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MEMPHI AILY APP ESTABLISHED 1S40. MEMPHIS, THUESDAY, JULY 22, 1875. VOL 85 TO 153 THE D H'EATUCK IROBAUILITIEf. Wahhingtoic. July 2J, 1 iun. Ibr Tennessee, the Ohio valley, and (he lower lalx region, stationary or fall ing baromitcr, southerly to westerly winds, illghtly warmer and partly cloudy weather, with occasional rains. Tlte Mississippi river will continue ra ing slowy at Cairo, Memphis and Vichs-Lurg. iOVE8SO ALLKS'A GBE1I SPEECH As the currency question ia an ab sorbing ieaue before the people, and as there ia much interest felt In the con tent in Ohio, we publish this morning the opening of the gubernatorial cam paign, at Uallipolls, yesterday, with a synopsis Jf Sir. Pendleton's speech; also the speech of Governor Allen, at Newark, last Saturday. This speech will go to the country with a clear and logical array of facts. We bsiieve it to be unanswerable. We are of the opinion that the south will con cur in the position of Governor Allen on the currency question. She is sadly in debt, and any contraction of the currency would certainly prove irjuri ous to the debtor class. It is certainly true that "inflation mads the northern merchants and manufacturers rich, and they are trying now, by contraction, to make themselves richer. How was it, and how is it with the southern people? We have had no inflation here. Our people have been plodding along with, the hops that the policy of the Federal government would relieve them. But it ha? not been so. The money mills of Wall street have continued to grind the industries of the whole country until the injurious effect is not only felt all through the soutti, but until the people are asking among themselves whether they are to be chained down as slaves or allowed to breathe as free people in a free country once more." The south wants more greenbacks, because she has not currency commensurate with the demands of her recuperating trade. She feels the want of it to-day; and while she charges the chief blame on the party in power at Washington, she has the common sense to perceive that there are professed friends at the north who are also working against her. The truth is that there is an immense influence at the north which is guided by money considerations alone, regardless of party, regardless of political principle, regard less of everything but the monetary in terests of Wall street and its dependents. But read the peech of Governor Allen on this important question. HE9PBIS ASO PAHIH. If every citizen of Memphis thought as much of the position, standing and prospects of their city as thousands of foreigners do, the hum of industry, the rush and roar of manufactures, and the cheerful confidence that.accompanies as sured prosperity, would be ours to-day. Ghent in Belgium, Marseilles and Ly ons in France, have all offered us the most friendly advances, and asked to form with us the closest mercantile con nection; and now comes Paris, the queen city of the.univeree, and seeks to enter into business engagements of the most advantageous character with us. Are our citizens alive to what is doing? Are they prepared to profit by what is within their reach, and to interweave trade,reIations that offer the,most favor able vent for our staple to go on the Paris market as freely as it now does on the, New York market, but winning the profit that Liver pool secures when she sells.. American cotton to the continent? Mr. Bay lias U doing a noble work for Memphis in the great metropolitan city of the world, will our cotton .exchange, our chamber of commerce, and our merchants and citizens at.large, bick up his efforts with all their might, seize on the opportunity that gentleman has been the means of opening, and secure the future great net of Memphis by sparing no effort to insure success to the bold and earnest effort he.is now making in Paris? The following, from one of the principle trade organs of Paris, will show what Mr. Bayliss i engaged in, and jwhat a grand advantage Memphis .has within its grasp, if her people have the nerve, pluck, energy and perseverance to -cure the golden opportunity while it ofl't rs. We translate the following from our Parisianlcotemporary: On Monday last, June 2Sth, the cen tral committee of the Syndical cbam Ivya unanimously adopted a resolution that may have a most happy influence upon the Importing and exporting por tion of French commerce. The central committee, as is well known, is com posed of the presidents of one hundred and twenty syndical chambers or cham bers of commerce), which represent the luost important branches of Parisian trude and commerce. The committee had twice previously had its attention called by Monsieur Farrenc, who resides at Vincennes, to the projected organiza tion of an Intel-national chamber of com merce a project originating with him self, and at which he has been laboring for a number of years. At length the proposition has assumed shape. The delegates invited by him to visit Paris with the object of participating In the creation of the chamber in question, asseLibled on Monday last. Among them was Mr. B. Baylits, a delegate from the chamber of commerce of Mem phis, in the State of Tennessee, which is the secona coin" , Y America, and one 0.' the most flourish ing cities in the valley of the Mississippi. The fundamental idea of Monsieur Farrenc's proposal ia to render the chambers of commerce of France aid America the vehicles of a mutual and reciprocal commerce between the two countries, by a direct mingling of inter ests or by the medium of members who compose them becoming interested in thn sa'e and purchase of rough material Lull .manufactured articles, the products of the tv?o countries. In this way the Parisian syndicates, for instance, vould receive froi chambers of commerce in America, or in other countries where there is opportunity, samples of goods that would be permanently displayed in a building appicpriated to that purpose, with a statement cf the price, freight, etc At the same time a company formed within the syndicate uody "ould solicit orders that would he transmitted to America, just as would be done by a oufiiness company acting on commission. Kougd material, such as cotton for instance, would reach the spinners directly, with out having to pass through other hands, whosb intervention ia often unfavorable, 2nd I adov to the price of the rough ma terU'and Consequently of the produg manufactured from it. The foreign ,.h.nii.rH of commerce will act in tne same way with reap to the natural or manufactured product. 