The sun. [volume], December 08, 1897, Page 5, Image 5

About The sun. [volume] (New York [N.Y.]) 1833-1916

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1 THE SUN, "WEDNESDAY. DECEM0Elt 8,-1897. ' ;' '' I ;
' . . ' i , i i i ii . m
1 TflE tREA&URf REPORT.
f .. hbjtji arccrflajfrj: annual
HCett rr ikot. a.qpo.oooi tor laoa.
oa.ooo.ooo, and ror'iaov, ai.ntr.Nns
Sscr.tarj (lace's Carrvncy Rrfrm ehem
t The annual report ot.ho Socrctary of the
j ', Treasury, omitting the repetition of Infor-
J " matlon embodleil In tho roports of tho sev-
-.' U eral sub-departments, first rIvcs tho usual
$, Ji statement of rocolpta and disbursements
K' for the past fiscal year, with estimates for tho
M $ two succeeding rears, and concludes with on
M '': . elaborate plan for the rofonnof tbo national
jS ' currency.
,?, v Tb revenues of tho Government from all
h sources tor tho fiscal fear ended June 30, 1807,
ft ' -were.
y, Customs $170,034,188
S Intsratf revenue HC, 698,674
. Ji Fronts on ootnsc, bullion dspos Its, and
J assays 7,330,81 S
1 District of Columbia 5.600,130
Jf ft Veet Consular, letter! patent, and land. 8,881.055
f Sinking fund for Facllo railway V,ST7,t73
1 m Tax on national baaki , 1,073,SOO
M ' WaVr pension aid navy hospital
m rnds.ac... 1,128,883
jfi Bapayment of Interest by Paclflo rail-
j.1 f nays 042,148
J Xlscallancout sourcta 913,110
"Jj stales of publlo lands 804,031
58 ' i lalsa of Indian lands i 845.410
rf i Cutorai fees, Oner, peialtles, o 080,837
jl "' Bslmbursamentforcoarotwatersnpply,
W ..District of Columbia 881,007
I Immigrant fund '. 800,030
fit Balasof Oovaratnent rroperty S08.71S
-M Deposits for aurreylni publlo lands 118,810
3 Boldlsrs' Ilome, permanent fund 138.017
3s Doles of lands anl bulldlnis under
y spools! acU B1.S1U
Depredations on putllo lands 4B.478
', Bales of ordnanoe naterlal 48,30a
, Vostalsarvloe - 82,808,403
j Totsl reoslpts.,1 8400,337,107
. The expenditures for the same period were:
JItII eetablUhmelt. Including foraUu
Intercourse, puille buildings, oolloat-
' J Ins the rovrntes, bounty on sugar,
' I ; Dfatrlct of Columbia, and otber mis-
l& i- t eellaneous exfenses 879,891,081
Vjt '( 9 KlUtary (stabllibment, Including rlrsrs
& ," r and barbors. Ibtts, arsenals, and sca-
) f eoutdifencet 48,980,387
Jt, BaTOl establlstment. Including oon-
structlon of ser Tetsels, machinery,
oimsment, equipment, and Impruro-
j . ments at bst yards 84,881,840
O Indlsnssrilce 13,018,803
lU Pensions i. 141.083,184
'f,,. tttttrest on the publlo debt 37,791,110
Sefielsney u poital rersnues 11,149,308
,i Postal ssrrlce 83,889,403
'TotaV4xpstid,lturi 344B.4ao.oTJ
'i t BhowlEg adeOclt of , 81B.0Sa.4S4
f- In ndflltlon to tho ordinary revenues collected
"; dnrlnir the rear the cash In the Treasury was
Increased by the following: sums: From national
0 " bank fund deposltod under act of July 14, 1800,
"" lnexo'-i ''btnlcnotes redeemed, $4,330,014.50,
. ' and f roii lio Issuoof -Ipercont. bonds In liqul
' datlon of lntcrost accruod on refunding ccrtlQ-
li jjli catea converted durlnjr tho roar, $1,210, maLlng
ft total of $4,3S7.8M.S0.
f- FlHCiL YEilt 1809.
v! Tho revenues of tho Government for the cur-
, f rent, fiscal year aro thus estimated upon the
V- f basis of oxlstlnsr laws:
3 S Customs $183,030,000
" Internal rovenue 130,000.000
KIsoellaneous sources 24,000,000
' rostalserrlce 98,387,070
; I
; Total estlmsted roTenuca 8441,387,078
' 'j Tho expenditures for tho samo period are estl-
,' Bated as follows:
Civil ettabllibment $38,000,000
UUItary-ettabllshmont 80,000,000
I naval establishment. 82.00u.000
Indian ssrrloe. 11.000,000
Pensions, .t, 140.000,000
', . Interest on the publlo debt 80.000,000
l,jr rostalMrrlce..... 90.327,078
i If Total estimated expenditures $480,237,078
jilV CradeBdtof $28,000,000
jj riECAL TEAIt 1809.
9 . It 1 estimated that upon tho basis of existing
n laws tho revenues of tho Government for the
fiscal rear 1880 will be:
, Customs $300,000,000
.' tnternsl revenue 188,000,000
iUlscellaneous sources 26,000,000
rostalserrlce 93,874,047
11 Total estimated revenues 8482,874.047
The estimates of appropriations required for
the samo period, as submitted by the several ex-
s ecutlro departmnnts and offlcos, ore as follows:
Legislative establishment $4,469,833
Executive establishment 20,088,484
V ' Judicial establishment 887,820
'xjeajRMk Foreign intercourse 1,850,438
ty MUltary establUhraent 34,820,048
yV Karal etUbllshment 29,929,830
. 1 Indian affairs 7,873,01!
' rsnslona 141.297,73
PnbUo worts 73.304,14
' C miscellaneous , 33,187,43
? f Postal service. Including $8,048,113.83 .
. I deflclenor In postal revenues 98,92380
I' I Interest on the publlo debt B4,80l000
t" I Befundlng customs. Internal revenue,
R 4to-, , 0,8,0.000
L Collecting revenue from eustoms 0.f)0,000
I' I KIsoellaneous 2Q78.220
! Total estimated appropriations, exclu-
fXsive of sinking fund $30,623,833
! Or an estimated deficit of 1,847.888
THE cunnENor.
In their respective annual reports Congress
Ear predecessors since tho close of tM civil war
- .. v bare called attention with unfallhl regulnrlty
' , ' to tho menace to the publlo crodl occasioned
: br-tho continued use of the lanceolutno of de
mand liabilities, represented by-pe legal tender
cotes, and have constantly ap aled for such
legislative action as would rcnU'o the dangers
pointed out. Although these turnings and ap
peals have not as yet met wly tbo responsive
action that their serious naro justifies, it Is
not now the part of wisdom yisnoro them, In
A' (act, as time has gone on, olYtho rensons upon
I which these warnings nnd ippoals wcro based
, I, bave received additional fore. Tito enormous
' ','Ji depreciation In tlio romuiplal valuo of silver,
M, as compared with gold, s greatly Increasod
' f ; the financial responallillils c tho Qovornmcnt
j j In'lts demand llnbllltic8.0d all tho logical con-
', Jh lequenccs of the fact sh&'d bo boldly fnccd.
