundred millions in notes payable on demand, and these notes form the basis of three hundred millions more of bank notes, by being made legal-tenders for their redemp tion, ice banks are exempt from the neoes sity of keeping anything but greenbacks to redeem their bills, and thus they do without specie almost entirely. The last annual re turns show that our sixteen hundred and forty-eight banks held on the 28th of De cember last but twenty-six millions against an aggregate of circulation and deposits of over eight hundred millions. If the Government is to keep no coin re serves on hand, what sort of a show would the country make in the eyes of reasonable people everywhere in respect of its ability or intention ever to resume coin payments r The banks and the Goverament would be alike banking on nothing. Together they wonld use seven hundred millions of demand notes and five hundred millons of deposits. And if the Government is to strip itself of gold, as Mr. Trumbull and Mr. Greeley recommend, the only solid basis of this enor mous aggregate of twelve hundred millions, due on demand, would be the beggarly sum which might chance to be found in the vaults of the banks. The current coin balance of the Govern ment only averages between forty and fifty millions over and above its demand obliga -tions, and this is all the basis it holds to pay its demand notes of four hundred millions. Talk about the Government losing interest on its specie ! Doesn't it gain the interest on four hundred millions of paper money, and is it too much to ask that it shall show some thing in hand towards paying tbis immense amount of disregarded obligations ? Suppose the Government does not intend to pay its notes, doesn't it owe something to the old fashioned prejudice of honest people, that when paper money is issued there ought at least to be something behind the counter to redeem it P Our paper money fabrio has stood for seve ral years with great steadiness, owing to the large and constant annual addition to the publia stock of preoious metals, whioh has precluded the necessity of any argent demand on the banks or the Government to redeem their circulating notes; and also to the im portant, perhaps more important, fact that the Government bonds, issued in suoh enor mous amounts to defray our war expenses, have become a considerable part not only of our own currency, but of the currency of the whole commercial world. They are equiva lent to money on every exchange in Europe, and answer every purpose of coin in settling our foreign balances. Until those bonds shall have passed into the hands of perma nent investors, as sooner or later they mast, they will continue to fulfil this function, and continue to check, as they now cheok, the demand for specie to pay our interna tional trading aud interest balances. But when the period arrives that this fruitful source of means to pay foreign debts is dried up, and bonds are no longer available in large amounts as remittances, then the natu ral and legitimate demand for spocie will re vive, and we shall see the paper money theo nzers put to flight, as they always have beea in past times. And if, when there shall coma a real want and demand for specie in the country, the condition of the banks aud the Government should show an indebted ness due on demand of twelve hundred millions, and exhibit only the present meagre reserve ia the bank vaults of five-and-tweuty millions of corn, who oan fail to see whit ruinous results must ensue? The Treasary Department could not then, as by the con sti vutive policy we applaud it has boen able to do thus far, steady the vast shaky pile; nor could it, as it did on the famous black Fri lay, save the country from the blasting effects of unscrupulous operations in the gold market. We repeat that Mr. Bont well's conrse in this matter is deserving of unqualified ap proval. - r- . .... . . .. 