01 France rhey will display themina pU Wg' ated to that purpose, stating Pce, freieht etc., and will seek order, di rector otherwise, by means of a com pany formed for that purpose. The or ders received will be transmitted to tte Parisian syndicate-or rather to the company charged with the duty of rep Sing it, or placed under it imme diate supervision. Huch w the plan that was preeented by Monsieur Farrenc to the central com mittee, at its meeting on Monday. The presidents of the chambers compos ing the meeting were so much struck with the advantages, and especially with the guarantees ollered, that they unani mously appointed nine of their memters to confer with the foreign delegates reaching Paris. They are to meet as soon as the latter have nil reached the place of their destination, some of them not yet having put iu their appearance. There is no doubt this meeting will orig inate a new system, destined to give a new impulso to our commerce and trade. TUE LOST II4MOI).. Are we Victims of one of llariiniu's Htnperdou IlauiliugR, or Is It u Heallly to Develop Into a falnlnl Dlnaiter? Chicago, July 21. The balloon voy agers have returned from their ajrial trip. Particulars soon. MISTAKEN IDENTITY. Cancel tho item about the return of the bailoonists. The report is false, founded on a mistaken identity. TIDINGS FROM ONTARIO. Toronto, July 21. The intelligence from Aurora.Ontario, is that on Moudy, eighth instant, in the evening, a laie balloon was seen passing within a mile of the village going in a northeasterly direction, the basket apparently empty. and the balloon lying well over on one slue. .IIAKYLAM) OEII O CIS AC Y. Hefting or the Ntnte Convention nt Hal II in or Tlia Commliloo on Cre denllals Stack No Organi zation Tel. Baltimore. July 21. The Democratic Slate convention organized by the se lection of Stevenson Archer as tempo rary chairman. After a discussion of four hours as to the admission of city delegates, it was decided to admit them by a vote of sixty-four to forty-five. This was a tost vote, and regarded as favorable to Carroll. The friends of Hamilton opposed the admission of the city delegation, alleging irregularity and injustice in their selection and appoint ment. A committee on credentials was appointed, and the convention adjourned to seven o'clock this evening. The convention assembled at seven o'clock, but the committee on creden tials not yet being ready to report, was not called to order until nearly ten o'clock, when the committee submitted a majority and minority report, tho ma jority report recommending the admis sion oi tne enure city ueiegation claim ing seats, and tho minority report re commending the admission of three of the Hamilton delegates, from the sixth, eighteenth and nineteenth wards re spectively. On motion to substitute the minority for the majority report, a discussion en sued, which, at this hour, half-past eleven o'clock to-night, is still progress ing. The immense hall, floor and galle ries are packed, and the discussion ex cited, but the best temper prevails. At a quarter to twelve o'clock a mo tion to adjourn to ten o'clock to-morrow was lost yeas 36, nays 73. The minor ity report was laid on the table, and the majority report adopted by a vote of 59 to 48. From this time to one o'clock a system of flllibustering was kept up by the friends of Hamilton, and is still go ing on. DESTRUCTIVE STOKN. Sew Hniket, East Tennessee, lias Iier OaionlcTenipIe and Oilier Bnlld lngs Blown Down. Trees Uprooted, Fencing Swept Aur, Crops Damaged and tbe Conn try Innndalcd. Under date of July 19lh, Ihe New Market conespondent cf the Knoxville Chronicle writes as follows: On last night our place was visited by onoof the most terrific storms within the recollec tion of the "oldest inhabitant." The clouds gathered in tho west, and divid ing, a portion passed north and a portion south of us. All supposed the storm had passed, and the clouds had spent their force, but not so. The current of wind changing, brought the elouds again from the north, accompanied by heavy wind, bail and a torrent of rain, lasting for about one hour and a half. Tho result may be briefly summed up "thualy:" Large ponds of water resem bling lakes on a small scale formed all over the country, covering gardens and growing crops of corn. Lost Creek was higher than ever known to b, notwith standing the high water-marks of the floods of last spring. Com cropi were blown down, and fencing tumbled about generally. Trees, both forest and fruit, were up rooted. Two or three trees in the yard of General Brazelton were blown across the house, but without damage to the building; and about thirty other trees were blown down in his yard. MaDy shade trees along the main street were blown down. Ono small frame house in Hammond's addition was blown from the foundation; one or two barns unroofed, and tbe Masonic hall, a build ing thirty by sixty feet, in an unfinished condition, was blown down, presenting a complete mass of broken material. The buildings connected with a steam saw-mill, recently erected by Messrs. Bunch & White, were completely de molished. Corn and other crops were riddled by the hail and bo blown down that, where large and well advanced in growth, cannot make over one-third of a crop. The oat and wheat crop yet in shock in the fields have received an other "shock," and being greatly dam aged by the recent rains, the prospect for securing them from the damage of the storm of last night, so as to keep tbe crop, save seed oats and have good wheat cake, is rather diminished. Persons Iu from the country report heavy rain-fall and some wind, but the greatest fury of the storm seems to have been let loose in New Market and im mediate vicinity. The crops are gen erally exposed by the amount of fencing blown down, and farmers have lolled up their sleeves and "waded in" to repair the damages. We have become a con vort to Professor Tice's theory and come to tho conclusion that the "Venusiau equinox" ia upon us, and doing the work predicted by him. One third of the monln or July is yet to come, auu more rain and wind and storms for July, ac cording lo the professor, and it remains to be seen whether the month of August i$ to give us the earthquakes predicted by htm. "Let us prepare for the worst and hope for the best." From thn Territories. Omaha, July 20. Thirteen miners and four wagons were captured forty-five miles south of Fort Laramie, en route to the Black Hills, Friday last, and brought into the fort on parole. Seven hundred and sixty Mormons left here for Halt Lake City last evening. Tbe Iutflau Fraud Commliilon. Xkw York, July 20. The special commission on Indian frauds held a private meeting this forenoon, at the Fifth Avenue hotel, lasting almost four hours. Prof. Marsh appeared again be fore them and explained some portions -of his pamphlet at a greater length, and furnished the names oi tne witnesses to be tumuxoned. Lical Option Conclllntlonal. Hartford, July 20. The supreme court of Connecticut has decided the local option feature of the license law constitutional, OHIO DEMOCRACY. Opening of the Gubernatorial Campaign at GalHpoHs Tcsterday-Fullr Fifteen Thousand People Assembled. Urand Democratic Bally from 111 the A rj scent Towns and Counties Distinguished Speakers Present. Sound Democratic Doctrines EunntI attd by Mr. Pendleton A Clear and Concise Ylewof the Currency Question. (iovernor Allen at Kewark faturdaj An Unanswerable Document The Financial Itsnc Clearly Defined. Gat.lipot.is, July 