Chicago daily tribune. [volume], September 24, 1875, Page 4, Image 4

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4
TERMS OF THE TRIBUNE.
p»TT* OV ITTinnfTlW (PITAPLK n» ABIASOK).
Poatitso I’repnM ni 111 Ip Odlce.
ll.iUjt C.Ui**n»t'f*M>n!'l.l l«ae
part'«f rrer atcam* rat*.
Mailed to tor addreaa rotm «WI far 1.00
/WtfuUy P-ditfon: Literary and HeHatwe donWe
l4lfrl n.wi
*'iM-Wcokh, lr*T <LRO
Parti of year at mmo rat*.
rrmoti: Ooecopy pnryeer....
of Mir
■U'«9’.)/-Clob of twenty
rm* »rr Co»V tHOt jaerry Ctiji 4/ TVrntu.
On all alub* lb* tabtcTiber ronat remit tbo pottage,
tfMcti h U rent* a cod? per jut*.
Specimen oopleft tent free.
To prrronl delay and m!**akre, be «tiro and glte
r»t-omco addreat In full, (nelnittni' HUlaaml (JountT.
Itemlttancoa may be made either by draft, narrow,
froaWJfllijo order, or in rcglalnrod Idler*, at our flak.
rtaxn to city auparirnirna.
Daily, delivered, Sunday eirepled, 2H oeola jw» week.
Duly, delivered, Sunday Included. 30 tenia per week.
Addraa TUB TUIHUXE COMPANY,
Corner kfadlaon and Doarl*nro-al*.. Chicago, 111.
TODAY’S AMUSEMENTS.
ACADRMf OF MUfllO HaUloU street, bstwwn
Vvlii.m tn<t Mouroo. Kngaßpmrnl of N. D. Eob
erU 1 Combination. “ Jack and Jill.”
McVICKHU? THEATRE—MadIaon street, between
Dearborn and Stale. •• Running a Coruor."
IfOOT.nr.S THEATRE—Randolph street, between
Clark and Lo9allo. Engagement of Uio California
iltuitroi*.
WOOD’S MnfiEHM—Monmn street, between Dear*
lorn and State. “ Caste ” and “ The Irish Lion.” Af-
Icrroou and evening.
cniOAOO THEATRE—CIark street, between Rsa
dulph and I.ake. "The Two Orphans. ’’
ADELTHI THEATRE—Dearborn street, comer
Monroe. Engnnemcnt of the McKee Konkin Troupe.
♦•The Two Orphans.”
INTER-STATE EXPOSITK)N-L»k« «Uore, fool Of
Adam* «lreal.
SOCIETY MEETINGS.
COVENANT LODGE, No. A. T. nnd A. M.—
ftoodal communication this (Friday! evening, at 7:lo
©’clock, al Corinthian Hall, So. IH7 Klnzlc-M. «ork
©n Ilia Third Degree. Veiling brethren conlully in
vited. By order of the W, M. WM. KERR. boc.
ORIENTAL LODGE. No. at, A. P. and A. M.—Special
communication this (Frtdaj) i veiling at 7:00 o'clock,
tor work cm Ibo E. A. Degree. Dy urderof tha MsMor.
E. N. TUCKER. Sec y.
WASHINGTON CHAPTER, No. «. B. A. Sf.—Spec
ial ronvocalbni thin (Friday) evening *1 T.'JO for
on the K. A.Degree. Alho on Saturday evening at <:«),
for M. M. Degree. VDitlng Companion* cordially in
vited. Bv order of tho 11. F.
y CIIAS, J. TROWBRIDGE, Bsc.
BUSINESS NOTICES.
beautify mu skin by using a harmuws
Utllel preparation knowna» G*oreo W. Lalrd’a ••Bloom
irt Youth." It will r»nm»« lan. freckle*, ninth, and all
e'taer I'iiflsnrcmersu from the iklti, le.nlQ* it ptmcUy
■ inoith. clear, tail teautlfal. wllhontthawing the aUnhl
tmtraoof (((application. Fonale by all arufgUU la
the t'witou State*.
kJie dTfjic’ag.tr Q&fimue.
Friday Moraine, September 21, 1875.
Greenbacks, at the New York Gold Ex
shnugo yesterday, opened cud closed at 85 J,
the two extremes of tho day being 85j and a
shade above the closing figure.
A dispatch from Philadelphia, upon what
nuthority wo aro unable to state, announces
that tho third Chicago Custom-House Com
mission has concluded its secret sessions nnd
prepared a report to bo submitted to tho
Secretary of tho Treasury. Tho report, it is
asserted, confirms that of tho local Commis
sion of Architects, and will recommend the
rcsumpliga of work upon tho building.
Indiana Democrats who have gone into
Ohio to assist in tho rag-monoy crusade ore
frank enough to admit that the entrance of
Carl Scuunz in tho lists against them has
added greatly to tho solemnity of tho situa
tion. Already conscious of a dangerous de
fection among tho Gormans l>ccauso o! the
inflation issue, they perceive that Mr. Scuunz
will still further widen tho breach, and they
now gloomily contemplate tho probability
that tho loss of .the German support m Ohio
will cost tho Democrats 10,000 votes,—more
than enough to turn tho scale.
Tho meant Collcctorahip of tho port of
Chicago has been tendered to the Hon. J.
Hess ell Jones, Into Minister to Belgium,
lib had returned to this city with a view to
making his homo hero permanently, and no
one knows better than President Grant, bis
warm personal friend, how admirably ho is
qualified to discharge tho duties of tho Col
lector of Customs. No intimation has been
made public ns to Mr. Jones’ acceptance of
tho appointment, but tho fact that tho ten
der of the position has been made in accord
ance with tho wish of tho President suggests
the inference that it will bo accepted.
Tho Now York ImUpeiulent mokes n mild
to-do over tho alleged fact that *• American
art, or Western nrt, appears not to put in a
respectable appearance ” in either tho Chi
cago or Cincinnati Exposition. This would
bo tv curious statement were it not on a par
with many of tho “facts ” published in tho
Now York press about the West. English
journalistic ignorance about this whole
country almost finds n. parallel in New York
journalistic ignorance of everything west of
Lake Erie. As far as Chicago is concerned,
tho Independent is of course wholly wrong.