1 ! THE NEGROES. ; ; From the If. I Timet. . ' Senator Revels may be supposed to be com petent to speak of the effeot ef legislation upon the relations of races, and of the in jury that is sometimes done to the colored man by over-zeal in his behalf. He now dis courages the idea of mixed - sohools in the District of Columbia, as the prioe of compul sory education. The cruelty produced by the Prejudice against oolor oannot be exaggerated, lie outgrowth of a system whioh has happily been swept away, it remains evidence of the great wrong whioh th? promoters of the Rebel Confederacy made their oorner-stone. It is idle to ignore the existenoe of the pre judice, or the extent to which it is diffused throughout society. Legislators may de nounce it and enact laws against it, but itill it exists. The more they assail it the more demonstrative it is. You try to stamp it ont, and it burns more mischievously than before. Tbis is one of the matters in whioh time and events operate more effectually than law. The great sourco of the prejudice was stopped when slavery was abolished, and the period that has since elapsed has done much towards obliterating mere unreasoning hatred of the negro. Indeed, the progress made in this direction has exceeded the most sanguine expectations. The law has clothed the colored man with all the attri butes of citizenship. It has secured him equality before the law, and invested him with the ballot! There may yet remain a ne cessity for affording him educational facili ties in States wfiose local authorities fail to do their duty in this respect. But here the frovince of law will end. All else must be eft to the operation of causes more potent than law, and wholly beyond its reach. Party exigencies have given the black man politioal importance. Even Tammany tenders him a place in its processions, and is silently snubbed for its pains. His old oppressors in the South rest their only hope of party suo- cess upon their ability to obtain his good-will. He rides in our street cars, jostles white men at public meetings, and from his seat in Con greES teaches a lesson which the Senators around him may usefully ponder. The change in popular sentiment respecting him has been rapid, and on the whole satisfactory; and the ratio of its growth will be greater in the future than in the past. All that is now needed is that he shall henceforth be allowed to make bis way in the world quietly, and in reliance upon ma merits. The law proteots mm, or snould be amended if it does not, For the rest, give him fair play, and do not make too mucn fuss about mm. DRAMATIC HANGINGS. From tht If. Y. Tribune. Are our Philadelphia neighbors going to make hanging a fine art ? or is it a thing tney are secretly ashamed or and are trying feebly to practice but keep out of sight ? The recent execution of the poor wretoh Hanlon was involved in an atmosphere of mystery and dramatic gloom worthy of the stage. It took place not in the court-yard, but the cor ridor of the prison. Only a dozen privileged spectators were present. The window through which the scene was visible was draped in muslin or crape. The prison officials were absolutely dumb; all questions of enter prising reporters were answered but by a silent shake of the head. It was equally im possible to ascertain whether Hanlon had confessed his guilt or what he had for break fast. The prisoners whose doors opened into the corridor, and who, if anybody is to be benefited by this exhibition of the majesty of the law, might be looked upon as in need of such a lesson, were shut out from the spec tacle by leather flaps nailed over their grat ings. Enough representatives of the press were admitted, however, to publish to the world of evil-doers the fact that Hanlon died "game," and forgave his enemies in the esta blished formula. Now we want consistency in the advocates of hanging. For our own part we do nat look upon the poor wretch who, out of drunk enness or sheer excess of bis animal nature, kills another as in any sort a hero. We do not care to hear whether he has "nerve" or not, or what is his opinion of his jailers. He should be quietly taken apart as a tainted wether from the flock, to be cured if possible, but in no wise made the subject of a melo-drama. If our friends in Philadelphia regard hanging as necessary to avenge outraged justice, and not as a terror to evil-doers, why were the press admitted at all ? Why not put the vio tim quietly and seoretly out of the way? But if capital punishment, according to the old arguments, is a bug-a-boo to deter other men from murder, let us, in the name of common sense, have the time-honored gallows-tree, and Jack Ketch in his flame-colored gown and mask, and the yelling, cursing multitude below to learn their lesson. ' What that lesson is we all of us know. A criminal who disap pears for life into a penitentiary loses pres tige forever among his fellows. His fate is more than terrible it is disagreeable to them because it is one of hard work and no glory. But the man who shows bis pluck to the last on the gallows is a hero to the youthful Jack Sbeppards who look on. The very class who are intended to be frightened by his fate are the men who