21. It is estimated that fully fifteen thousand persons at tended the Democratic meeting Here to day, coming not only from this but the surrounding counties. Colonel John A. Vance presided, boeecnes were maue by Governor Allen, Hon. Geo. H. Pen dleton, and others. Mr. .renuieton opened by stating that it was thirty years tince he had seen the city, and remarked that the voyage then was a difllcultone. After touching lightly on the cause of his coming now, he branched out into political topics. He spoke of the meeting of the Republican conven tion last year, and claims its platform, but said that this year it tunes its voice to a diflerent key, and only declared it self in favor of our public school system and a separation of church and State. Upon these points he said that Demo crats could have no argument with the Republicans, and he quoted from the platform to show that the Democratic party would uphold tho State conven tion in this respect. He interpreted the platform to mean an adherence to the principles of government established by the fathers; opposition to all encroach ments of one department on another, or by Federal power upon the constitutional rights of the States; tbe equality before the law of all citizens; one Presidential term; retrenchment where there is ex travagance, reform where there is abuse; no subsidies public lands for actual eet tlers; a tariff for revenue only; equal and exact iustice to all religions; free secular education in public schools; op position to sumptuary laws to interfere with social habits, not criminal; to ma lignant espionage; and on financial questions, cessation of contraction, a sound and sufficient currency, the pro motion of industries, the surest road to the appreciation of paper to par with gold, greenbacks instead of national bank-notes, greenbacks for customs, to the extent the neeesssities of the govern ment will permit. This platform, he claimed, had been misrepresented. It called for a currency equal to the wants of trade, and that, he claimed, was a fit ting measure for the volume of cur rency. Every u-sue of government pa per, whether legal-tender or note, every restricted banking system has been an effort to make and keep currency equal, according to tho judgment of the government, to the events of trade, so with a free bank ing system; the Democrats do not favor a depreciated currency. He thought he interpreted the opinion of that party and platform when he de clared they were in favor of coin as the basis of currency; that a paper curren cy should be convertible into coin at par. The party desires to return to specie pay ments as speedily as the interests of la bor and business will permit; that we would be glad to return immediately if honor, good faith and justice would per mit, and if it were possible. The Demo cratic party is not now and never has been in favor of repudiation in any form. We believe that it is our h'gbest duty to fulfil our country's obligations according to the spirit and letter of our promises. We are not now, and never have been, i.n favor of a volume of cur rency changing and fluctuating accord ing to the whims of parties or the inter ests of banks, or tho demands of reck less speculators, but sufficient for tbe easy, active, economical, practicable interchange of commodities, and as fixed and stable as the nature.of the case will allow, and so long as we must have a government paper currency we preler greenbacks, which are sound and cheap and good, to national bank notes, which, at the outset, cost the people six per cent., and are at last only redeema ble in greenbacks. He confessed that there were defects and dangers in this coin basis system; that the superstruc ture of paper was larger than the foun dation of coin, and that as the super structure grows higher it grows wider and larger, but he would not discuss to day the merits of the various kinds of currency. The present necessities de mand relief that should be furnished. He repeated he was a hard-money man; that a return to specie payment should be kept steadily in view in legislation and action, and wise statesmanship will seek means of reconciling such return with the true interests of labor and business, and justice to the debtor. Re sumption can't be forced; it must be the proper outgrowth of surrounding healthy conditions or it will be neither bene ficial nor permanent. When in con gress he voted against the legal-tender act, believing the law unconstitutional and the policy unwise. As the policy had become interwoven with our sys tem of finance and trade, he would seek all the good he could find in it. He would not abandon specie payment, but he would not rush ruthlessly back to specie payment over tbe prostration of all business and the ruin of the debtor. The Democrats established the sub-treasury system, and the government in 18GI paid nothing but gold and silver. A Bepublican congress passed the bond act, the legal-tender act, and the na tional bank act. Gold and silver ceased to circulate, and in 1865 the vaiious is sues of paper money had reached an enormous Bum. Then commenced the Republican system of finance. Contract the currency, and if necessary to this end increase the interest-paying debt, and contraction has been steadily going on. With the decrease in currency has been a decline in the prosperity and hap piness of the country, until now we are confronted with a condition of affairs which all feel too keenly to make a de scription necessary. To-day there is more property for sale on execution by sheriffs of Ohio than ever before. Gold and paper stand to-day at a differ ence of fourteen per cent. ; a year ago the difference was ten percent. The Republicans claim contraction as a rem edy ior tnese mings. uongress nas passed a law declaring that resumption shall take place la January, 1S79, and the treasury is preparing for this by buy ing gold and silver. Every dollar of gold purchased with bonds for the re demption of greenbacks draw an annual interest. It is the old story of funding a debt which pays no interest with bonds which pay large interest. He showed, by comparison, that the exports of flour, wheat,cotton, petroleum, mea's, turpen tine, tallow, tobacco and timber bad fallen off eighty-seven million dollars last year, and claimed that we had been burning the candle at both ends. The Democratic parly points to the middle path as the way to safety. Abandon this policy of contraction; stop tinker ing with currency; stop this ellbrt at forcing resumption; give stability for a a time; give business a moment to re vive j promote industry and production; stimulate enterprise by the prospect of gain; labor more ana spenu less, ine great want of the country is an entire freedom for labor; removal of every obstacle; the presence of every aid ior prices. Steady markets and readv sales are aid, and to secure these a sufficient and sound currency and low interest are indispensable. If these be super added by low taxes, rigid eeouomy and simplicity of government and purity