Tho 858 paintings in our gallery are almost
entirely American. Tho Art Committee
began work with tho determination lo secure
a representative American collection, and has
succeeded in doing so. There are perhaps
too fow, certainly not too many, European
paintings in the gallery.
Among tho subjects under consideration by
tbo Underwriters’ Association that of im
proved building laws is receiving a good deal
of attention. Tho Committee appointed to
investigate this question presented their re
port yesterday, taking tho ground that
greater results can bo attained by a well
devised system of schedule rating than by
any building law, however stringent its pro
visions. It Los been found by tho Commit
tee that a low rate of insurance is the
strongest possible incentive to the con
struction 'of substantial buildings, and
Uist it is to this system of rating risks
according lo tbo character of buildings
more than to any other cause that the marked
improvement in business architecture is duo.
Btmigout building £laws rigidly enforced
help to uphold and strengthen schedule
rating, bat the latter, in tho opinion of the
underwriters, is tho mala reliance for the cu
forcemeat of tho law. .
The Chicago produce markets were very
much unsettled yesterday. Mess pork was
quiet and irregular, closing at $22.12} cash,
and $21.55 for October. Lord was dull and
15@j200 pur 100 lbs lower, closing at $13.15
cash or seller October, and SILBS seller the
year. Meats wore in fair request and firm
er, si for shoulders, 12c for short ribs,
uud for short clears, llighwines were
iu fair demand and firm, at $1.16 per gallon.
Loku freights were quiet and unchanged, at
2{c for com to liuifalo. Flour was quiet and'
weak. Wheat was active and declined BJo,’
closing at $1.0%} cash and $1.09} for Goto,
bor. Com wan active and l}o lower, dosing
at 5. r ijc for Scptomlwr. ami fttjo for Oclolkjt.
Oats wore moderately active and easier, dosing
at 84} c for September, and JUio for October.
Kyo was qnlct at 7%} c. llarloy was in mod
erate demand, bnl dosed weak, at SI.OO for
Hoptomlwr, and sl.Ol for October. Hogs
were active and steady, with sales at SG.SO@
8.7.1. The cattle market was dull and lowor.
Sheep woro in good demand and firm. One
bnudred dollars in gold would buy $110.02}
in greenbacks at the close.
.813 00
I.AO
fi.UO
20.00
The Bt. Louis Globe-Democrat devotes
nearly a column to abuse of Tub Chicago
Tribune for showing np the conspiracy of
tiio St. Louis Uing to grab n hundred millions
out of the United States Treasury for thn
construction of another and unnecessary road
to the Pacific. It takes cognizance of cvciy
objection except the grabbing one. It dis
cusses the road on topographical, financial,
and commercial grounds,—on every ground,
in fact, except tho hundred million grab
ground. Tho little joker in tho proposed
steal is sedulously kept out of sight. When
tho Globe-Democrat has something to say
about that, wo shall have something to say
in return. Meanwhile, if the ‘‘little joker 1 ’
t> kept ont of sight, it will not bo the fault of
The Tiuucne.
WHAT INFLATION MEANS.
ITaait over occurred to the general reader
what can ho tho special motive or object gov
erning those who oppose all measures having
for (heir purpose an advancement of tho
value of the currency, and who aro
so clamorous to have the value of that
currency reduced? The pretext usually
urged is that there is n "groat
need of more currency in order to facilitate
tho exchange of commodities.” They insist
that tho amount of notes in circulation is in
sufficient, and demand that it bo increased
indefinitely. Tho volume of money in cir
culation can only bo properly estimated by
its value ns a purchasing agent. The paper
money in circulation is nominally $800,000,-
000, which, at 85 cents on tho dollar,
has the purchasing power of $080,000,000.
To make this money worth 100 cents
on tho dollar would really be to expand Uio
currency $120,000,000. It would bo equal to
an additional issue of currency, at its present
value, of over $141,000,000.
If it were possible for tho Government to
issue $1100,000,000 additional currency and
keep it, as well os tho outstanding issue, at
its present value, it would accomplish none of
tho ends sought by Uie inflationists. Tho
fact is there is no scarcity of currency.
There never was in tho history of tho coun
try such an amount of unemployed money as
at tho present time. To add $000,000,000
more to it, without a reduction of its value,
would not help the condition of tho expan
sionists. Who aro to use this additional cur
rency ? Manufacturers of iron, cotton, wool
en, nnd other lines of goods, who aro now
doing but a reduced business, aro not pro
ducing loss or keeping their mills closed be
cause of any inability to borrow money, or
any scarcity of currency with which to pay
for materials and labor, or bo paid for tho
manufactured products. The difficulty is
that they hnvo scanty sales of goods. Manu
facturers aro prepared to produce all that
they can sell and much more. Furnace
owners aro not prepared to produce pig
motnl when they cannot soli it. That
is not restoring industry. That is only
n waste of capital, material, and labor, and
forces the bankruptcy of those who attempt
it. Tho faet that wo have been producing
more iron, woolen, cotton, and other goods
than wo can cell is an nnfortnnato result of
our tariff laws. In every other civilised
country whore there is a production in excess
of tho homo demand for manufactures, or
whore tho consumption falls off from'any
cause, tho manufacturers ship their surplus
goods to other countries and sell them. Oar
manufacturers cpnnofc do this: our ultra
tariff effectually confines them to the homo
market, and they must stop production until
they get rid of tho surplus stock on hand;
they must limit their manufacture by tho
domestic orders for goods. They, therefore,
want no money to pile up in unsalable goods.
'The addition to tho currency, without reduc
ing its value, will bo of no use to any class of
persona. There is no pioductivo industry,
and no branch of commerce, which is suffer
ing for a wont of currency, or from any in
ability to get money for any legitimate
engagement
But if tho Government shall issue cur
rency in such quantities os to uateriolly
cheapen and reduce tho value of tho whole,
then there will bo a change of circumstances,
and then there will bo a special class of the
community who will bo able to accomplish
tbo ends they secretly seek. We have no
objection to interpose to the legitimacy or
propriety of tho real-estate trade. It Is, how
ever, largely speculative, and consequently
evorypnnic or disturbance of finances plunges
it into more or less distress. Speculation in
real estate is os wide-spread as the country.