sing with admiring gusto of how "the night before Harry was stretched" he played cards on his coffin, and when the drop fell "he kicked, but that was bis pride. And "died with his face to the city." The man to whose worst nature murder is cot repugnant, or to be abhorred for itself, is very likely to have a better trait of brute courage which will not be soared by hanging. These men are the class, as wo said, who watch the gallows with such anxietj to know how their fellows go off; and it was for their benefit, we presume, the Philadelphia officials, while keeping strict silence on questions that would have settled the point of Ilanlon's gnilt, suffered the tidings to escape that he "died garne." . MILLINERY. U R ' 8. R. DILLON NOS. 823 AND 831 SOUTII STREET, FANCY AND MOURNING MILLINERY, CRAPE VEILS. Ladles' and Misses' Grape, Felt, Gimp, II air, Satin, EUk, Straw and Velvets, Hats and Bonnets, French Flo were, Hat and Bonnet Frames, Capes, Laces, Silks, Satins, Velvets, Ribbons, Sashes, Ornaments and a!l kinds of Millinery Goods. 14 WHISKY, WINE, ETO. QARSTAIHS & MoCALL, No. 128 Walnut tnd 21 Granite Eti IMPORTERS Of Brandlei, Wlnei, Ola, OIIyi OIL Eta. WHOLESALE DEALERS IN PUnC RYE WHISKIES, IS BOND AND TAX FAXU. ' U sy FINANCIAL. WilminBtorif and Reading ha tt.ho Ad ! i SEVEN. PER CENT. BONDS Froo of Taxes. We are offering $200,000 of the Second Mortgage Bonds of this Company AT 821 AND ACCRUED INTEREST. For the convenience of investors these Bonds are Issued In denominations of - $1000e, $500, and $100. The money Is required for the purchase of addi tional Rolling Stock and the fall equlpmeut of the Road. The road Is now finished, and doing a business largely In excess of the anticipations of its officers. The trade offering necessitates a large additional outlay for rolling slock, to afford fall facilities for Its prompt transaction, the present rolling stock not being sufficient to accommodate the trade. WE PAINTER & CO., BANKERS, - No. 3G South THIRD 8troot, BB PHILADELPHIA. SPECIAL NOTICE TO INVESTORS. A Choice Security. We tare now able to supply a limited amount of the Catawissa Railroad Company's 7 PER CENT. CONVERTIBLE MORTGAGE BONDS, FREE OF STATS AND UNITED STATES TAX. They are Issued tor the sole purpose of building the extension from MILTON TO WILLIAMS rOKT. a distance of 80 miles, and are secured by a lien on tht entire roaa ef ntarty iuu miles, ruliv equipped and doing a flourishing business. When It Is considered that the entire Indebtedness of the company wl l be less than 116,000 per mile, leaving out their Valuable Coal Property of 1300 acre. it will be seen at once what an nuusual amount of security la attached to these bonds, and they there fore must commend themselves to the most prudent Investors. An additional advantage Is, that they can be converted, at the option of the holder, after 15 years, Into the Preferred Stock, at par. They are registered Coupon Bonds (a great safe guard), lBnued in sums of $500 and $iooo. Interest payable February and August. Price 9 and acorued interest, leaving a good margin lor advance. For further lmormatlon, apply to D. C. WHARTON SMITH & CO., No. 121 SOUTH THIRD STREET, 18S8 PHILADELPHIA. DUNN BROTHERS, IlANltEIlti, Nos. 51 and 53 S. THIRD St., Dealers In Mercantile Paper, Collateral Loans, Government Securities, and Gold. Draw Bills of Exchange on the Union Bank of London.and Issue travellers' letters of credit through Messrs. BOWLES BROS it CO., available In all the cities of Europe. Make Collections on all points. Execute orders for Bonds and StockB at Board of Brokers. Allow Interest on Deposits, subjeci to check at sight. 19 ELLIOTT, COLLINS & CO v IlAJXKUllg, No. 109 South THIRD Street, MEMBERS OV STOCK AND GOLD EX CHANGES. DEALERS IN MERCANTILE PAPER, GOVERNMENT SECURITIES, GOLD, Etc. DRAW BILLS OP EXCHANGE ON THE UNION BANK OP LONDON. 9 8fmwi "yE OFFER FOR SALE, AT PAR THE NEW MASONIC TEMPLE LOAN, Bearing 7 3-10 interest, Redeemable after five (6) anfi within twenty-one (91) years. Interest 1'ajable March and Bep teiuber. The Bonds are registered, and will be issued in urns to suit. DE HA YEN & BEO., No. 40 South THIRD Street. 611 PHILADELPHIA, StockB bonght and Bold on commission. Gold and Governments bought and sold. Accounts received and Interest allowed, subject to Sight Drafts. JOHN S. RUSHT0I1 & CO., BANKERS AND BROKERS. GOLD AND COUPONS WANTED. City WarrautM BOUGHT AND SOLD. No. 60 South THIRD Street. 