, jl IJndor tboartof 1878eq'ilrlns thopurchaso
1 - Tj aiid coinage of silver, jupDlcmentoi nnd en
Vl largodhytho so-cnlledShorman net of 1800,
-fca. ..- there were outstanding uno 30, 1807, the sum
p or $410,337,070 In stlvt dollars or certificates
'-' 'If representing them, nder tho act of 1800
, there wcro also outAindlng $114,8U7,'J80 in
jj Ji Troasurr notos cloted with tho quality of
J I legal fonder.
4 Jn the act of Nov.. 1803, repealing the pur
3 chasing clnuso of " uct of 1800, It was de
ll " clarod to bo lbs imlfy of tho United States to
Jg ( ecurebysafogiiar of legislation "tho parity
'. i In valuo of tho col of tho two motals (gold nnd
$! silver) anil tlio el power of ovcry dollar at
' f all times In tho inkots und In the payment of
f ' debts.'. ,'
,. Conformablo Who spirit of this declaration,
L ' the Treasury Iirtmont in nil its operations
T f has trpated.goldlnd sllvrr coins, ami tho pper
j"' j represenutlvcsP each, ns of equal dignity and
V..'j valuo, In tho focllori of Its revenues, whether
,t'a! In tho form of (.clss taxes oror exstoms dues,
', ;jffl it be mndo Ucrlmlnatlon against neither,
.'M f whllo upon tli1 thor hand It has held Itsolf
VJi h ready to pay loflo public creditor whichever of
V 6 tho two ho ijl'Jt rhoose to rueeivo as the
l!'''jf, moro ikBlrabjifa him. Kven further than
j, th(s, it has cclnrod lUelf roady, when-
' ' ' ever nocassiiryo tha nialntenanco of this
', ,'flf ' parity, to rx(ngo on uven terms, at the
',lf' pleasure of tb'toldcr, either form of thonio-
"iMui talllo money JP tho other. These practical
jJljl operations an'jdeclaratlons were nicessary,
.Im andUUr bavOferated to keep in concurrent
" jiTES " circulation orirpns of equality tho two kinds
It of janeUUIo vim, notwltbttanillog tbo vary
X f
imk- I
Ins and never-ceasing dlspa'rltr between the
natural or commercial value of 'tho on at com
pared with the othef. Ntrerthelest, It mult be
recognlxed that this undertaking Involves a
large financial responsibility, and requires
proper and adequate legislative provisions for
Its rontlnuod execution.
$100,000,000 ooui ncacnvB iNsurncisxT.
Tho rosponslbllltr of the Government In this
respect means that In addition to Us Mobility
for redemption In gold on domand of $310,000,
000 of legal tender notes. It must also hold
Itself In rondlnoss to redeem In llko manner
$114,000,000 of the Treasury notes of 1800. and
lo maintain through Its Treasury Ihi free Inter
changeabllltr with cold, any part or all of
$470,000,000 In sllvor now current with our
people. Tho aggregate of these liabilities
amount to $030,000,000. It Is not intended
to convey tho Idea that tho Oovernmont will
ever be called upon to pay at any one time
or over any one period of time, however pro
tracted, tbo total of liability thus shown.
It Is, however. Indispensable that the Treas
ury bo endowed with power nnd resources
ample to meet all claimants who may cotno,
and with margin sufficient to give full as
surance to all who do not rnnio, that Its
ability for conllnunnro is unimpaired. Tho
statement that Iho traditional $100,000,000
of gold rcservo is Insiitllclont for these purposes
need not bo support' d by argument. It Is
manifest. Tho recognized inadequacy of that
amount his on more than ono occasion brought
fear and derangement to all tntorcsts Indus
trial, commercial, and financial. The losses
suffered by the body politic- through these de
rangements havini: their origin In thostatoot
tho publlo Treasury cannot be nnnlod, al
though It Is not beyond tho limit of reasonable
estimate to Bay that tho total of such losscioi
reeds the total of the demnnd liabilities of the
Treasury, ns above set forth. If it bo urged In
answer to theso considerations that tho stnto of
tho Treasury Is fairly satisfactory now, that
gold is flowing f rocly toward tho Troasurr and
not nway from It, aud that thero Is a good stnto
of confldonce In our present financial con
dition, tho nnswor must be roeolvcd ns
a perfoctly correct one. It might bo further
urged with probablo truth that these favorablo
conditions will endure for an Indefinite period.
With public revenues sufllclcnt for publlo ex
penditures, and a ruasonnble surplus accumulat
ing; with trado relations normal, vtltb nuiplo
crops carrying fair rewards to agriculture, with
no war or cll-dollned rumors of wnr.we might go
on with n growing sense of security. Unfortu
nately tho continuance of theso good conditions
cannot bo assured to us, Comnterco and indus
try, sensitive to all unfnvornblo orents, and
watchful with anxiety against tlangors ns yet
unseen, need for their full rccovory from mist
reverses and depression a ronowed confidence
that the Government's finances aro to bo firmly
placed on strongor and more enduring founda
tions than now exist.
As long as the Government shall operate to
any important oxtcnt In supplying the currency
of thecountrr by tho direct issues of its notes
and by maintaining, through Its guarantees of
fiarity, so large a oltimo of silver inonov, so
ongwlll nil our trado und Industries rrmiin in
n stats of dependency upon tho financial wis
dom, foresight, nnd courage of Congress. This
forced dependency on tho one part begets cor
responding rosponBibllty on the other.
Consldorcd from the standpoint of national
defence the nrgumont Is reinforced. We nppro
prlato millions to crcato a navy, which, through
thogcniis of invention, may speedily becomo
obsoloteand worthless. We appropriate other
millions to provide coast defences against at
tacks wlch may never be mndo. fim-li action,
timely and wise ns It may bo, is inconsistent
with a Treasury condition so extendod in a tinio
of peace s to bring pnnlo and alarm to our own
froplo betoro tho first sound of the enemy's guns,
n moders days a wcll-suppllod war chest with
nn impresnnblo credit Is ns Important as are
wnrsblps, sboro batteries, or roglinonts of men.
Tho advantages of n strong position In the
national frctBtiry, with Its accompanying bene
fits to all commercial Interests mid great rein
forcementof the public credit, can. I bollcre. be
secured without any unsettling legislation, in a
manner rasy to bo comprehended by all, and
with smiil cost to tho people.