Immense tracts of land are hold in Wyoming,
Ncbroako, Montana, Kansas, Minnesota, and
Texas on pure speculation. In the more set
tled States there are millions of city and
town lots held by speculators. In tbo vicinity
of all large cities there are thousands of acres
of land which ought to bo under cultivation
in corn, wheat, or vegetables, bat which are
laid off anddield at high prices by speculators
as town lots. Tho “ out-lots" of every
largo city generally exceed in number tho
‘ ‘ inside property. ” Tho holders of speculative
real estate owe generally four dollars to the one
they have invested. They depend on brisk
sales ot largo advances, both for profit and to
enable them to carry on their indebtedness.
With money worth 100 cents on tho dollar,
purchasers demand an equivalent, and this is
fatal to speculation. The panic of 1873 was
ns fatal to fancy prices in real estate as it was
to fancy prices of stocks. If, however, cur
rency con bo depreciated to 50 cents on the dol
lar or less, there will be a revival of specula
tion. holderof SIOO,OOO of such money,
alarmed at the fall in value, will be glad to
get rid of it. Ho will exchange it for almost
anything. He will give SSO u foot for lots
really worth but $35, in order to got rid of
his sinking, inflated, doubtful currency, which
is subject to farther depreciation and is liable
to be worthless, while tbo out-lots will re
main whore they are till wanted. If the
value of greenbacks bo reduced to 50 or 45
cents on the dollar, a man holding specula
live real estate now unsalable, and worth,
say. SIO,OOO in greenbacks at 88 cents, or
$8,500 in honest money, will find a purchaser
willing to give him SIO,OOO in such green
backs. With this $16,000 legal-tenders, the
buller will go and pay $16,000 of his debts in
money worth 40 or 50 cents on the dollar.
In every city of the United States, and in
every village and town, there are persons
wlip ore bolding this speculative real estate,
and'who are overwhelmed with debt. Their
THE CHICAGO TIUBUINEs FRIDAY, SEPT
assets are real eetnto which lias no marketable
valuo, which is pnrdy speculative. These
nasets are bo flimsy that they arc not worth
(ho indebtedness on them, and, therefore,
bankrupt proceedings would be a waste of
money. Every ono of these men—every
bankrupt speculator and insolvent operator—
ia clamorous for “more money,”—that is,
money worth os little ns possible, whidi they
can force upon their creditors, thereby rob
bing them. These bankrupt speculators
practically ask that they may bo allowed to
pay their debts at -10 or f»0 cents on the dol
lar, and for this purpose they clamor at town
meetings, at ward caucuses, parly conven
tions, and write letters to the newspapers ;
fur (his, as is the case now in Ohio, they per
ambulate the State making speeches and
proclaiming tbo want of “ more money.”
The only purpose and object that can bo
obtained by the depredation of the currency
is to enable these bankrupts to discharge their
debts nt n fraction of what they owe, In or.
der that they may bo able to hold on to half
the property, more orlcss. To do this they have
no compunctions of conscience an to the ef
fect on tbo millions of honest, industrious
people, whoso hard-earned savings are in tho
savings banks. Wbat care these reckless and
desperate speculators if their currency water
ing schemes shall reduce tho valne of tbo la
boring man’s money in tho savings institu
tions one-half or two-tbirds? With them it
is every man for himself, and d— lake tbo
hindmost.
THE BUILDING ORDINANCE BEFORE THE
COUNCIL.
There is to be a special meeting of tho
Common Council to-night to consider the
now building ordinance which has been in
troduced into that body. This is without
question tho most important business which
will come before the Common Council
during tho remainder of tho year. Wo
have recently incurred tho expense of a
Bureau of Building Inspection, which may,
with proper help, be made exceedingly bene
ficial to the city; but, with tho present build
ing ordinance, tho Building Inspectors are
poworlcfis to do much good. The new ordi
nance has been prepared with great care.
There is no doubt that Building Inspector
Bauxv U deaply interested in the improve
ment of our buildings and tho increased safe
ty of tho city from fire. Tho now ordinance
has been subjected to the local underwriters,
and tho advice of architects and builders in
equal standing bos been used to make it os
complete as possible. When Mr. Case
yesterday explained tho purpose nnd provis
ions of tbo ordinance to tho Convention of
insurance men iu session in this city, it was
received with applause. Much has already
been done by tho extension of tho fire limits,
tho improvement of tho Fire Department,
and more rigid inspection, to diminish tho
rates of insurance, and the passage of tho
new ordinance, with tho omission of tho scc-
tion to which we have heretofore drawn at
tention (which mforontially changes the lim
its of frame buildings and sheds), will render
Chicago a favorite for insurance risks among
all the cities in this country at low rates.
Wo are informed that there is no donbt the
now ordinance will bo passed, leaving the
Are limits co-cxtensivo with the city limits,
and prescribing now regulations for building
in the direction of greater safety. The only
opposition wo bear of comes from some of
the outlying wards, and from a class of
reckless and unthinking people who would
not hesitate to endanger the entire city for
the imaginary benefit of their particular sec
tions. We understand that a pressure is bo
ing brought to bear by such reckless persons
upon Aid. Keidy and Sommers of the Sixth
Ward, McDonald of the Eighth, Stout and
Maiui of tho Sixteenth, and Btan and
Eckhardt of tho Fifteenth, to oppose
the ordinance in the interest of these selfish,
thoughtless, and foolish classes. Wo hope,
however, that all will have tho interests of
tho city sufficiently at heart to resist this ab
surd pressure, and give the ordinance a unan
imous vote, that it may go out to tho world
that Chicago has taken every possible precau
tion against tho recurrence of great confla
grations.
EXTRAVAGANCE OF CITY OOVEBNMENrS.
We gave yesterday some of tho statistics
which have led to tho estimate that tho entire
local indebtedness of this country, including
Stato, county, and city, amounts to $1,331,-
070,517, or more than half os much as the en
tire national debt; and of this considerably
more than half is owed by tho cities alone.