of administration, mat nation win oe cou tlnued and accelerated. Speech of Governor A I'm, Delivered at iSewnrK, aiiiraj- .vcuibk. Cincinnati Enquirer, 20th. Governor Allen paid a visit to New ark, Saturday, to consult about some matters or local pontics, auu was in duced by the Democrats to make them a speech in the evening. The weather was intensely hot and the hall crowded. so that lie did not speak more than half an hour. The lollowlng i.i a tun report of his speech: Men of Newark, Friends and Fellow-Citizens: Many a time be fore this have you and I stood face to face to discuss the public questions of the day ; but at no time nave we come together under circumstances so pro foundly interesting to me American people as on this occasion, when forty millions of people, inhabiting one of the largest and most fertile portions of tbe globe, feel that something oppresses tuem deeply anu seriously. Jvery gov ernment, whatever may be its form, makes itself responsible for the condi tion of the people to a very large ex tent. In a free government, based upon popular suffrage, and acting through the representative principle, the action of the government upon the people in their dearest rights becomes a matter of the moat serious import to tlie people. For more than fifteen years one class of men have had absolute and unre strained control of the Federal govern ment, and, during all that period, the control of almost all of our State gov ernments. Whatever there is of hap pines3, of prosperity, dependent upon the action of the government; whatever there is of suffering or misery, depend ent upon the action of the government, is ascribable to that party, for good or for ill. They had it all. The great De mocracy of the Union had no function but that of paying taxes. Applause The other party had all the power, all the taxes, and all the profits that necessarily grew out of them. Applause. Now, if the condition of the American people is prosperous ana nappy; h no man is discontented; if no man is dissatisfied; if there is no clique or ring usurping the public authority and consuming the pub lie taxes; if every man who wants to work is employed and well paid; if every factory is running, with its blazing fires throughout tbe entire day; if the farmers, without being overburdened with taxes, are reaping the full rewards of their hard labor in the long summer sunshine, and have enough to subsist and educate their families; it every farm er finds his farm without mortgage, him self without debt, ready to extend the hand of fraternity to an unfortunate neighbor; if this be the condition of af fairs, then we ought to thank the Re publicans for bringing thisstate of affairs about, f daughter and applause.l With these long years of absolute rule the war did not last all these fifteen years; the war is not to be used as au excuse for what happened after peace was restored if, when the war closed, and when this party tooK tne entire mass of the southern States into their own hands, and said, "We will govern as we please; we will reconstruct;" if the operation of their reconstruction has restored the southern people to their wonted pros perity; it it nas eatabiisned peace with out discord, they are entitled to the approbation of the country. That the congress of the United States was responsible for the government of the south and its turbulence and discord is manifest from the fact that the party dominant in that body was the only political power that had any efficiency there, it tney couiu not rule tne soutu- ern States after the rebellion had been disarmed, how fit are they to rule forty millions of people throughout this whole continent? Applause. They spread a baneful blight over the entire south: they promised peace and prosperity, and they gave them the sword, and fulfilled their promise by producing anarchy and pauperism. Applause. They were loading down the people of tbe United States with taxes every day, and at the very time they were piling up the taxes on the people of the north, they had so desolated the southern States that they bad no taxes to contribute, and all that the southern btates were unable to con tribute ws added to tbe taxes of the northern States. That is a part of their doings. Well, they were in a situation to set an example or economy, oi purity, to the whole American people. They bad all the power, and the Democracy had none. They could have econo mized the expenses of this gov ernment twentyfold more than they did, but they will not choose to do it. They went on increasing the taxes, Increasing the expenditures, and a large per cent, of all the taxes paid by the people never reached the public treas ury. It was confiscated on its way. They mildly termed it confiscation; and the number oi mete defaulters would almost rival the innumerable multitude that St. John saw in his vision. Now?, I want to define what this word defaica-' tion means. You have not tho least difficulty, if a man, although hungry or prompted by the cries of nature, when his little child lifts up bis hands and says: "Father, I want some bread," and tie nas none to give, forces nis nana Into a baker's shop and takes a loaf, lie is indicted, put in jail, and promptly sent to your penitentiary. It is all of no avail to him that he pleads tbe im portunities and tears of his wife and poor little children for food that he could not give as a palliation for his offense. He is hurried off, he is called a thief, a burglar. A government omcer appro priates to his own use a hundred thou sand dollars. This is not called stealing; not at all. There is dignity about that kind of rascality, because it is nothing but the neonle's monev that he has stolen. He is called a defaulter, not a tnier, and tbe people are bewildered when they hear that a government offi cer has defaulted. That is, instead of putting the money in tho treasury, he has put it into his own pocket. My friends, a crime don't cnange its cnar- acter by being nicknamed. Now there ire some curious facts that arise in tne history of politics, and we have a sing ular exemplification of the statement at this time. We hear it said by all of the newspapers in that interest, and the most of tnem in tms state are conducted by postmasters; we hear it said that the Democratic party at uoiumbus, at us State convention, hoisted the flag of "rag money " Did they ? What is rag money? Who made it? Where did it come from? Every cent of it was made by your presa-gaug at Washington City, run by the treasury department. Every dollar of this "rag money" from the be ginning to the end was made by you, gentlemen, who are now clamonng against "rag money." Laughter How came it in circulation Did the Democrats circulate it? Oh, no. A Democratic vote was not heard in the councils of the country when that immense volume of paper was issued, and when the same congress that issued it wrote upon the back of it, "thi3 is a legal-tender for alljdebts," and you must take it, except in paying interest to the bondholders and in the