The rccimmcndations I niako must be con
strued not as bulng in thomselves final meas
ures, but mtlicr ns tentative steps in a direction
which, consistently purxued. will lead to condi
tions ulUnatoly desirable. Tho condition of tho
Treasury in Its relation to demand obligations
requires .bat one of two ntops promptly bo
taken. Tlo one may be a large reinforcement
of tbo pefnanent gold reserve: tbe other may
bo by an liiportnnt reduction In the objection
able forn of liabilities. Tho lattvr Is, in my
oplnionme more desirable.
, RECOMMENDATIONS.
FlrsM recommend that proper legislation be
enactecVwblch will establish, separate, and
apart 'om the ordinary operations of tho
Trenail" ns they relate to revenue and ex
penditures, a department to be designated and
knownas tho issue and redemption division.
To thljdlvlsion tho sum of $1'J3,000,000 In gold
elioulSbe set over from tho tronernl fund In tho
Treasfry. to bo used only for rodemption pur
posesind all the silver dollars now held for
redcrjpllon of sliver certificates, and nil tho
sllveV bullion and dollars coined therefrom,
bougit under tho act of 1800. should be passed
to trt samo account. Further, that tho sum of
f'JOCOOO.000 in the legal tender notes of tbo
Unlbd States, known ns greenbacks, ho col
lected as horcinnf tor described and deposited in
the) said issue and redemption division, to he
disbursed therefrom only upon the receipt in
cxfiango therefor of an equivalent amount of
f:ou coin, such gold, when so secured, to bo held
ntald division as part of tbo general redemp
tion fund.
Second I recommend that provision be made
fr tbe issue of refunding loan bonds, payable
itor ten rears at tbe pleasure of the Govern
(lent, such bonds to bear Interost at the rnte of
ih per cent, por annum, payable, principal and
interest. In gold coin; and that tho Secretary of
tbe Treasury be authorized to issue such bonds
and recelvo in payment therefor, with an equi
table allowance for tho difference In Interest,
any part or all of tbe outstanding loans of tho
United States which mature by their terms of
payment in the years 1004, 1007, and 10J5.
ADVANTAGE TO DE GAINED.
The advantage involved in the proposed action
lies in this: It removes an ambiguity from our
contract obligations an ambiguity which.'affecta
unfavorably tho Government credit. The word
"coin "now used to express the obligation in
tho public debt, is nn nmbiguous word. It is
no doubt understood by the more discriminating
public creditor to mean gold coin, nnd tbe sol
emn act of Congress pledging the maintenance
of silver coin upon a parity with gold coin makes
it impossible to construe the word "coin," as
therein used, to mean anything other than gold
or its full equivalent. Yet as this Is n conclusion
of loglo rather than a clear stntctuent of fact,
the simpler and moro bumblo investors or
would-be investors in tho publlo debt nro con
fused and doubtful, and tho public credit is tlio
weaker therefor.
Nor Is tbe courso thus rocommended without
wlso precedent, Tbe earlier issues of our Gov
ernment bonds were payable In "dollars."
With greenbacks a legal tender, with gold nnd
silver on a substantial commercial pnrlty, but
both at a large premium over pxper money, n
similar question arose. What did "dollars"
meant And in 1800, "to remove nil doubt upon
the subject," an net was passed solemnly pledg
ing tbo faith of tbo United States to the pay
ment In coin or Its equivalent of nil ltn interest
bearing obligations, except when otberwlso ex
Srcssly provided in tho law. The commercial
lsparlty between our "logal-tcnder dollars"
and "coin dollars" was not then essentially
groater than the present commercial disparity
otween silver and gold. This act of 180(1 was
judicious. To refund our outstanding bonds
now paynblo In coin into bonds payable in gold
would strengthen and confirm the publlo credit
and put us in n position to command tho mar
kets of the world for our securities on the most
advantageous lornis.
It may be urgod that tbo adoption of a specific
form of payment for the public debt would ho
inimical to tho spirit of a qualifying clnuso in
tbo reptallng act of 1803. which reads: "And It
is hereby declured to bo tho policy of tho United
States to continue tbe uso of both gold and sli
ver us standard money, and to coin both gold
nnd silver Into money of equal intrinsic nnn ex
changeable valuo." If this objoction bo raised.
It loses all force when wo consider tbe only two
methods by which tho gold aud silver coins now
in concurrent uso with us can be so continuod
ns to maintain the "parity in value of tho coins
of the two tnotnlB nnd the equal power of every
dollar at all times in the market and in the pay
ment of debts."
Ono of th e methods Is familiar to us. slnco it
has been In daily uso In our llnanclul system
since 18711. The otbor mothod would consist in
so advancing tho coinage value of silver by In
ternational ugrcoment or otherwise us to estab
lish such a commercial equality notueen tlio
two that the present artificial method could bo
safely nbaiidoned. Thero Is nothing in tho
proposition now under consideration to Inter
fere wilb tbe purpose to secure an inauguration
of the latter method. It must, honcver, bo ad
mitted to Le a method which. If ndoptod, will
opernto to throw upon the governing body
whnlovor measure of risk may bo Involved In
tbo experiment, and it is manifestly just that
thoro tho risk should lie, rathor than upon the
helpless und posstblo non-assenting creditor.
To accomplish Iho objects ti-reln suggested
without contracting tho circulation, some other
form of paper monor must be nlloncd to (111 tho
vacuum n filch would otherwise linoecosloncd.
The national bank nolo now fnuil'i.ir In oiir peo
ple is the readiest and most practical -Kent to
accomplish that object, anil under roiiBuuablo
conditions it will bo found responsive to Iho
call.
AJtBNDMEjm TO THE NATIONAL HANK ACT.
An enlarged Issue of bnnl; notes thus contem
plated would require n nunitor of amendments
to thu present national bank net. Thine amend
ments ehnuld bo madoonl upon such lunscrvn
tire lines ns will, whllo granting the necessary
nld lo tbo business world In facilitating ex
changes, in nowise weaken the system, or lesson
tho stability of tho notes to be lssuod. The
Ulsb-Ormd riambla future.
The Usyer-SnUteo Co., Ltd., 6 East lPln it.-, d
complaint uttered against the national bank net
as it now stands I not directed toward the j
method of bank organization or the absolute
safety guaranteed to tho noto holder. It Is
directed toward thoso restrictions It ombodlcs,
which result In its failure to accomplish
the full benefit It ought to carry. Tbo
requirement of tho law now makes It impossi
ble to organize a bank with a capital of less than
$30,000. no matter how small tho placo In which
it Is to be located, or how restricted tho volume
of business there to bo transacted. Ilecauso of
that, with the nddnd oxpenso of taxation, both
national anil local, many communities aro de
prived of the nld of banks of Issuo nnd ourdencd
with onerous rates of exchango and Interest
charges.