Tho great balk of the national debt, it must
bo remembered, was contracted to pay tho
expenses of a long and costly war, bat the
local Governments have bad no such extraor
dinary demand upon them, and have accumu
lated this enormous indebtedness over and
above tho largo tax-levy for tho payment of
current expenses. The difference must also
bo contemplated from another point of view.
Daring the last five years tho national debt
bos been reduced over $300,000,000, and tho
national taxes have decreased $100,000,000.
During the same period tho county and
city debts have increased $430,000,000, and
tho tax-levy has increased to $295,000,000
in 1875. This increase in debt and taxes
has averaged $380,000,000 a year, or $1,900,-
000,000 in five years, or nearly as moch
os tho entire national debt. While the
custom has prevailed among politicians, pub
lic speakers, and newspapers to direct atten
tion to tbo extravagance of tho Notional Gov
ernment, the fact seems to be that It is the
only branch of our composite form of gov
ernment which furnishes a practical evidence
of economy, viz. : a redaction of tho debt
and at the same time a redaction of taxes.
There are two main causes of the startling
exhibit of local indebtedness in this country.
The prevailing practice for a term of years of
voting public moneys and lending the pub
lie credit to private enterprises, and especial
ly to railroads constructed on the Credit
Mobdicr plan, is the first of these. The
second is the ambition of all oar American
cities to provide local improvements far in
advance of their resources,—an ambition
which has boon heretofore unrestrained by
any limitation on the privilege of contracting
debts.
The local Governments of this country,
and particularly in the West and South, have
been plundered outrageously by adventurers
and speculators who have undertaken the
construction of railroads ostensibly for the
development of the country, but really for
individual profit at the public expense.
States, counties, cities, towns, townships,
and school-districts, have voted in the aggre
gate millions upon millions of dollars to en
terprises which individual capital would
not undertake. In many cases the money
has been voted outright; in others
there have been municipal and county
subscriptions to stock; in still others the
payment of bonds has been guaranteed. The
result has been materially the same in all
cases. Whatever form the subscription has
taken, the money has always been absorbed
by the construction companies, and tho en
terprises havo proved unprofitable. In other
words, nearly nil of these investments have
been a dead loss; and, ns tho money wai
usually raised .by an issue of bonds, tho local
debts have been increased to the amount of
tho aggregate subscription to railroad and
other individual schemes. Fortunately, many
of tho States, following tho example of Illi
nois, have adopted a constitutional prohibition
of tho loaning of tho public credit, and it is
hoped that all tho Slates will do so ns rapidly
as changes in their Constitutions are made.
Tho expenditures for local improvements
havo boon of tho moat reckless and extrava
gant nature. They havo been encouraged
and increased by the absence of any limita
tion upon municipal indebtedness. Illinois
in 1871, following the ''tarn* ’o of lowa, fixed
a constitutional limitation of 5 per cent upon
tbo taxable valuation of tho property, and
some other Slates havo sinco done the same
thing. But this limitation really admits of
debts amounting to 10 per cent of tho valua
tion, since both city and county may con
tract debts to tbo amount of 5 per cent each.
In the majority of tho States, however, there
has been no limitation whatever, and the li
cense has been a constant temptation to of
fice-holders and amply improved by the con
tractors and unscrupulous politicians. Not
only have tho local improvements advanced
nl a rate not justified by the resources of Uio
city, but tho absence of all restriction has
given full scope for plunder. The only way
to check it is by imposing the constitutional
limitation already existing in this and a few
other Stfttos.
Another reason for tho rapid increase of
taxation, notwithstanding tho vast sums of
money borrowed, is tbo high rate of interest
which American cities are paying. This
ranges all tho woy from 7 to 10 per cent,—
rarely lower than tho former figure, and fre
quently os high (especially in Southern cities)
as tho latter. The absence of all restriction
baa likewise boon the cause of tho exorbitant
interest which is paid. Tho tax-eaters havo
boon willing to borrow at any figure so long
as they could raise tho money required to
cany out tho schemes for improvement to
which their individual profits woro incidental.
On tho other hand, capitalists havo only been
induced to loan whore tho privilege of bor
rowing is unrestricted by tho offer of high
rotes of interest. Tho constitutional limita
tion alono can counteract both these tenden
cies, and place city debts nt as low a rote of
interest as public securities ought to com
mand.
Tho remedy for the extravagance which
bos led to tho enormous load of local indebt
edness in this country is in tho hands of tlio
people, and there alone. The indifference of
tax-payors to local political matters is mainly
responsible for it, and a revival of interest
alone can overcome it. Such a revival can*
not bo postponed, however, very long with
out rendering repudiation imminent, and
popular government for cities a failure.
Aside from tho constitutional protection sug
gested, the tax-payors alone can combat tho
extravagance, recklessness, and dishonesty
indicated by a local indebtedness of $1,831,-
970,517 by organizing their votes t and influ
ence to place tho administration of Jocol
affairs in the hands of honest and competent
men.
THE MASSACHUSETTS CAMPAIGN.
Tho sudden announcement that Chunncs
Francis Adams is among tho Bepubliean can
didates for Governor of Massachusetts be
fore tho forthcoming Convention, which
meets, wo believe, next Wednesday, loads
now interest to tho campaign of that State,
and gives tho first glimmer of hope that tho
Republicans of Massachusetts may recover
it from the control of the Democracy and
their allies, if their action in tho Convention
is marked by ordinary prudence and sagacity.
They have been very judicious in “ shunt
ing” Timor, the Prohibition candidate, off
the track. If now they follow up this ad
vantage by nominating Charles Francis
Adams, they can enter the field prepared to
dispute it with some show of success, and un
incumbered with tho predestination of de
feat which is pretty sure to overtake them if
either Bice or Lorino is nominated. Mr. Bice
is an excellent man, but ho is a Boston man
of tho cold, aristocratic sort, and it is believ
ed cannot carry the country. Dr. Lonixa is
a candidate who will, it is alleged, add 10,000
more to tho Democratic majority of Inst year.