8&J PHILADELPHIA. riNANOIAL TREASURY -DEPARTMENT, i . i j t f WASHINOTON, February 4, 1STL PUBLIC NOTICB 13 HEREBY OIVKN THAT BOOK8 WILL BE OPSNED OS THK SIXTH DAT OF MARCH NEXT, In tola country and in Europe, for Subscriptions to THE NATION!!. lOAH, Under the Act approved July 14, 1870, entitled "An Act to authorize the Refunding of the National lebt," and the Act In amendment thereof, approved January so, 16T1. The places at which subecrtptlons may tie made and the names of the authorised Agents of the Gov ernment will be annonnend hereafter. The proposed Loan tomprmes three ciunses of Bonds, namely: First. Bond, to the amount of five hundred mil Iocs of dollars, payable in coin, at the pleasure of the United States, after ten years from the date of their issue, and bearing Interest, payable quarterly In roln, at the rate of Mve f er cent, per annum. Second. Bonds to the amount of three hundred millions of dollars, payable in coin, at the pleasure of the United States, after fifteen years from the date oi thetr issue, and bearlDg interest, pavable qiar terlr In coin, at the rate of four and a half per cent, per annum. Third. Bonds to the amount of seven hnndred millions or dollars, payable in coin, at the pleasure of the United btates, alter thirty years from the date of their issue, and biarlng Interest, payable quar terly in coin, at the rate of lour per cent per annum. Subscribers to the Loan will have preference in the following order, namely: First Subscribers for equal amounts of each class of bonds. Second. Subscribers for eausl amounts of bonds bearing interest at the rate of four aud a half Jper icui,, niiu ui uuiiu. ucniiuj luierusi at 1(10 rale Oi Ave per cent. Third. Subscribers for five per cent binds. When a subscription Is made the subscriber will be required to deposit-two per cent, of the amount thereof, to be accounted for by the Government wiirn me uuiiub arc uenvereu ; ana payment may be made either in coin, or In bonds of the United States known as fivk-twentk bonds, at their par value. The coin received in payment will be applied to the redemption of Uve-twentY bonds. The bonds will be registered or Issued with cou pons, as may be desired by subscribers. Registered bonds will be Issued of the denominations of $100, tsoo, flOOO, $5000, and $10,0(o ; and ooupon bonds of each denomination except the last two. The Interest will be p-kyable In the united States, at tne omce 01 tne Treasurer, any Assistant Treasurer, ur ueotKiiaieu lu punuarj ui luu uovernmonu The bDnds of the several classes aforesaid, and the Interest thereon, are exempt from the payment of all taxes or dues of the United States, as well as from taxation in any form by or understate, muni cipal, or local authority. After maturity, the bonds last Issued will be first redeemed, iy classes and numbers, as may be de- Biguatea uy me secretary 01 me Treasury. GEO. S. BOUTWELL, 8 9 6t SECRET ART OP THE TREASURY". JAY COOKE & CO., PHILADELPHIA, NEW YORK and WASHINGTON. m cooke, Mcculloch i& co LONDON, AKD Dealeri in Government Securities. Special attention given to the Purchase and Sale of Bonds and Stocks on Commission, at.tne Board of Brokers In this and other cities. INTEREST ALLOWED ON DBPOSITS, COLLECTIONS MADE ON ALL POINTS. UOLD AND SILVER BOUGHT AND SOLD. In connection with our London House we are now prepared to transact a general FOREIGN EXCHANGE BUSINESS, Including Purchase and Sale of Sterling Bills, and the Issue ef Commercial Credits and Travellers' Cir cular Letters, available In any part of the world, and are thus enabled to receive GOLD ON DEPOSIT, atd to allow four per cent. Interest lu currency thereon. Uavlrg direct telegraphic' communication with both our New York and Washington Offlees, we can offer superior facilities to our customers. RELIABLE RAILROAD BONDS FOR INVEST MENT. Pamphlets and full Information given at our omce, S 2 8mrp No. 1U S. THIRD Street, PhUada. A IECAL ITJVECTIVIErjT Having sold a large portion of the FcsniylviBia Railroad General IJort gage Eondi, The undersigned offer the balance for a limited pe riod at 95 and Interest added in currency. These bonds are the cheapest Investment for Trus tees, Executors, aud Administrators. For further particulars, Inquire of JAY COOKE A CO., E. W. CLARK A CO., W. H. NEW BOLD, SON A AERTSEN. C 4 H. BOKIE. It 1 lm P O It SAL K, Six Per Cent. Loan of the Ciij of Wil Liamsport, Pennsylvania, Froo of all Taxes, At 85 and Accrued Interest. These Bonds are made absolutely seoure by act of Legislature compelling th city to levy sufflolent tax to pay Interest and principal. P. 8. PETEflSOH a CO., No. 39 S. THIKD HTRBET, SB PHILADELPHIA. FINANOIAU B. K. JAHIS02I- & CO.: . ? 