Inordertoohvlato to as great nn extent as
Cosslblo theso defocts nnd mako the net more
nrmonlouswlth proper business conditions, I
recommend that It bo amended In the following
particulars:
Klrst-l'ormlt national banks to be organized
with n minimum capital of $23,000 In any placo
having n population of L'.OOO Inhabitants or loss.
Second Itcducc tho rnto of taxation on circu
lating notos secured by deposit of bonds to one
half of 1 per cent, per annum.
Third Vcrmlt banks now organized or here
after to bo organized lo Issuo circulating notes
to tho par valuo of tho refunding bonds herein
before suggested, when deposited by them with
tho Treasurer of tha United States; nnd. further,
allow such banks, ns shall avail themselves of
tho opportunity, to deposit as security wl In tlio
Treasury of the United States greenbacks.
Trcssury notes, or sllxer certificates to a total
amount of i?Son.00O,ooo, against which there
shall nt onco bo Issued to thorn bv tho Comp
troller of thu Currency national hank notes to on
equal amount, 11 being I urlher provided tbntfrom
time to tlmo. at his mnvenlcuco, tho Secretary
of the Treasury shall subtltuto fortho green
backs. Treasury notes, nnd slhcr certificates so
deposited to socttro circulation, bonrin of the
same ilaas nnd character as the refunding bonds
first nnmod to tho amount of $200,000,000, such
bonds tu bo chnrgcablo to nald banks nnd by
them accounted for at such price (not less than
&ar)nstho market quotations may Indicate to
e their fair market vulue. During tho period
of tinio Intervening between tho doposlt of
greenbacks, Treasury notos, nnd silver certifi
cates mid the substitution of tho bonds by tho
Secretary of tho Treasury the circulating notes
specifically issued therefor shall bo exempt from
taxation. Upon such substitution of bonds tho
funds released thereby shall nt onco bo trans
ferred by tbo Secretary of tho Treasury to tho
Issue nnd Hodcmptton Division.
Fourth After sat 1 banks havo deposited such
bonds, greenbneks, Tro.iBury notes, or silver
certificates lo thonmountofSOpercent. of their
capital they shall bo permitted to Issue bank
notes In addition to the 50 percent, thus pro
vided, to tho extent of 115 percent, of such de
posit, which said 'J3 per cent, may bo unsecured
by any direct pledge of security, but Issued
agninst the assets of Iho bank.
Fifth-Extend tlio guaranty of paymont by the
Ou crnment to all circulating notes of tho bn nk
whether lssuod against dcposltod security or
against assets.
Sixth To secure tho Government ngalnst loss,
If any, attaching to Its guaranty a tivx of 2 per
cent, per annum on unsecured circulation shall
bo levied to create a safety fund, which fund
shall bo Invested by tho Secretary of the Treas
ury nnd thu Comptroller of tho Currency In
Government bonds. In addition to such funds
tho Government shall be further protected by
having a first lien upon all assets In case of fail
ure of tho Issuing bank.
Seventh All notes shall be redeemed In tho
city of New York nt the Sub-Treasury, and at
bucIi other sub-treasuries aa may bo designated
by tbo Comptroller of tbo Currency with the ap
proval of the Socrctary of the Treasury. Tho
control of such to1cmDtIon shall bo under tho
direction of tbo Comptroller of tho Currency
and made from a redemption fund of 10 per cent.,
to bo provided and maintained by the banks.
Eighth Hestrict tho issuo of national bank
notes lo tho denomination of $10 and upward.
AnQUMENTS IN KAVOn OK THE 1'I.AN.
An examination of tho plan herein proposed
will show that the amendments suggested are
not of n distinctly radical character. It is be
lieved thnt banks organized under tho national
bank act. with these amendments, would, within
tho limitations named, glvo upon a thoroughly
safe basis a dcsirablo credit currency, nnd lead,
as the icsult of tlmo nnd experience ultimately
to freedom of issuo. A careful investigation of
tho commercial conditions of tbo country nt
different periods of tho year shows how essen
tial to tho?o sections depending upon tho
prompt moving of tho stnplo crops of cotton,
whent, and corn la a bank noto Issuo which enn
blcs tho local bank to supply Its customers with
the means necessary for such purpose within
tho shortest period of tlmo nnd at theloncst
cost. Such an investigation will also indicate
how Inadequate is the Government note to meet
theso exigencies. Tho Government notes, like
gold, or coal, or salt, or lumber, exist at m given
time In fixed amounts. The local banknote, on
the. contrary. Is, within lcenl liniltnllons.BubJcct
to Increase at tho point whern needed, and tho
needs of the community unlto with tho motive
of tho banker in supplying thoso want6nsthey
find expression. In Illustration of this point
attention is called to the extent to which the
crop-producing sections of tho country nre now
depondent as borrowers of "money upon otber
sections.
The national banks located In the Southern
States have an aggregate capital of $08,080,000.
On Oct. 0, 1890. thoy bod borrowed, largely from
banks in the East, to assist In handling tbo cot
ton crop. $13,318,000. On Mnrch tl follow ing
theso lonns had been reduced to $2,310,200.
Tbey succeeded in borrowing for apart of their
needs, but commercial necessities required
more. With proper banking facilities the neces
sity for such borrowing now existing would bo
reduced to a minimum.
I nm confident that undor nn net allowing a
greater liberality of Issue and less burdeniomo
rates of taxation those banks would find It to
their interest to Issue, instead of $18,050,000.
tbo amount which they havo ut present out
standing, a sum equal to tho full amount of
their capital, nnd. In addition. In tbo season of
croD activity, an additional unsecured volume
of circulation approximating 23 per cent, of
their capital.
From data gathered from tho records of tho
office of the Comptroller of the Currency it Is
found that during the existence of tho national
banking system 330 associations, having a com
bined capital of $35,000,000 bav a been placed in
the hands of receivers. Of tbo number of thoso
In this list whose affairs aro fully closed only 18.
having a capital of $1,010,000. would have
failed to pay In liquidation nn amount sufficient
to fully provide for their circulating note, had
bucIi notes been outstanding to tho full limit,
ns heroin contemplated, at tho time of
their failures, respectively. Tho deficiency
would havo required to cover It a con
tribution trom tho guaranty fund of but $104.
820. Had the whole number of 330 failed asso
ciations maintained in current use nn amount
of noto Issues equal to 23 percent, of their cap
ital, ns herein proposed, tho 2 percent, tax on
such circulation would havo produced tho sum
of $2,454,140.48 nvnilnblo to meot the deficit of
$104,824, shown to havo resulted from tbe fail
ure of tho eighteen banks which failed to yield
fromtbelrown nsscts Iho amount that would
have been necessary to provide for all their own
outstanding credit currency.
THE PREJUDICE IN FAVOIt OP OOVEnNMENT
crititE.vcv.