Mr. Adams will go before tho Convention
in tho favorable position of a strong third on
the first ballot, with a powerful backing in
Control and Western Massachusetts, and two
of tbs ablest papers in tho State, tho Worces
ter Spy and Springfield Republican, in his
favor.* Tho Bice men know that Lorino
cannot be elected if bo is nominated, and
they are doubtful about their own man, bo
that Mr. Adams' prospects are good. Unless
the Contention is possessed of tho very
demon of destruction, and is bound to commit
political bari-kari, it will take advantage of
this condition of things to nominate him. By
bo doing, it will place in the field against
Gaston a man who has never truckled to
politicians, and will thus commend himself
to tho people ; a man whoso record Is un
spotted and whoso abilities are unquestioned;
a man who will not only command tho
straight Bepubliean vote, but will call bock
tho Liberal Bepublicans who wore driven
from the ranks last fall by tho Prohibition
nonsense, and may oven make some inroads
upon tho straight Democratic ticket; a man
who will do honor to ifaHsachunotts and
confer dignity upon tho office. This is tho
way tho Massachusetts campaign appears at
this distance. The average Illinois Bopub
lican will predict success to tho Bepubliean
ticket with Adams at its head. Likewise tho
average Illinois Democrat, under tho same
circumstances, will predict defeat to Gahto.s.
Tho Commissioner of Internal Ilevenae
lias given a remarkable decision, to tbo effect
that no person, firm, or corporation issuing
its own notes to bo used in circulation os
money is liable to the tax of 10 per cent,
that tax being only collectable of banks, per
sons, or corporations engaged in banking
business. Several municipal corporations,
including Mobile and SL Louis, have issued
“ more money,’ 1 and “ oboap money," in the
form of municipal currency, “secured by tbo
faith and resources of the city." The Com
missioner bos decided that such corporations
ore not taxable upon tbo currency they
issue as are other Stale institutions,
or persons engaged in hanking business.
The effect of this Is to authorize any munic
ipal corporation, railroad corporation, manu
facturing company, business firm, or any
other person, to Issue all the notes the public
con bo induced to take. It promises, if it
does not invite, an immediate and unlimited
issue of shinplosters in all parts of the coun
try. Tbo chances are that we will have
money so abundant and so cheap that every
man will have as much as he can carry. We
are nearer an inflation than was supposed.
'EM HER 24, 1875.
Tho only restriction upon this bnsU
noaa is tho law of Uio State. Wlior*
ever snch issues are not prohihitoil
hy State law anil Slate (’onutilnlionn,
every man eon ho his own hnnkur. 110 ran
employ labor, purchase materials, amt jiny
for it in his own money, and thus literally
realize tho condition of things described by
Nahuy as oxifltingat Confederate Cross-Roads,
where every man, including Uio municipal
authorities, Issues his own money. Lent any
person or corporation in this Slate should bo
inclined to go into this business of supplying
the people with money, wo quote for general
information Chap. :t3. Sec. 51, page 300,
Revised Statutes of Illinois, which roads ns
follows:
Whoever inuin* nr pa«»(id any nolo, bill, order, or
chock, oilier than foreign Mila of excbsnqo, (he notw
or Mil* of the United Htaloe, or of iom« bank Incorpo
rated by tho laws of thin State, or of the United SUtoe,
or of icmo ono of tho United Btitpe, or by the Uvw of
either of the UrUlah Province* In North America, with
Hjn Intent that tho Mtue shall bo circulated »a cur
rency, ahall be lined not leu than 1100 nor more than
SI,OOO for each offense, and shall not be permitted to
collect any demand arising therefrom.
Ambitions “money-manufacturers” in Illi
nois will havo fresh cause lolirait tbo restric
tions upon currency.
A PEACEFUL WGIO&T.
News comes from Washington that only
$28,000,000 of tbo now ft per cent bonds re
main in tho Treasury, All the rest of the
s’>oo,out),ooo issue has been subscribed for
and sold. Ere long, tho' insignificant rem
nant remaining will bo taken. Tho placing
of those bonds will then have enoblod the
Secretary of the Treasury to redeem on equal
nmount of tho 0 pur cents. Tho saving in
annual interest will amount to 1 per cent on
$.*>00,000,000, or $5,000,000. Tho people ore
freed from a yearly lax of this nmount. This
is a notable illustration of tho fact that hon
esty is tho best policy. Tbu law which on
filled tbo Secretary of tho Treasury to prac
tically fund tho G per cents In 5s by sell
ing tbo latter ond using the gold
thus got to redeem tbo fonnor wna
vigorously opposed by many Democratic
Congressmen. They argued that tbo country
ought to cheat its creditors by redeeming the
G per cents in greenbacks, then worth any
where from 85 to 88 cents on tbo dollar. But
this Republican measure has enabled ns to
keep perfect faith with oar creditors, and yet
save more money than wo would hove done
by paying tbo bonds in legal-tenders. For
the average time the now 5 per cents will
mn before payment will bo at least twenty
years, and tbo saving in interest, each year,
is 1 per cent on tbo whole amount. Tho
total saving, therefore, will bo 20 per cent, so
that Vo will practically redeem tho old 5-20
bonds at a cast of 80 per cent. If wo had
taken Democratic advice, and paid out
greenbacks instead of gold in exchange for
tho bonds, tbo cost wonld have boon
from 85 to 88 per cent instead of 80; wo
should havo broken a solemn pledge; and
our credit wonld bavo sunk so low that in
nil probability wo should not havo boon able
to negotiate a single bond in Europe for years
to come. Honesty has been tbo best policy.
Wo have established tho fact that oar Gov*
eminent can borrow millions of money at 5
per cent interest, and this foreshadows our
iKurowing at 44 and eventually at 4 per cent.
Only one thing can prevent this. European
capitalists are waiting for tho popular voice
to declare itself on tho currency question. If
Ohio is carried by tho rag-money men, and if
Pennsylvania voles in the same way, it will
not bo easy for us to negotiate another 8, or
oven a new G, per cent bond abroad. But if
the votes of these States are trumpet-tongned
for honest money, and if they And an echo
throughout tho country, we can confidently
issue 4.}, if not 4, per cent bonds and place
them on tho market at par. When we sell
tho 4 per cents at par, our credit will bo very
nearly os good os that of England. Her
8 per cents are quoted at 02 and 08. If our
4 per cents are sold at 100, we shall borrow
money almost ns cheaply as it is borrowed
across tho Atlantic. Funding the old Gs in
tho new 8s is a great stop towards this
end. It is one of tho most striking successes
of Bepubliean rule.