customhouse. By this they made a discrimination in their own currency: they imparted one faculty to it and denied it another. They paid their debts with it, and paid the farmers with it when they bought any thing from them during the war; they paid the soldiers with it; they paid pen sions with it, but they won't pay the bondholders with it, although it was specially provided that one class of bonds was to be pajd in it. Why J3 this? The bondholders have a great advantage 'n holding this immente amount of prop erty, and at the samo time paying no taxes and getting their interest paid in coin on It. But whatever the currency is in quality and volume, it is their work, not ours. If they call the issues of the government "rag money," whose "rag money" is it? Didn't you make It? Laughter. You made the "rag money." Not one dollar of paper money in the United States was manufactured by Democrats. And yet these fellows are making a clamor as though we hvl im posed upon the country all this "rag money." They a-e repudiating their own bantling. They are trying to bring their own spawn into contempt, and iu doins; that tney are doing a g od deal more than they thtak they are doing. Now, "rag money." as they call it, i3 a promise of toe united btates to pay. That is all it is. A bond of the U uited States is a promise to pay; a bol d of the btate of Ohio or the city ot Cincin nati is a promise to pay; all the railroad bonds of the republic are promises to pay. They all stand upon the same foundation of credit, and the man who undertakes to discredit the notes of his government discredits the entire amoun t of our private and corporation indebted ness as well, as tho individual notes of a people who Jwill not pay tneir public indebtedness will be worth but little in the money markets of the world. There are in the United btates, includ ing all " the bonded indebt edness ot the United States, cities, towns, and railroads, about ten thousand millions of dollars, and all this vast sum bangs upon the precise thread that sustains the greenbacks and all the bank circulation of the country. They are based upon the idea of credit, and that is alone to be expressed in its fidelity to the institution that issues that note or bond which it promises to pay. They are all promissory notes; they are all intertwined with each other; they form an immense credit system in the United States, aud in everv country in the world that is civilized. You would be surprised, I presume, if I were to tell you that the whole trade of the British empire from Canada to India a larger commerce than any country iu tho world, old or young, ever had before, is transacted upon credit, every dollar of it. Whenever these people commence an assauit upon the credit of the coun try, called greenbacks, they at the same time commence an assault upon tho en tire volume of this property that con sists solely in credit. They talk about the Democratic party being in favor of repudiation. Let us see how that matter is. Who talks of repudia tion? Why these very men themselves. They are sending word throughout all the stock markets of Europe that the great party of the United States, called the Dsraocratic party, are in favor of re pudiation. Well, now, if they could get everybody to believe that, what would their bonds be worth, any of them? Who put the idea of repudia tion in the mind of the world, or in the minds of the American people? They did; nobody else. Nobody else ever wanted to repudiate. If they choose to repudiate, they will have to take all the consequences of repudiation; wa will not help them. They are making the biggest stride toward repudiation that it is possible for a deluded people to make. They are predicting it, and by predict ing it they are invoking it. Credit has a political virgin quality, icwni notao to call its purity in question. When it is once bliehted, it is gone, and forever. Tnese people who are now trying to bring the entire system of credit in the United States into dishonor and disre pute are the men that are undermining the whole system of credit and inviting repudiation. Applause. If their bantling dies, it will be from their own bad nursing. The Democratic party have no bantling of that sort. The Democratic party have no antipathy to banns or stock-jobbers, or any ciass or men that own legitimate property in tuts country; me xemocrauc party have but one object; that object common to the whole peo ple. We don't Intend to allow stock jobbers, office-holders, government con tractors anu ring joooing men or me Republican party to take the stock job bing interest, and the banking interest. and office-holding interest,;and put it in power, to the exclusion of the farmer, the laborer, the mechanic and all other portions of the community. It is not to put this interest down; it is to pre vent that interest from putting all others down, and usurping the entire govern ment of tbe country, 'tnat is wnat we want. When a Democrat is asked about what kind of law he wants, his answer is prompt and ready. He wants a law for all, that will protect all, that will dispense the blessings of a free gov ernment to all; he wants a law that will take care or the interest oi tne poor la borer that is ascending your ladder with the hod unon his shoulder; ho wants a law that will protect the farmer, small though may be his acres, and eeo that he has a fair share in the government of his country; we want a law that will protect the manufacturer aud the work ing people, in town and country. We want a law, in a word, that is the law of all, and not the law of a specific few. App'auee Now, what is the condi tion of this country at present? These men have had the entire control of it. They are bound to admit that fact. Why, the condition oi n is, mat iuu a can million of working people are without employment. If some of them are work ing ten hours a day, in the burning in fluence of a July sun, they get for this labor from seventy-five cents to a dollar and a quarter per day barely sufficient to keep them alive from sun to sun. In every region of the United States the farmers, by the name of Grangers, havo been driven together to consult for the general interest of agriculture, because that interest has been entirely ignored. What a spectacle it would present if the curtain should be lifted and the reality revealed to the eyes of the people ! Why, here are forty millions of people, more than eight millions of them voters, en gaged in the avocations of life, about two-thirds of them cultivators of the Boil. Now lift the curtain, and let us see who occupy the seats in congress. That tells the tale. A majority of the whole num ber are bankers, bondholders, stock jobbers, or persons vitally interested in mamng laws ior ineir own ueuem, bu that the rich may become richer and the poor poorer. Suppose that the farmers, the laboring people, the manufacturers, the merchants, the shippers, and all the great industrial classes of the United States were represented in that congress in proportion to the interest