In submitting these recommendations. I am
not unmindful of tho convictions, preconcep
tions, and prejudices so widely pruvnlent among
tho people lu much that relates to our currency
and banking system. It will at onco appear to
many thnt the proposal herein made to place in
conditional retirement the sum of $200 000,000
in our legul tender ('rrernbmk) issues Is a dis
crimination against a form of paper money
which, under the Influence of n worthy senti
ment, has become lo them n symbol of tbo unity
and power of tbo nation's life. A 1 1 1 tlo reflection,
bowever.wlll lead to a conclusion quite to tho con
trary of such an Inference. Hearing in mind the
fundamental truth upon which this argument
rests, namely, tbo necessity for n reduction In
the volumo of demnnd llnbllltlos, now consti
tuting a monaco to tho public Treasury, It Is,
economically sponking, a matter of Indifference
wbother this reduction bo madu in tho volumo
of silver, silver certificates, Treasury notes,
greenbacks, or In some ngrccd-u on proportions
West 141'S?;
H TKADZ MASK 4jK
"RELIABLE")
CARPETS
THE HOLIDAY AIR
pervades ovcry nook nnd corner here, Christ
mas hints for all sorts of household prcttl
iicsu and comfort abound. In iurs, for In
stance, ore luxurious gifts at "low tariff"
prices.
AXMINSTER RUGS.
0.0x0.8 $10,75
7.0x10.3 13.R0
8.8x10.10 10.60
Easy chairs, picturesque " grandfathers' "
chairs, clinrmlnp; little upholstered beau
ties for a lady's boudoir everything In tho
way of chair comfort.
Quality never roso higher than hero now,
and prices never dipped so low,
CASH on CREDIT
(OWPERTHWAIT ).
04-. 106 and 108 West 14 St.
NEAR 6TyAV.
fipfetyn StoresLflaHnishAvaicarftiuaSl
of each: bnt (he historical fact Is that It hat
been through the greenback, tho only unalloyed
crodltnoto of the Government, that tho "end
less chain" has been worked. Onco disbursed,
theso notes find their way. by a purely natural
process, to the banking ccntres.wbere. In case of
an outward movoment or gold, or because of
any intercal movement of dittrustthey havo
been made a roady agency to deplcro tho gold
rcsorvo In tho publlo Treasury. The propo
sition to retire n largo portion of these
notos Into nn Issuo and redemption di
vision, there lo be held until tho public la
willing to offer for them In fair exchange
an equal sum . in fId, Is a propo
sition to dignify them with the honor of actual
gold equivalency when they are njnert out, as
they havo hitherto been honored with actual
gold equivalency when pushed n upon tho
Treasury for redemption. Tho proposition Is
therefore qulto different from n proposition to
retire and destroy them. On tho other hand,
tho proposal to thus preserve nnd honor them
will oxclto objections from another class, who
will allego that the notes now In question
should be retired nnd utterly destroyed. They
will avor that so large a sum, no matter how
held, will nrovo an Irrcsistlblo temptation to
which Congress will yield, when in somoexi-
Roncy extraordinary and pressing needs for pub
o expenditure shall rest upon tho Treasury,
and that tho restrictions now proposod, U
adoptod, will then bo disregarded.
In considering this objection, It must be re
membered that If It wcro granted full forconnd
yielded to ns n determinative objection, there is
nothing whatever lo prevent tho lawmaking
power from Issuing at uny tlmo and In any
amount tho Ugal-tcndcr notes of tho United
States toclrculato as money. Such Is tho final
opinion of thu Mnnrcmo Court, from which thero
isnonppenl. Neither must It bo forgotten by
such objectors that uso nnd custom gradually
ncqulron restrictive powor hut little leas bind
ing thnn statutory enactment; or constitutional
prohibition.
Tho so-called Troisury roservo of $100,000,
000 of gold has no warrant In spoclllc legisla
tion, nlthough lis propriety has been Indirectly
recognlied by Congress, and yet there Is a su
premo confidence that no Impairment In thnt
Iirovlslon will ever bo nuthorliod or sanctioned
y Congressional action. Tho only real differ
ence, then, between holding theso Government
notes In n scparnto department nnd their de
struction Is n dlffcrenco whlcb could nt any
tlmo be covered by legislative action.
The Important nature of tho subject undor
discussion tcmptB to a fuller treatment. I must,
however, bo content with referring onco moro to
that feature of this series of recommendations
which touches the question of noto issues by
national banks. I nm moved to linns tho rec
ommendation ns suLmittcd, in view of tho fol
low Ing considerations:
1'npcr monev Is Iho product of nn industrial,
commercial, and financial evolution. Its econo
mizing effect In the use of metallic money pre
cludes Iho Idoi of Its abandonment until society
shall relapse into nnnrchy.
Credit is tlio baso upon which It rests. Paper
money Is the evidence thnt a thing of valuo has
passed Into tho possession of the issuer, nnd that
tho holder of that paper is willing tonwnit pay
ment. When payment is made tho evidence of
the transnctlon should bo withdrawn, to npDoar
again only when a similar transaction occurs.
The bunk is nn agency, the result also of a
pure evolutionary movement, whose function it
is to issue) its various lorms or crenit instru
ments, of w bleb paper money Is one, against the
Iiledges and promises to It of tho less publicly
mown members of the industrial community.
It thus becomes nn intermediary in much the
larger part of all trado and Industry.
Whatever operates to render the bank a aafc,
efficient, and available agen y to tbo people
operates to tho general prosperity.
The requirement thnt tho bank shall invest Its
capltnl in public securities ns a precedent to the
Issue of its cred t Instruments paper money is
n requirement which operates by so much to re
duce its efficiency to commerce und industry. It
cannot m.c Its capital In two directions at tha
Bamo time. Onlv n necessity to control the
bank's capital for the public uso or an indis
pensable need for security in such a form to the
noto holder can Justify this requirement.
The exigencies of the Ciovernmcnt's finances
in 18011 Induced Congress to require from all
nolc-lb9ulng banks a preliminary lnestmentof
their capital in tho Government's bonds. Tho
ninny disastrous losses inclined by tho people
from the nolo Issues of irresponsible banks pre
viously authorized to do business by Ill-considered
provisions of ninny scparnto Stales Bcemcd
to Justify tho national Government In requiring
from banks of issuo a pledge of tho bonds In
trust for tho security of their noto holders.
Without further extension of tho historical
statement, it is rccoguiznblo that the exigencies
of tho Government do not now require tho ab
sorption of banking capital In nld of its own
tlnnneo;. In fact, with Treasury conditions
onco normally established as to revenuo and
expenditure, tho funded debt will within a few
yers be entirely liquidate ,.
The Importance of banking in its relation to
industry nnd commerce demands for it, in vlow
of tho considerations thus enumerated, careful
nnd timely attention.
Tho question is complicated bvthe fact that
for a whole generation our pcoplo havo been
schooled In a system of bank note issues secured
by pledacslntho hands of a publlo trusteo. It
is not a good system, but it ought not to bo
yielded until in eoiuo other form adequate guar
anties for the sohoncy of bank noto issues are
provided.