THE ABSTRACT JOB.
The tax-payer* of Chicago could not hove
bad a more timely illustration of tbo benefits
of an organization liko the Citizens’ Associa
tion than is afforded by the injunction which
President llcaVeioii has sued opt against the
payment of $45,000 for the abstract-books.
Hud there been no such association in exist
ence, the money wonld have been promptly
paid over and divided, and the tax-payers
would have hod no remedy. "What is every
body’s business is nobody's business, and
individual tax-payers ore rarely found to take
upon themselves tbo cost, trouble, and an.
noyance of combating official misappropria
tions in the courts. Hat the suggestion in
Tnc TnnuwE, that this abstract purchase
should bo subjected to a judicial investiga
tion, was immediately adopted by tbo Citi
zens' Association, and their suit may result
in the saving of $45,000 to tbo county.
Tbo general objection to the purchase of
these books is tbo belief that they ore of no
practical value to tbo county at large or to
individual property-owners. The Association
intimates tbo belief their sale is probably tbo
result of a corrupt bargain to obtain a largo
amount of the public moneys without a fair
consideration. Tbo technical objections are
that the County Hoard is restricted in the
purchase of abstract-books by State laws, and
that the laws were in no wise complied with
in the late purchase. There are two laws on
the subject, one of which relates to the pur
chose of copies, indices, or abstracts of
records which have been destroyed, and the
other to the making of abstractsof records in
existence. The former law cannot apply, for
tbo books which have been purchased are
not and do hot purport to bo indices of
records which were destroyed before
the fire, If they were sb in whole or
in part, they have not been subjected
to the inspection of the Circuit and ‘Superior
Judges, nor has the sale been approved by
them, os required by the law. The only
other law relating to the matter authorizes
tbo County Board to procure to be made an
abstract-book from the records in the Re
corder’s office, whore such book has not been
kept prior to the taking effect of the law. Of
the 298 volumes purchased by the Coanty
Hoard, only eighty-six volumes comply with
the provisions of the law authorizing the
Hoard to procure kooks to bo made. It cer
tainly was not the intention of the Legisla
ture to give County Hoards full scope to
follow their own inclination and judgment
in the purchase of abstract-books; had this
been the case, no law would have been
passed restricting their powers. If, then,
the Cook County Hoard have failed to comply
with the laws especially enacted to cover the
case, the purchase is unlawful, and the in
junction against the payment of the money
will probably be made perpetual.
This case should serve to bring the efficien
cy of the 01112000' Association clearly before
Iho lax-payors, And tench thorn Iho Impor
tance of snstaining the organization both
by tboir good will and flub* inouoy. Tho
work of tho Association cannot bo properly
prosecuted without funds; Iho bringing of
suits, tho paying of nUornoys’ fees, thn gath
ering of evidence, the exposure of frauds,
and tho pursuit of' nfllciid scoundrels, require
both tinio and money. Tho officers of tho
Association give both, and certainly Iho
heavy tax-payors can afford to give a fair
proportion of ono when application is made
to them. Thoro is no doubt that (hoy will make
a saving in tho long run of SIOO for every dollar
they contribute ; for not only will the pay
ment of money on fraudulent purchases bo
slopped, but tho influence of tho Association
will bo beneficial to official and public morals,
and its very oxintcnco will diminish official
rascality and prevent many a public steal.
THE COTTOH CSOP OF 1875.
The cotton year begins on the first day of
September. Wo havo received from Hr.
Hehteu, tho Secretary of the National Cotton
Exchange, a circular giving tho detailed ac
count of tho cotton crop of tbo United States
for tho year 1874-'5. This year bognn Sept.
1,1874. From this report wo learn tho fol
lowing facts:
Whole cotton crop....
Exported
Taken by ilomeailc spionnrt,
Stock on hind Sept. I, ’73..,
Stuck on hand Sojit. 1, *74...
■ Tho woiglit of tho bales ranged from fi(G
to 502 pounds a bale, —tho general average
boing 408 pounds por bale. Tho aggregate
weight of tho crop of tho yoar was 1,71)0,522,-
Gs(> pounds.
Tho total crop of Sea Island cotton was
1G,C87 bales of 1140 pounds each, aggregating
5,7711,702.
The crop was produced in the following
Stales in the quantities named:
A'o. Avtrwjt
bald, vtiahU, pound*.
inW,4M 4Vi 440,05 l.hCl
aCH/JIB o>/J 1H4,838,000
320,12‘J 408 159,709,388
I<OMUtftos.
Texas
Alabama,
Florida 37^4117)
Oeorgla ... 67«\0HIV 471 488.433,590
South Carolina 4a , .),6!Wj *
Virginia 41V041 .. n mnnyA
North Carolina 101,101 f 4 0 {81,311,2..0
Tftnnoflaco. etc 679,770 470 368,281,000
Boa Island lti,CH7 ai« 8,773,702
Total ~~
4HB 1,700,623,650
.2,827,016
Tho largest crop wad in Louisiana, which
was equal to one-fourth of tho whole•
Georgia, Tennessee, South Carolina, Vir
ginia, Texan, and Alabama following in their
order named. The Sea Inland cotton wo*
produced in Florida, Georgia, ond a email
quantity in Texas.
The consumption of this cotton is given as
follows:
Total crop, United Slate*. 187*-*7S 3,837,046
Stocks at ports commencement year 131,011
Total supply 3,951,850
Exported during year:
To foreign port* 2,674.418
Hint to Canada a,.»;»
llunit 2,133
Stock Sept 1, 1870 71,413—3,751,383
Takings of spinner* In United Stales.,.. 1,300,473
Taken by spinners In Southern States 120,613
. Total takings by Northern spinners 1,070,860
The Son Francisco Chronicle notices the
fact that for the first time since 1812 1 the
Congress of the United States of Mexico com
menced its session on tho IGth lust, with two
Houses, —a Senate and a House of Representa
tives. A majority of tho State Legislatures
have approved the Constitutional Amend
ments to this effect, and tho various elections
passed off quietly, Tho Cougreaa as now
constituted is closely modeled after that of
the United States —tho main difference being
that it will hold two ordinary sessions each
year, the first from tho 10th of September to
the 15th of December, and tho second from
tho Ist of April to tho last day of May. If
the Mexicans have os decided a mania for
law-making as tho Americans, tbty will be
overran with statutes iu a very short time.