that they have, how many bankers would there be therev They wouia oe crowueu out. They are not one per cent, of the voters of the country, and yet, in point of rep resentation in congress they amount to about eighty per cent., and the other twenty per cent, of the people amount to very lime more man uisiraucuiseu units, having one great and precious privL'ege, that being tho privilege of paying taxes. Now, the Democratic . . a . , i lt.t- party intend to ngni up mis siuie m things, if possible. What have these Republican leaders to offer to the people, what do they propose to do? Nothing but to get on their Knees anu aeK par don, and then turn around and whieper, "Can't we get up something about Catholics? Can't we get the great American family by the ears on some re ligious question, and while they are pull ing and fighting each other about relig ion, slip in and get possession or the government again?" If we can't do this, then we ought to begin to pack laughter, for the warning given tij last year, when the people, withoutintrigue, silently so silently that on election day there was hardly a man to be seen speaking a work about the election sadly moved up to the ballot-box, and by sending an immense majority to the lower house of congress and carrying about twenty-one States in favor of the Democrats just signed a dis missal to the Republican law-makers, saying we have no further use far ycu. Laughter and applause. That is what they did. Is there any denying it? What produced this tremendous change in the minds of the American people? Perhaps a full million of these very men, forming a part of the great Repub lican army, had confided for years in their public men, but they bad confided to their sorrow. They saw the country drifting to ruin as fast as the impetus of tne storm couiu carry it. They saw, and they see now every day. the loesea by whisky rings, credit mobilier rings, saiary-crabbingnngs, Distnctof (Jolum bia rings, land-grabbing rings, Pacific Mail rings, customhouse and Indian rings; these latter brought about by the connivance of customhouse officers and Indian agents. These immense larcen ies are committed upon the people, for every dollar that they steal from the public treasury has to be taken out of your pockets by the tax-gatherers. That is the fact about it. Tho government can get no money except from taxes, and everv fellow that runs off with a dollar of the taxes make3 it necessary for that dollar to be put on you next year. But these gentlemen who are making such a hue and cry about rag money have no word of deprecation for the two thou sand national banks to which we pay twenty millions of dollars per year for the blessed favor of furnishing us a cur rency. And what kind of a currency do the v furnish us? Is it not a rag cut- rency? Is it not made out of the same material out of which greenbacks are constructed, and is it not redeemable in greenbacks? Then why is this species of rrvg money better than the greenback, and whyjshould we pay this enormous sum every year for the privilege or Hav ing a currency redeemable in greenbacks when we can have the greenbacks them selves and savo our twenty millions of dollais? If we could hear tbe clink of the coin on the counter when we pass a national bank bill to its maker for re demption, there would be a distinction with a difference between the two kind3 of money. But while the national bank rag is only redeemable with a greenback rag, and the faith and pros perity of this great government is pledged to redeem the greenback, it seems to me that tho greenback is the preferable, as it certainly is the cheapest currency. To call the greenback a worthless and an Irredeemable curren cy is to impugn the honor and credit of tbe government. Upon the face of each note is printed, "The United States will pay to bearer dollais." It does not say when it will pay it, as it does in its interest-bearing bonds, but it never theless solemnly promises to pay the amount. The matter of the payment of either of tho series of the interest- bearing bonds rests entirely upon the honor of the government. There ia no power under heaven to compel the pay ment of anv of our bonds if the govern ment declines to do so. Therefore, what right have the Republicans to say that the government will pay one class of its honestly contracted indebtedness and refuse to pay another? The obligations of this government will all be paid. The neonle will not allow repudiation in any shupe. Their moral sense revolts at the idea. But, say our Republican friends, you Democrats have a hard-money record. How can you be for rag money now? I can say to them that circumstances change policies. When we were a hard-money party hard money was possible, and it was for the interest of the messes. We have always been an anti-national bank party. In Jackson's time we op posed a single national bank because it was detrimental to the interests of the American people. Now that we have two thousand national banks draining the life-blood of the people, why should we not raise our voices against them? The old national bank of Biddle fat tened off of the peculiar privileges granted to it by the government, and. our present national banks are contriv ances by which the government author izes a favored class to pluck the govern ment eooae. except the pinreainers, which are left for the people. But who has a right to say that v- e are not a hard-money party to-day? What is there in our recent record to controvert that idea? There is not a Democrat in the land who will oppose the resumption of specie payment when it can be brought about wuuouipuraijziui; minis tries and impoverishing and distressing tho naonle. But we do not make such an idol of metallic coin as to be willing to breed Communistic revolts and nil our land witn paupers io force resumption. We fully realize that with ten thousand millions of indebtedness, public and private, and the vast volume of business represenieu hv it. that sneedv resumption is abso lutely impossible without bringing im mense OlBtreSS anu uiaaaier iu evcijf class of our population except the bond holder and the money-changer. The congressional pledges of resumption in 1879 hangs like a pan over tne business of the country. Prudent men have been following the example oi retrac tion set by thegovernment. They have been drawing their means out of act ive business and securing it in real property; they are closing up their man ufactories; they refuse to go into new enterprises, and tbe result is that the panic of 1874, which should only have had temporary duration, has settled down into a season of business prostra tion, which will continue until the pol icy of the government is changed, the continued tampering with the currency checked, and the active men of the country can have faith to resume oper ations without fear of being overtaken by ruin throngh government interfer ence. If resumption is reached in 1879. a steady contraction and a depreciation in values must con tinue; and what sane man will