The problem is n two-fold one: how to with
draw the specific form of security now pro
vided, since tt will ultimately disappear, and
how to provide n substitution which will bo
recognized by tho people ns adequate secu
rity, nnd which will nt tho same tinio allow
to banks within wcll-gunrdcd limits the
most useful freedom in their noto issues. Tho
problem Is ton largo, its results toofnr-renchlng,
to be solved off hand or hy expert dictum. Its
solution must bo gradually reached by tho path
nf si fe experiment. To allow national banks to
Issuo circulating notes equnl to 25 per cent, of
their capital upon n payment of 2 per cent, per
annum as an Insuranco or safety fund upon
(.mounts so Issued Is. ns shown bv tho demon
stration drawn from tho Comptroller's office, a
proposition well within the limits of safety.
Nevertheless, whntover risk thero Is should be
assumed bv tne Government, obnoxious ns it
may bo to the goneral principles of Govern
mental action. It Is by such nction thnt tho
situation as It exists has been evolved. Upon
the Government, therefore, rests tho duty of
seeing it proporly solved.
Some years of cxpcilcnce along the line sug
gested will prove what la nn ndequato provision
al tax for tho security of noto holders, nnd will
allow such amendments ns tlmo w ill Justify, in
volving as nno of their features a rompleto with
drawal of the Government's guaranty from bank
note is.iies. K J. Gaoe. Secretary.
To the Speaker of the Houio of Representatives.
VOVDEItT WILL CASE SETTLEMENT.
Dispute Between TOIdorr aud Cblldrea to Be
Arranged Out or Court.
When the contest over the wills of Charles
Coudert came up In the Surrogate's Court yes
terday for trial John Townshend, counsel for
tho contesting widow, Mario M. Coudert, asked
for an adjournment on consent, stating that
negotiations wcro pending which he expected
would result In a settlement of tho caso without
n trial. Ho said thoro remained only a few
points to dispose of to reach a settlement, and
they would probably be adjusted before tho case
came up again. On his motion it was adjourned
to tho first Monday in January.
Mr. Coudert, who was a brother of Frcdorlo
Tl. Coudert, nnd a member of tho law firm of
Coudert Hrotbere, loft two wills. Ono executed
March 20 last left his estate to his widow, and
Iho other, executed May 7, left tho bulk of his
cstnto to his children, saying that ho had
ulrcadv provided for his widow. Honnmidhis
brother ns executor in each will. The widow
nllrgcd that Iho hist will was procured byunduo
influence when her husband was mentally In
competent. Shu presentod tho first will for
probate. Tho children opposed tho pro Into of
tho first will on tho ground of undue Influence.
It is sild that between the dates of tha two
wills Mr. Condon mado some valuable real
estate over to his wife.
An Enthusiastic Manager.
It would ho hard to find a moro pronounced
enthusiast on tbe subject of cooking by gas
than the manager of the Astor Uouso. lie will
tell you with prldo of his having been one nf
the very first to introduce the process In his
own home, and as fur the gas plant In tho hotel,
why, he regards It an Invaluable. Itanidltynnd
perfection of biolllng ho claims In tbo highest
dearie for gns, und, if )iiu tiro bkcpllual about
It, ho is ready In take you down to the hotel
kitchen and demonstrate thu matter before
yuur fneu und ucri. " llroil half a chicken," he
orders tho el.ef. nnd adds, "Nun, out with your
wntchos, gertlemeiil" A hare live minutes
passed, nnd there is tho chicken broiled more
perfectly I ban It could havo been over a coal
llru In fifteen minutes. Then comes toast
making, for which gas Is simply unrivalled.
The linn, golden-brow ii crust Incloses tha ten
der inside inn wuy to make win seo tht toast
mado by gas Is a wholly different nrtlelo from
the burnt nnd chip-liko thing that too often
pusses by that name. There Is, In fact, no ques
tion at tho Astor House of looking by gas being
any longer in nn experimental stage. It Is n
triumphant succoss, which already makes the
coal range look as obsolete ns a turnspit. Atlv,
FINE PICTURES
run
HOLIDAY PRESENTC
AT
Arthur Tooth & Son's
NEW OAI.LEBIE3,
BOO VirTU AVE,, cob. nirtr.
DEAD HORSES ON THE TRAIL
3,00O OF IDEJf SCATTERED AZOX0
THE C1IILKOOT TRACK.
It la Bald 8,000 r Last Fall Fllirlme Hsts
Prebabli rwached Dawson Berne Canadian
Monnttd ranee will Try t fist Tkranch
le lha Vpper VuWon During the Winter.
Montreal, Deo. 7. Harry Wilson, a mining
engineer who left this city on Aug. 7 with a
party of nine for tbe Klondike, has returned for
supplies. He left tho other members of his
party in their winter quarters In the woods,
threo miles from Lake Ilcnnett, Wilson says
that under the snow along tho route between
Dyca and Lako Dennett lie the bodies of at least
3,000 horses, representing In valuo nearly $300,
000. About 0,000 persons, ho estimates, havo
crossed tho White Pass to Lake Dennett, and of
this number probably 3,000 havo reaohed Daw
son. Tho other half aro In winter quarters be
tween Lako Dennett and Dawson. On an aver
ago the 0,000 persons aro equipped at tho rata
of 91,000 a man, which would glvo a total of
?0,000,000 represented in tho parties using tho
Whlto Pass trail. Thoro aro about 700 persons,
all in comfortable circumstances, camped along
tho Whlto Pass trail botween 8kigway and
Lako Dennett. There Is no destitution among
tho partios camped on this side of tho Yukon
Illvor. Dcyond thnt nnd approaching Dawson
City It Is hard to say how thoso In winter quar
ters aro faring. They aro out of reach of com
munications. Dctwccn Lako Dennett and Skag
way 100 log cabins have boon erected and their
inuintcs nro all right and nro looking forward
to a bright and early start in tho spring.
'Tlio probabilities are that in tho oarly spring
before tho trail breaks up tho Whlto l'ass will
bo much usod. When tho frost has gone, how
ever. It must result In a falling, off of parties
going thnt way. Tbo dead horses, for one thing,
will bo unbearable and tho trail will revert to
Its old condition when tho frost Is out of tho
ground."
Commissioner Korchmer of tho Northwest
Mounted Police, whom Wilson met on his way
to Montreal, Informed him that there will start
from Kdiuonton this week two parties of
mounted police. They nro really succor par
ties. Tbo routo from Kdiuonton to Dawson is
mure or les untried. Inspector Snyder of tho
Not thu est Mounted Pollco will follow tho par
ties which hnvugono hy tho LosserSlnro Lako
and l'caco Hivcr. He will havo four dog trains
under his control. Theso will be utilized to
carry malls, and tho party will help admlnlstor
juslico along tho route. Having reached tho
furthermost partios en route to Kluudlko, tho
inspector will return to Edmonton again and
report to tho nuthorltlos.