1 successors to 1 1 I 111 Mi' i JE. JP. KKLLY & CO, j BANKERS AND DEALERS IN Gold, Silver, nd Government Bond At Closest. Market ftlatea, : K. W. Cor. THIRD and CH.ESHTJT SU. Sneclal attention riven to COMMISSION ORDRR.1 In New York and Philadelphia Stock Boards, eta. eta mi R30 530 zzAzixixssozg axun&ijo, BANKER. ' DEPOSIT ACCOUNTS RECEIVED AND INTER EST ALLOWED ON DAILY BALANCE8. ORDERS PKOMPTLY EXECUTED FOR THE PtJKCHASIS AND BALE OF ALL RELIABLE 83 vUKITlEo. COLLECTIONS MADE EVKRYWHERE. REAL ESTATE COLLATERAL LOANS KGO HATED. 8 n em No. 630 WALNUT St.. Phllda. Bowles Brothers & Co., PARIS, LOB DON, BOSTON. No. 19 WILLIAM Street, N v Y o r It, INU11 Credits for Travellers IN EUROPE. Excharge on Faili and tne Union Bank of London. . IN SUMS TO SUIT. lTSrat Q 1 I T OF BALTIMORE. 11,200,000 six per cent. Bonds of the Western Maryland Railroad Company, endorsed by the City of Baltimore. The undert lgned Finance Committee of the Western Maryland Railroad Company offer through the American Exchange National Bank $1,200,000 of the Bonds of the Western Maryland Railroad Company, having SO years to run, principal and interest guaranteed by the city of Baltimore. This endorsement having been authorized by an act of the Legislature, and by ordinance of the City Council, was submitted to and ratified by an almost nnanlmous vote of the people. As an addi tional security the city has provided a sinking fund of 1200,000 for the liquidation of this debt at maturity An exhibit of the financial condition of the city shows that she has available and convertible assets more than sufficient to pay her entire Indebtedness. To Investors looking for absolute security no loan offered In this market presents greater Inducements. These bonds are offered at 8Tj and accrued Inte rest, coupons payable January and July. WILLIAM KKYSER, JOHN K. LONOWELL, MOSES WIE3ENFELD, 1 6 COtt Finance Committee. ' EDUCATIONAL,. J J A It V A 11 D UNIVERSITY, CAMBRIDGE, MASS., Comprises the following Departments: Harvard College, the University Lectures, Divinity School, Law School, Me Ileal School, Dental School, Lawrence Scientific School, School of Mining and Practical Geology, Bussey Institution (a School of Agriculture and Horticulture), Botanlo Garden, As tronomical Observatory, Museum of Comparative Zoology, Peabody Museum of Archmology, Episcopal Theological School. The next academic year begins on September 23, ISTl. The first examination for admission to Harvard College will begin June 29, at s A. M. The second examination for admission to Harvard Collegeand tliej examinations for admission to the Sclentiflo and Mining Schools, will begla September 83. The requisites for admission to the College have been changed this year. There la now a mathematical aMematlve for a portion ot the clasnlcs. A circular describing the new requisites an! recent examina tion papers will be mailed on application. UNIVERSITY LECTURES. Thirty-three coursea In 1ST0-71, of which twenty begin In the week Feb ruary 12-19. These lectures are Intended for gradu ates of colleges, teachers, and other competent adults (men or women). A circular describing them will be mailed tn application. THE DAW SCHOOL has been reorganized this year. It has seven Instructors, and a library of 16,000 volumes. A circular explains the new course of study, the requisites for the degree, and the cost Of attending the school. The second half of the year begins February 13. For catalogues, circulars, or information, ad dress J. W. HARRIS, 8 6 3m - Secretary. -ry ASH1NQTON O O L L E O E , . VIRGINIA" GENERAL G. W. CU8TT3 LEE, PRESIDENT, WITH FOURTKKN PROFESSOKS. The Spring Term of the present scaaun begins on the FIRST OF FEBRUARY. The rearrangement of clusses then made enables Students to enter the several schools with advan tage. Students entering at this Uuid pay only half fees. All the ACADEMIC SCHOOLS of the College, aa well as the Proteshlonal Schools of LAW aud EN GINEERING, are lu full operation. For further Information, address WILLIAM DOLD, Clerk ef Faculty, Lexington, Va. January 1, 1871. 11.6 pDQEHILL SCHOOL MKBCIIANTVILLE, N. J., Four Miles from Philadelphia. The seaslon commenced MONDAY, January 9, isn. For circulars apply to 8 VJ Rev. T. W. CATTELL. VOUNG MEN AND BOYS' ENGLISH AND 1 CIJISSICAL INSTITUTE, No. 1308 1IT. VERNON fctrect. Rev. JAMES G. SUINN.A. M, ITiwipai. 1U 81 Bintum pAUPET AND CLOTH ROLLING AND V I braricK Machtu. ro" pitH'e .olid. reUiuing width ndlJlgth. UIR(!k O. liOWAKO. ' ft Vuii 1 . WW. U.v. u .