invest his means in business under such cir cumstances? Let us reach specie pay ment as speedily as possible, but let the laws of busine s and circumstances un der which we are placed govern the mat ter, and not the special interest, oi me banker and bondholder. The Republi cans of America are not responsible as individuals for all the baddoiugsol tneir representatives. If the honest Republi cans had known the state of the country the year after the war, they would have turned every dishonest man out of con gress, as they assisted the Democrats to do a year ago. The Republican leaders ran about the country hallooing about the war, the war, the war, and the peo ple of tho country who had stood by the Union listened to them. They deceived their constitueutslyear in and year out until their gullibility ceased, and now they are determined to have an honest administration of the government through the Democratic party. Now, my dear friends, this is a very hot night, either to speak or to listen, and I think that I ought to be excused for not saying all the things which I desired to say. I may visit you again during the cam paign, aud, for the present, I will say good-night. Tbe Bankers' Congress. Saratoga, July 21. In the bankers convention this forenoon the committee on resolutions reported the following resolutions: First Favoring the immediate re sumption, and calling upon every citi zen to hasten the day when every prom ise of the government to pay a dollar should be redeemed in coin. Second Calling for the repeal of the war tax on banks. Third Urging congress to issue coupon bonds in exchange for registered bonds of same. Fourth Demanding the abolishment of the two-cent stamp on checks and vouchers. Fifth Favoring the permanent or ganization of the national bankers. Thomas 8. M'Grew, of Springfield, Illinois, offered the following: Resolved, That it is tbe opinion of this convention that an act to provide for the resumption of specie payment, approved January 14, 1875, ought to bo amended so aa to provide ior tne grau ual contraction of all legal-tender circu lation, and tbe time of resumption be extended to the nrst of January, isi, so as to change without the sudden fall of general prices. McGrew spoke at some length in fa vor of his resolution. The committee's resolutions were adopted, and time and place of next annual meeting referred NATIONAL COTTON CONGKESS. Second Day's Labor No Keport Vit from Ibe Committee on Perma nent Organization Other Bailne&s Dlscnsitd. Greenbrier White Sulphur Springs, July 21. The National cotton exchange convention met this morning at eleven o'clock.fresident John Whelps, of New Orleans in the chir. Tho presi dent made a short opening speech, in which he'reminded the members of the encomiums that had been passed upon tho working of the convention last year at Augusta, and hoped the present ses sion would be distinguished byasiroilar absence of talk. He informed the con vention that the committee on perma nent organization was actively at work, but would not bo able to report until to morrow; in the meantime they would bear from the committees appointed on Interesting topics suggested by differ ent exchanges in the country. The report of the executive committee of New Orleans on crop reports was then read by tbe secretary. It detailed the following facts: Circulars, (requesting full information, had been sent to ail the eotton and woolen mills both north and south; the latter had sent full answers, but the former's responses were not sat isfactory. The committee dispatched Hester, their superintendent, and Mr. Buck, of New Orleans, to various points on the Ohio and Mississippi rivers to check the overland movement of cotton northward. Through the very thorough manner in which these gentlemen ac complished their onerous task, the com mittee hoped to have positive data with regard to cotton sent north. Com bining this special information with full returns of southern consumption from the mills, and with figures of the re ceipts at the various ports, they would be enabled to present in theirSeptember statement a showing of theciops which should be thorough and reliable. At the conclusion of tbe reading this preliminary report was received with cheers. Committees were then appoint ed upon the subjects presented by the various exchanges. 8ome reported de tails moat insignificant in character, while others were deeply important. Among the latter were reports upon an attempt to secure the adoption of an American standard of classification in England and throughout Europe; also to establish a board of arbitration in Liverpool, composed of salaried experts, for the settlement of controversies dur ing the sales of cotton. Interesting de bates are expected upon these anu other topics to be brought before the conven tion. A majority of other matters pre sented by the exchanges refer to points, tne details oi wnicti are oi little import ance. FOREIGN TELEGRAMS. In the shooting of the Americans at Wimbledon. England, vesterdav. Maior Fulton won the American cup. Two hundred and seventeen pounds sterling, bullion, went into the Bank of England on balance, yesterday. A telegram from Munich says that Ultramontane Baron Loe has been sen tenced to six months imprisonment for a treasonable speech made by him in October, 1873. Alexander and William Callie, of a firm which recently suspended, were ar raigned in London, yesterday, charged witn ootaimng a minion dollars under false pretenses. The steamer Albatsford, from Phila delphia, while proceeding from Queens- town to jjiverpooi, went ashore on Com mas bay, Wales. The passengers were all landed, and tugs have been sent to the assistance of the steamer. It is reported that Russia asd Germany intend to grant military furloughs on a large scale next year. A Vienna pa per urges Austria to follow their exam ple, and prove that the alliance between the emperors is worth something. The dispatch from St. Petersburg.dated July 20th, announcing the departure of Admiral Worden and tho American fleet was erroneous. It was a Swedish (fleet which sailed, bearing tbe king of Swe den, who was accompanied to Cronstadt by tne czar. The French customs returns for the last six months show an increase on re ceipts of twenty-three million francs over the corresponding period of last year. The total revenue of the country for the same time has increased seventy nine million francd over 1874. A telegram from London savs that the government tennal rights bill meets with opposition among the Conserva tives. If Disraeli inaists on its passage a meeting of the party will be he'd in the foreign office, to arrange differences and to expedite the business before par liament. Tbe X,uuUIana Fraud. New Orleans, July 20 Governor .rveuugg nas nuuiesseu a leuer io iuu attorney-general, inclosing the report of the experts appointed by him to inquire into the auditor's affairs, in which he says: "The investigations that have taken place beiore both the civil and criminal courts, and the investigation and report of