Tho second oxjicditloii, fitted out In a similar
manner, will cover the routo to l'ort Simpson,
tbo (IroatVSlavo Lake, und tho Mnckenzto Hivcr.
Its duties will coincide with thoso of tho party
headed br Inspector Snyder. Tills uct of pator-
niillsm on tho part of tho Dominion Govern
ment is npnroved by those who pretend to know
tho Ins and outs of tho Edmonton route.
Wilson hns returned to Montreal to perfect
Ms outfit and make arrangements for oxtra sup
plies. Thoso supplies will go north from Hrlt
ish Columbia in 1 ebrunry. and will bo taken to
Lake Dennett via tho Whito l'ass on dog sleds,
and by March Wilson hopes to havo bis party
moving in tbe Bamo manner over tho frozen
water stretches between Lake Dennott and tho
Yukon, wherein June it Is oxpected tho whole
party will embark In their boat and proceed to
Dawson City and begin their search for gold.
PIKE COUNTY'S FIRST HANOINO.
Wiro Mnrdrrtr Scbulta Put to Dsatn In an
Economical Fashion.
Milford, Pa., Dec. ". Horman Paul Schultz,
formerly of Now York city, convicted on tho
testimony of a son of tho murder of his wife at
Shohola, was banned in tho little stone jail hero
to-dny.
Tlio Rev. Mr. Lassltor stood beside Schultz
at tlio gallows and supported him slightly.
Schultz was perfectly cool and collected and
smiled nt times. Ho mado a statement in which
ho said thnt ho was innocent of tho crime of
which ho lind been convicted, but that ho for
gavo all who had been connected with his prose
cution. Ho then knelt with his spiritual adviser
and repeated thn Lord's Prayer, slowly nnd dis
tinctly, not the slightest tremor being notlceablo
in his voice. Tho Hcv. Mr. Lassiter rend the
Eplsconal service for the dying.
Schultz continued to maintain his control.
When the clcrg) man had finished Schultz roso
and remarked to tho Sheriff with a smilo: "This
noose tickles my neck."
Tho deputies pinioned his arms and legs and
tho sheriff polled tbo black cap down over his
fnec, and at 11:18 touched tho spring. Tbo
body was cut down at 11 :41, when it was found
that his neck was not broken and that death
had been cnused by strangulation.
Schultz hud a horror of huvlng his body cut
up nnd last night tolcgraphod to his sons In New
York citv lo come nnd get his body. No reply
was received, and the corpse was taken lo Port
Jervis this afternoon and put on board the 3:30
express train to be delivered to tbe State Doard
of Anatomy nt I'htladolpbln.
This is tlio first legal hanging ever held In
Pike county, nnd wns conducted economically.
I istrlct Attorney Van Auken. who conducted
tho prosecution, receives $13. and Schultz's
attorney, J. II, Yanettcn, gots nothing. The
Sheriff's fco for tho hanging is SIS; but as he
paid 9J10 for thenooso ho will net only $5. As
the county recoives $10 from the Anatomv
Hoard for the body this will pay the Sheriff's
feo.
CVT EXOlXEEll XORTWS SALAItT.
Hoard or Bttlmatit allows Also Only 810,000
Instead or Soa.OOO ror Wark He la Doing.
Gen. Collls asked the Doard of Estimate yes
terday for $08,000 for painting and scraping
tho 155th street viaduct, which work Is in
chargo of Consulting Engineer North of tho
Public Works Department. Mr. North was
present, nnd had a very unpleasant hair hour.
" Wo havo already given you $11,000 for this
job." Comptroller Fitch said to him. "and you
havo frittered It away experimenting with a
patent sand-blast arrangement to remove the
old paint which is a new and untried method. I
certainly will not vote for any such sum as Gen.
Collls nsks for."
Tho Muyor also told Mr. North that he should
have let the board know that be was making
experiments. The sum of $15,000 was finally
appropriated for tho work.
A fow minutes later tbe Itom of $5,000 for Mr.
North's salary in tbo Publlo Works Department
estlmato was reached.
"I niovo to cut tho Item to $4,000." said
Comptroller Fitch. "Mr. McLean, tho engineer
of mv department, gets only $1,000 a year, and
I don't think Mr. North Is worth any more.
Mr. North's salary wns reduced to $4,000 a
year. His first cxperlcnco in tbo Public Works
Department was under Commissioner William
llrooktleld, who appointed him Water Pur
veyor. Later Gen. Collls made him consulting
eug'ueer of tbe department.
WITNESSES niDN'T APPEAR.
Xevrspaper Men Failed In Itrspond nt Tros'e
llrlbery Ini estivation.
Tnov, N. Y Dec. 7. A socret meeting of the
committee appointed by the Doard of Super
visors to examine into rumors of bribery and
corruption against various members of tho
board, nnd various alleged illegal charges lu
tho bills presented against tho county, wns held
this afternuon. Among thoso subprtmncd to
appear were II. O'lt. Tucker, proprietor, and
Gcorgo 11. Powers, business manager of tho
Trov Uciilu l'rtK; M. F. Collins, proprietor of
tho Troy Obscrrer; District Attorney Wesley
O. Howard, and Supervisors Derrick and Dustln.
Tucker nnd Collins did not appear, Hupertlsor
Dunlin testified that u brlbo had been offered
him and Hint ho had seen tho money.
Ho declined to tell the reporters after tbo ad
journment whether ho had been asked to reveal
Iho name of tbo person who had attempted to
liriho him. Supervisors Derrick, Crell, nnd
While had only hearsay evidence to give. Late
this afternoon n number of other persons wore
subpoenaed, and thoy will bocallod lo testify at
to-morrow's cession of Hie committee.
3I11S. KUIH PLEADS aVILTT.
She Admits nobbing Mrs. Cross-Dontlas
Ssnlencr Suspended.
Mrs. Emmcllne Itiuld, the widow of Commo
dore ,!ohn Iludd. V. S. N., who was arretted a
few da) s ago on a charge of grand la ceny made
hy Mrs. Jonnio M. Cross-Douglas, who lives at
St, George. H. I., was arraigned in the County
Court at Hithmnnd yesterday. Mrs. Itudd
pleaded guilty, and Judgo Stephens suspendod
bcntcnce. .MrH.l'ross-Douglasallcgod that Mrs.
Itudd stolo u number of rings and somu clothing.
Tha nrticles were found in Mrs. Kudd's apartments.
Iluilnrss Troubles.