Tho Vienna correspondent of tho London
Times, in alluding to tho relative strength of
tho Mahommedaus and Christians in Bosnia
and Herzegovina, contributes tho first relia
ble data which hove yet boon furnished on
tills point. Ho aliowS that by tho church
registers of the different Christian communi
ties and tho conscription rolls of tho Mahom
raedan population, thoro are 1115,000 Catho
lics in Bosnia and 48,000 in Herzegovina, or
183,000 in all; thoro are 400,000 belonging to
tho Eastern Church in Bosnia and 75,000 in
Herzegovina,—that is, 535,000 in all; whilo
there aro33o,OOOMahommcdansinßoHuiaaud
00,000 in Herzegovina, or 300,000 in all. Tho
Mahommodan population, therefore, is UlUo
loss than four to olovon to tho Christian pop
ulation,
Personal journalism of late has been consid
erably exemplified in tho conduct of certain
American newspapers, but thoro Is a paper
printed at Port au Prince, Ilayti, which has car
ried the art to tho highest stage of perfection.
Tho editor is also a storekeeper, aad this is tho
manner in which he makes Liu newspaper con
duce to tho iutorests of his store:
Ei.Doputy, O. A. S,. of Coral], la requested to ray
mo the fow hundred dollars be owes me since IsrtH.
Mr. I. U., of I’atit Qoave, la requested to settle for Uiu
S7OO Us bsi to my credit. Mr, M., of tho Capo, will
please tell me if 1 ought to lose tho $3,000 I pud film
for his houso of Mourne a-TutT, besides the lawyers'
fees. Their mines shall all appear In full within
fifteen days unless they settle their accounts, and
there ahull also bo given tho Initials of other tardy
payers, ami amounts duo for subscriptions to be
Peutiie, and the names of men owing me lIS.OOO fur
goods.
Huch a paper ’as that onght to make things
lively in Ilayti, whether It over lias nows or not.
Tho New York Times, speaking of tho forth
coming English opera season, says: “ Besides
tho noil-known operas sung in past seasons, sev
eral novelties are promisoi). Tims tho nonce of
performances at Booth's will bo entered upon
with tho production of Bbnbdict’s * Idly of Kll
larnoy,' which has never as yet been given in tho
United States." Tina announcement has also
been made by all tho other New York papers. It
contains, however, a very grave error. Tho
“Lily‘of Killarnoy " has been given before In
this country. It has been given in Chicago, al
though not In New York, and so have other
operas. The New York papers have before this
made the mistake of inferring that works have
not been done in this country because they bare
not been done in that city. There is quite a
stretch of ground outside of New York,—a fact
which the people end papers there do not seem
to appreciate.
Baron Diumweix, one of tho most distin
guished of English Judges, has said that In a
railroad caso no Jury can bo relied upon to return
a correct verdict. In fact, according to this high
authority, the Jury “almost always goes wrong”
in such a case. This Is one of many utterances
against tho absurd system of submitting every
question of fact mooted In a common-law court
to twelve men who are required by law to be
atupid instead of to 000 who is presumed to be
wise. The whole movement in favor of arbitra
tion court* nod tho eetablishmuut of such courts
by Boards of Trade and other aeml-publio organ
izations all over the country are simply a formal
protest against the expense, the delay, and the
gross injustice of the Jury-system.
The progress of Mr. Moody's revival work in
this country is evidently doomed to protest and
interruption. He baa commenced his campaign
at Northfield, Mass., and even in (hat quiet
little country village be has waked up an op
ponont, the Iter. Mr. a tint,
taritn clergyman, who decidedly objects to the
orthodoxy of which Mr. Moody professes to be
an exponent. This Indicates that tho rood will
not ho all tones. Fortunately, Mr. Mood* la of
that sort which delights in opposition. The
more ho is opposed, the harder ho will work. Be
thrives upon opposition, and, wore bo to maks
his own choice of a Hold in which to work, h»
would pick out ono whora tho opposition «oo!d
bo tho fiercest.
In the local report yesterday descrilrtog tbo
faituroof tbo parties who sold the abstract* ti
thn county to got their pay, on account of the
injunction, occurs tbo expression: “Ho (Mr,
PuLTZEn) at quito an early hour was limping
around tbo Coart-llonso building in search o|
his money," etc. The word “limping" would
certainly have boon stricken out by tho odttor If
ho hod aeon the report boforo it appeared h»
print. While it is calculated to wound Mr.
I’r.r.Tzcu'a toolings, wo eau assure him that it
was thoughtlessly written by tho reporter, and
wo rogrot its appearance in tbo paper.
We have another rtraw to show the my (a
which tho German vote to to bo east in IBVB.
Col. Fred lleckkr, who cannot bo accused of
any recent fondness for tho Republican party,
has boon writing some strong loiters againut the
rag-money Democrats of Ohio. It is mors evi
dent every day that tbo hard-moooy platform of
1876 is tho ouo upon which every Gorman vote
will stand.
.3 ( f!i7,HS
.2.874, US
.1,200,47:1
. 71,4111
. 121,011
Wo insert this morning tbo second article ol
"Investigator" on tho Financial Problem. It
contains tbo results of considerable reflection
ou tho naturo of money and Us value as com
pared with other property. But tbo writer has
not progressed far enough yet In the a develop
ment of his schoino of finance to enable us? to
seo where ho is coming out.
Tnn Tiumrra rrill pay liberally for fiyo copflei
of the paper of tbo Isaac of Feb. 19,1676. Ap*
ply at the business office.
OBITUARY.
BWNOR HONCONI.