tbe State examiners, dis close gross culpability on the part of other persons whose acts have injured the btate, and for years have cast dis credit on the government. I respectful ly call your attention to the record in this respect, and request that you will immediately take prompt measures to bring to iustice all those who have been guilty of defrauding the State, as dis closed ny tnese inquiries." Father Gerdenian Nearly Nobbed. Philadelphia, July 20. Ex-Father Gerdeman, who was recently tried for embezzlement, came near being mobbed to-night in the upper section of the city. His presence being discovered in a beer saloon, it was soon noised around. A large crowd collected, and hoots and jeers greeted the ex-priest. A squad of ponce visited the scene, rescued Gerde man -Und dispersed the mob. A Young Man ami bis Sister Drowned Toledo, Ohio, July 20. By the cap sizing of a row-boat in the harbor this morning, a young man named Bennett George and his sister, aged respectively twenty-three and twenty-five years, were drowned. Their bodies were re covered. LADIES' SUITE FANS AND Cii-Ora AT SACKIFICISG l'iilCES, AT Ladles' Linen Salts, Lncllfft Batints Halts, Laities' Lawn Nnlli, LdlrV Hela aat Orgaudlc Malta, nt Immensely KhI ucrl TfritMU. Linen OTeraklrts, Linen Basques. Lawn OTerskirta, Lawa Basaaes, Ftlte Orersklrts, Batiste Basques, AND A. COMPLETE LINE OF MISSES' AND CHILDREN'S DRESSES AT A UREAT BEDUCTiOH. A complete line of Ladies' and Children's ParasoU and sun-UwbretUu at prictM to suit the Urn cm. IJ. LGWJENSTEIN & BROS., 242, IIO.UK Ti;Li:GltA.1I.S. President Grant and General Babeock arrived at Washington yesterday. The first fatal cuostroke this season occurred at Indianapolis, Indiana, Sun day. Unless there is rain soon cotton and corn in Georgia will be seriously in jured. ;Mr. J. R. Davis committed suicide by taking morphine, in Indiauapolu, In diana, yesterday. Fredeiik R. Thork, a doatlst, com mitted suicide in Cleveland, Ohio, yes terday, by hanging. G. A. Radetzky, tax-collector of Grant parish, Louisiana, was murdered in Col fax by Ex-Sheriff John B. M'Coy. Tho Old Orchard house, in Old Or churd, Maine, was burnea last night. Loss, fifty thousand dollars. No insur ance. Au attempt of young Pomeroy, the boy murderer, to escape from the Charles-street jail, Boston, yesterday, was discovered. William Ptleiger, a boy aged twelve year.-, was thrown from a horse, lu Co lumbus, Ohio, yesterday, and instantly killed. In falling he struck on the back of his head, crushing tbe skull. Twenty-three more indictments of persona connected with the ailc-fred whisky frauds were presented to the supreme court, in St. Louis, yesterday, but tbe names of the parties aro not yet divulged. An unknown man attempted to steal a ride on the Lake Shore freight-train Monday night. He hid in a oar loaded with lumber; the movements of the train Ciused the lumber to slide on him, crushing him against tho end of the car, and he was dead before he could be ex tricated. At Slizabeth, New Jersey, yesterday, Mrs. Schriener, of New Altany, was killed while driving to the railroad de- Sot to return home, aud her mother and Irs. Neeser were probably fatally in jured. Tho accident was caused by the norse running away overturning the wagon. A telegram from New York saya that some days ago Mrs. Merrill, wifoof Colo nel Merrill, of the United States army, waa enticed on board the tugboat Mike Norton and grossly outraged. Two men were yesterday arrested on suspicion, and the police expect to get the others, there being five altogether. A telegram from New York says that Dorman B. Eaton has gone to England too sick to recover for the Erie railway company two million and a half dollars, the difference between the amount re alized to the company and the aggre gate proceeds of the sale of the second consolidated mortgage bonds. A terrible fight occurred in Perdado, Escambia county, Alabama, between two families Hatlett and Byers in which six men, consiatingof father and two sons, on each side, were engaged. Five of the party were killed outright, while the sixth wind last has a load of buckshot in his side which will cause his death. The origin of the difficulty is an old family feud. Nashville Banner: Prof. Backus, after waiting a long time to make up his mind upon tho subject, has declined to accept the position of principal of the Tennesseo State normal school. He has recommended tho appointment in his stead of Prof. Gates, of Albany, New York, aa better fitted for the place than himself. Prof. Gates is now on his way to Nashville. Nashville Union and American : We learned yesterday, from a Williamson county man, that one liight last week, near Nolensville, a German named Levi Oppenheimer was knocked down by a couple of negro men and robbed of two hundred and fifty dollars, which sura composed bia entire capital. After he had been stripped of his effects the rob bers threw him into a small creek near by. Sarah S. Rice, the Baltimore elo cutionist, is to read in Knoxville very soon. 3iAit;:iEi. KOWIE LLOYD At the residence or the bride, Tuesday, July 2J, by Ksv. W. K. Bogg--, Alexander Bowie to Mrs. A. 13. Lloyd. No cards. DIED. NELSON Died at 7 o'clock p.m., July 21, 1875, Wai. A. Nelson, agedaforty-flveryears. Funeral at 1 o'clock this (THURSDAY) afternoon from the residence. No. 401 Vance street. Services by Rev. Mr. Eoggs. His friends and friends of his family and of his brother, T. A. Nelson, are Invited to attend. W. Z. MITCHELL'S JLfin No. 303 Tbird Sirect. Sosslon SHERIFF'S SALE Of A,Ti JEimrSjJITBl, PUBLIC JNOTICE IS HEREBY GIVEN, That by virtue of two writs ot vendition! exponas to me directed from tbe Honorable First Circuit Court or ShelDy county, Ten nessee, In tbe case of L. K. Wright versus B. J. Kddins, Judgments rendered on the 21 day ot March, 1575, for the aggregate sum of four hundred and twenty-live dollars and sixty four cents, with interest and cost of suit, to satisfy said Judgment, etc., I will on Tuesdaj, the 17th day cf Aagaa', ' 875, In lezal hours, In front or the courthouse Memphis, Tennebhee,.procced to sell, to the highest bidder, for cash, the following de scribed property, to-wlt: Lot No. 5, ot block 'St. of W. D. Dunn's sub division, fronting on Dubose avenue, situated in tbe city of Memphis, Shelby county. Ten nessee, 52 feet front and 75 feet deep, contain ing a house. Lot No. 17, according to the plan or subdivision of the W. D. Dunn lands, situ ated In the city of Memphis Shelby county. Tennessee, on South side of Spring street, 112 feet front and 2tf) feet deep, containing a double tenement house Lot No. a. or block of the W. D. Dunn subdivision, fronting ou Walnut street, situated In the city of Mem phis, Shelby county, Tennessee, Blty feet front 98 feet deep, containing a hon'e. Levied on as tbe property of defendant, B. J. Eddlne, to satisfy said Judgments Interest and costs. C. L. ANDERSON, Sheriff of -helby county, Tenn. Memphis, 15th day of J uly, IS75. J y22 AND COSTUMES. PARASQ&S 244 aud 210 JIaia aL. ar. Jeflirson.