Dcnjamln Nathan, dealer In shoes atSlGSIxth
avenue, mado an assignment yesterday to Eman
uel G, llach, giving preferences aggregating
$11,050 for borrowed mdnor, Tho preferences
nro to iho 11 jk of the Metropolis, $1,200; Sam
uel Nithf -s trustee of Itaehel Lazarus,
$1,000; Am In Nath in, $1,500; Luwis .. llach
of tliis city nnd Samuel Nathan of Putorson,
N. J.. Jointly $3,000; Sainuol and Henry Nathan,
both of P.iterson. Jointly $l.OO0; Samuel Nathan,
(2,250; llnnry Nathan, $500. Mr. Nathan esti
mates that his liabilities will amount to about
$40,000 und that his assets will about equal
that omouuU
iHBHBa:
A FREE TRIAL. 1
, Tor Seven Days from tha data of this paper. Kutnow Bros 19 Astor Place, Now J '9
York, will send a FREE SAMTLE of Kutnow's Improved Effervescent rowder, post )!!
paid, to every person who will drop them m postal, giving; name and address and-, i
mentioning the N. T. Sua. $!
Kutnow's -mS:s' m ty m
... irtr5Ki'f'"' '-7)5nvv V 7yTw.uJV ''1 '!
Effer.es- WKiylS plsiciails ll
cent MmkmMkffiim m
until Ps'lV"'S"i ui mil . JisU
Powder Ja-slr1 Continents;- II
Registered Trade Mark.
A Pleasant Tasting and Effective Remedy l
For Indigestion, Disordered Liver, Biliousness, Diabetes, Constipa H
tion, Hemorrhoids, Stomach Troubles, and Uric Acid Dis- ." H
eases, such as Rheumatism, Qout, Eczema, &c. J, 1'H
SEDENTARY HABITS.
HOW TO RECONCILE THEM WITH GOOD HEALTH. '
BnTafJ
The problem of the day is how to reconcile sedentary habits with good health. We all, i M
perhaps, walk too little and eat Injudiciously. Wealthy people can afford time and money to ;'!
go to a European mineral spring. They return cured and set up in health to resist the attack of I H
the diseases which lie In wait for modern men and women. To any sufferer from shig.isli tfl
liver, acid dyspepsia, gout, rheumatism, and kidney disorder, the hope of a real cure seems -
something: too good to hope for. Yet Kutnow's Improved Effervescent Powder undoubtedly , , VI
plays the part of such a cure. It restores the recalcitrant liver to its proper usefulness, banishes ' !!
the miseries of constipation, gout and rheumatism, and gives back the clear skin, the bright, 1P
eye, the alert gait of health. ? ?H
The medicinal virtues of the waters are exactly reproduced by the ingenious expedient of ' $!
desiccating the salts which contain the active principle of the mineral water, and combining; '"'f
them with effervescents, so that all the waters can do, Kutnow's Powder will do, far moro HB
pleasantly, cheaply and efficiently. ?
The first result of sedentary habits Is CONSTIPATION. Kutnow's Powder is extremely H
beneficial in constipation. It promotes the natural flow of bile (Nature's own purgative) and m
stimulates the worm-like writhlngs of the Intestines by which the body is freed from wasta. 1
matter. It disperses congestions of blood, obviating the causes of piles, inflammation of thV fl
bowels, etc. The body is freed from all gaseous and fermentlve refuse, and the intestines left iH'' $
a healthy condition. H:j
From MADAME LOUISE DOXTI (formerly of the Covcnt Garden Opera). - . 'r!B
"Having derived such great benefit from Kutnow's Improved Effervescent Powder. It Is with. !
much pleasure that I can thoroughly recommend It as belnc most excellent for purifying the !
system and preventing- corpulence." j
MADAME IjA. COMTESSE IDA MARCIIETTI DE MOXTESTRUTTO; if H
Champs Elysee, Paris, highly recommends Kutnow's Improved Effervescent Powder. f
From WIIjIjIAM TERRISS, tho popular Actor. &H
"I have much pleasure in elvlng you a hearty recommendation, for whenever I feel run down -ifU
from overwork a dose of your powder acts as a corpus redivlvus." fl
SOLD BY Alili DRUGGISTS. H
Should, however, the slightest difficulty be found apply direct to y I
kutnow bros., 13 Astor Place, N, Y. City, Sole Agents for
s. kutnow & co., Ld., Prop., 41 FarriDgfloii Roafl, London, E. C, Eng. 11
Price 85c. per bottle; llic. extra for postage. If to be mnttotl. .1
FABRIC 1
" Ne Plus Ultra" 1
The finest and most durable pile carpeting fI
yet produced. Made in a great variety of de- II
signs. Suitable for the highest class furnishings. 'II
W. & J. SLOANE,
BROADWAY AND I9TH ST. 1
AOED PAIR OVERCOME DT QAB,
Meyer, vrtia Is Tt, May Reeaver Bis IT IT:
VTlio Is 70. Is LlUelr to Die.
Augustus Meyer, aged 77 years, and his wife
Annie, who is 7fi years old, havo ocoupled a flat
over William draff's butcher shop at 17-13 Broad
way, Ilrooklyn, for four years. Tho houso Is
owned by draff. Ills flat is on the opposite side
of tho ball. When ho left tho flat at 7 o'clock
yesterday morning to go to his store he smelted
gas. Ho traced It to the flat occupied by tbe
old coujile, and rapped on the kitchen door.
There was no reply, and draff broke in tho
door.
Tbo rooms wcro filled with gas, and Meyer
and his wtfo were found Insensible In their bed
room, (ins was escaping from an open burner,
draff sent after Dr. Henry Jaeckel of MOS
Ilushwick avenue, and a policeman called an
ambulance. Burgeon Lee and the doctor
worked in vain for moro than an hour to re
suscitate the old couple. At noon Dr. Jaeckel
succeeded In partly restoring Meyer to con
sciousness. Mrs. Meyer was still insenslblo
last night, and her condition was considered
critical.
Mrs. draff told the police that the old couple
were In comfortable circumstances, and she
was satisfied Unit the gas was turned on acci
dentally and not with suicidal Intent.
"iFRENCHi I
BOOKSM - i
BEMTANOSl j
gi Otjuom square! j
DIOAMY IN CANADA,
4
The Crime laerra.lnr an Account or tbe Dim. J
rulty or (irltlnc Dllorcra. J
TonoNTO, Rec. 7. nigomy seems to be on the
Increase In Canada, and, according to Judge i
Macdougall, tho lack of inexpensive facilities ,(
for obtaining divorces Is tho cause. At present ' ;
a person wanting a ilhorco in Canada has to
make application to Parliament, and tho cor.t Is i
about ih.OOO. Addresslmr tha (irand Jury to-
day, Judgo Macdougall said there bad becu nn
unusual number of cases of bigamy in Ontario j
recently, and he expressed his intention of deal. A
ing sovoroly with such crimes. Canada, he J
thought, should have a dlvorrn court, where the '
humblpstcltlren of the country could havo his
case heard.
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