Tile Journal de 81. Petersburg announces lbs
death of Signor Honconi, tho once eminent taiffo
basso, who is pleasantly familiar Man artiiilia
Chicago. Ho was one of the foremost of ijria
arllsta.of tho last generation, being at ono t lao
a groat singer and always a great actor, his
genius being equal both In tragedy and oomt dy,
while his versatility has never been equaled on
tho operatic stage. So decided was bis ability
that Donizetti wrote two operas iW
him, “ Tbe Elixir of Lovo," in whi th
bo created tho comic role of Dr. Dule. »•
morn, and 11 Marie di Rohan,” in which bo crem
ated tho tragic role of Enrico. Ho made his first
tour of America in 1853, making his debut i:x
April with immense success. In 1863 ho mad»
his second visit, and appeared in Ohioago twioo
that year; first, in February, in the com*
binalion Italian and German troupe with
Oazzanioa, Minnie Havok, Kate Youko,
llabelmann, lleusiannb, Bellini, and Ayr
tonucci, at which timo ho pl&yod Crispin)
and Lord AUcath in “Fra Diavolo”; an}
second in September, when ho added t»
these two roloa Figaro in “The Barber of So*
villo.” His third visit was with tho Lqccii
troupe in 1873, at which timo be added to th »
above roles those of Antonio In " Linds, *
Mcuctto in “ Bon Giovanni," and Dr. BartoU) In
“ Noaze dl Figaro," At that time, however,
with tho exception of his dramatic talent, be was
bat tbe shadow of bis formot self.
aonvxnNEtm kkmbij:.
Tho Now York Deraid of the 18th foil, an*
nonncoa tho death of Qodvkuneok Kimble it
bis homo at Cold Spring, on tho Hudson, an i
says:
Hl* death revive* (bo memory of that eotsrie r<
distinctively American author* and their eympatblzai*
of which Washington lavish mi the central flguia
and James Hodman Diuss and James K. PaUldin s
More loved and admired motnbor*. Mr. Kekbli wi*
a member of that coterie. Besides Interoitlng himself
In Utaraturo. ho alao took an active port in poblio af
fair*. When young in years bo was sppslnted Coord
to Cadiz, lu Spain, While In Spain he became Inter
ested In the process of gun-casting os practiced there,
and, baring learned Its details, introduced It into this
country. He first experimented at Cold Spring, and
tho ordnance ho produced being pronounced good, ha
started Uio foundry which Is now celebrated through
out tho world as tho Wcet point foundry. With that
Institution Ur. Kbuolx was associated the remainder
of bis life. From 1837 to 1841 Mr.XKjtsui was t>
member of Congress, and In 1840 ha was a member c4‘
the State Constitutional Convention. He was one cC
tho founders of the Century Club of this city. Ha
Keudlb was a brothor-ln-law of James K. Pauloing-
After a life of IK) years, kept bright by literary studies
and useful deeds, Ho departs, and, though but fuw of
his old friends now live, bo loaves many mourner*
among tho younger, who know of him mainly Ikon
the memories of his early years.
pnittCß JLDALBIET.
A cablo dispatch a do; or two slnoo announced
the death of Prince AnaxocaT-WituAK-Ocoßas*
Louis, undo of the present King of Bavaria.
Ho was born at Munich, July 19, 1828, and held
the rank of Lieutenant-General in tho Bart run
army, and was Colonel of the Second Begimeot
of Cuirassiers. • He was married, Aug. 25.183<l
to the Princess AMELU-PmupiNA-Pium, hr
fanta of Spain, by whom bo had four children.
Beyond these facts, namely, that ho was bote,
married, and died, aud waa a Prince, there is
nothing iu his life worthy of special commomo
ration.
EMILY OOULD.
The Homan correspondent of the Londot
Echo, writing on Sept. 3, records the death ol
Mrs. Emily Gould at Perugia, and says of her:
She was well known as tho foundress of tbe.lUlo
American school at Homo, which was flourishing unde*
her energetic direction. She was the first to introduce
the kindergarten system publicly Into this city, a •}*“
tom already practiced ou a small scalo in one or two
foreign residents’ families, Several bright, intelligent!
and civilized children bear witness to her excellent
training, although she was permitted but a few years is
carry on bar work. Thellov. Sousas it BobtCiuxU
was summoned from tipoleto to r*ad part of tho burial
ofilco over her remains which are to be sent to her ai*
Uve country, America,
PERSONAL,
Mr. W. 0. Lyman, of Now Tork, Is at tM
Gardner.
The Hon. J. Marshall, New Pork, is registered
at the Gardner.
Steinbergor is a small man, hat be ha* 12!
Mormons among his subjects.
Mr. A. F. Richardson, of the Davenport, I**
Democrat, is at the Gardner.
Bonner pays a good story-writer on the ledger
910,000 a year—or would if bo hod ono.
Ed Larne and R. Loellgor, from Havre, thi
port of Paris, are at the Grand Pacific.
Dr. Ernest Frlquel, a capitalist of
Franco, is a guest at the Grand Pacific.
A. B. Dennett and 8. Stephenson, of Uade
Barn’s itampers, are at tho Grand Pacific.
A ridiculous English tombstone marks tfce
little rostlog-placo of Methuselah Cony, aged J*
months.
A philosophical exchange says: “Noah pad*
died his own cauoe, and had no hier-arobiou
ambition."
President Grant and family, It Is
are on (heir way to* Colorado in a special cm
from Long Branch.,
Mrs. Lizzie Ebling is a lady aeronaut who r*
cently made ao ascent at Harrisburg,
out breaking her nock.
Dante’s house In Florence has been por o^* 9 *”
by the local authorities, and will be restored I*
the stylo of the fourteenth century.
Joaquin Miller Is in New York, clothed and*
bis right mind. His hair is abort, bis board kmf»
and bis toaunpr that of a stock-jobber.
Wearily goes the work, bnt MUs Anti* o ®*
nothing daunted, takes tbeatumpln
month, pleading for woman suffrage ag*®"
woman’s wishes.
Mr. noon,. Armstrong, of tbs InUr '°°
yesterday received a letter from his wife
gland, whom, with her five children, bo dee«*®°
seven years ago.
0. H. Taylor, Esq., of the Board of Trade,bei
returned homo from a lengthened riel* to E®*
ropo. While there be ecaled tho summit o»
Mont Blanc in the shortest lime on record* **