Chicago daily tribune. [volume], October 04, 1875, Page 4, Image 4

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which it Ift cent* a cony per year.
Bpecimen copira aecl free.
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Daily, deilrcrcd, Sunday Included..TO centa per week.
Addreea TlfK TIUDDNE COMI’ANY,
Corner Msdlinn and Dearborn-ata* Chicago, lit.
AMUSEMENTS.
WOOD’S MUSEUM—Mnnreo tlrrrl, between De«r
boro tod uuto, Afternoon, " £*st Lynne. 1 ’ Evening,
** L» TenUtlou.”
McVIcKER’S THEATIIK—M-ifUnnn street, between
Z>etrborn suit Slstc. •• Tint Kei of Ice.”
noOLEVS THEATRE— Randolph street, between
Clark ami LaSalle. Engagement of the California
Utuitrels,
ADELPHI TTlEATßE—Dearborn street, corner
Monroe. Variety performance.
ACADEMY OF MUSIC-lUUted street, between
Medium ami Monroe. Engagement of \Y, T. Melville,
* The Hlilugauu.”
INTER-STATE EXPOSITION—Lake shore, foot of
iilatui street.
PLYMOUTH OIIURCn-Lcetnro by James T.
Flelda. Subject s *' Longfellow."
BUSINESS NOTICES.
WTLROR’S COD UVRR OfL AND I.TME-FF.R
--«on» who hare been tailing Cod Liver oil will b<» pl«*.wid
10 learn that Dr. \Mlbnr Ima mcccmlrd. fmm Ulrrctbm*
tf amoral prolomlonal aenilotncn. In combining the pun>
011 and lime in ruch a manner that it h t>Ka>.im t<> llio
taato, and u« effect* In lung cumplamta nru truly w.m'lrr
ml. Vary many pnranna mluho canea w*ro pronounced
lopeleaa, ami who tia l taken ih« elo.tr nil l«r a long time
vlibuut marked effect, havo been emlroly cured by nilmj
•hit preparation. Iloauruanil »<*( tho aoumno. .Menu
actntod bj A. 11. WILUUK, Cuvtnltt, tiuiluti. Sold by
tUdrogglau.
NATURE RECEIVER THE CREDIT OF HAVING
levoloned many uiQublio completion* which, iu roaliiy,
ire dll’ aololy to Lilnt'a Bloom ol Youth.
(,iro* which become radiant under Ha operation
arc up il huro derived tbclr now lovi'llneta Irmn a
happy c.iani(« In tho physical condition of tho party beau*
lined. Sold by all drngglaU.
STJje tribune.
Monday Morning, October 4, 1875.
At tho New York Gold Exchange, on Satur
day, greenbacks opened at and closed at
Tho causes which impelled Mr. Wade, tho
British Minister, to threaten to pack his offi
cial grip-sack and got out of Chinn have been
rendered inoperative by tho Celestial Govern
mont, and immediate war between Groat
Britain and Chinn is not considered possible.
An affecting episode is chronicled (his
morning of a meeting of whisky-men in San
Francisco whereat the idea of tho existence
of a ring on tho Pacific Coast was scouted,
and tho continuance in office of public ser
vants officially decapitated not long ago was
lugubriously prayed for, tho whisky-raon
unanimously staking their honor upon tho
severe probity of the men who have hitherto
sat in tho receipt of customs, ct uUra , in San
Francisco.
A notable event, and, ns we believe, one by
no means gratifying to church people gener
ally In this city, was the farewell sermon of
the Ilov. Dr. H. W. Thomas, preached to his
congregation of the First Methodist Church
last evening. Chicago, with all her fine ar
ray of pulpit talent, could ill-nllord to lose
Dr. Thomas, and tho church whoso gain this
loss shall prove to bo can thank the Meth
odist system of itinerancy for a piece of gen
uine good luck.
Tho news comes that & largo parly of
Spaniards in Cuba arc moving actively for
peace at almost any price. Among tho rep
resentations which they make to the Homo
Government ore tho facts that 100,000 men
hove for many years, at on enormous outlay
of money, boon combating less than 6,000 in
surgents, and that, although tho death-roll of
the Spanish army in Cuba contains 18,000
names, tho cuds for which those lives have
boon sacrificed are more remold than at the
Inception of hostilities.
Yesterday had been appointed by the
Catholics of Toronto as tho closing day of a
series of religious observances commemora
tive of events inimical to tho interests and
opinions of Orangemen ond Young Britons.
It had boon apprehended that tho port of
these observances consisting in Jubilant jour
noyinga from church to church would elicit
violent and contumelious demonstrations
from certain of the populace, aud
those approprohonsions were verified.
As tho procession moved it was
greeted with volleys of atones and eorao
pistol-firing at every corner. A number of
people wore killed, ond many wore wounded,
the faithful and courageous police of tho city
being reckoned most numerously among tho
latter, but tho ottendonco on a parallel street
of a largo body of troops curbed the rabble,
and did much to minimize tho deplorable re
mits of a disgraceful exhibition of ignorant
Intolerance.
The recent action of the Board of Educo-
Uon in rescinding tho regulation requiring
the reading of the Bibio in tho public schools
of Chicago bas provoked not a little contro
versy tbrou gh the columns of the press ; ami
yesterday notice was taken of the subject in
st least tv f 0 of the pulpit* in this city. It
will pro! jubly excite surprise upon the part of
those w’no hove so bitterly condemned the
exclusi on of Bible reading from the schools
to fin d that their alarm and apprehension ore
not shared by the Protestant clergy. From
the sermons of the Rev. O. L. Thompson,
Presbyterian, and the Rev. Dr. Fallows,
F.eformed Episcopal, which are given
elsewhere, will bo seen that no victory of Ro
manism or any other ism is perceived os tho
motive or the outcome of this settlement of
the Bible question in the Chicago schools.
Fault is found as to the off-hand, careless
manner in which the solemn subject was dis
posed of by tho Board of Education, but the
conviction is none the less firm that Protes
tantism has not received a deadly thrust, and
that the Bible will lake care of itself.
The Chicago produce markets were irregu
i*r on Saturday. Mess pork was active and
tlronger, closing at at $22.30@22.85 for Oc
tober, and $10.87J@19.40 seller the year.
Lard was in fair demand, but 10c per 100 Its
lower, closing at $13.49013.50 cash, and
112.32j@12.33 seller the year. Moats were
quiet and per lb higher, at BJ@‘Jjo for
shoulders, 13J@13Jo for short ribs, and
13go for short clears. Lake freights were
lew active and unchanged, at l|@2o for corn
to Buffalo, Uighwiues were dull and un
changed, at $1.19 per gallon. Floy* was in
better demand and Arm. 'Wheat was loss
active and declined 2}o on options, closing
at Si.l 2 cash, and $1.09} Poller October.
Corn was active and irregular, closing nt 66j}o
cash, and 60,' c for November. Oats active
ami iflr' j'c lower, closing at 32]0 for October,
and :il *c for November, llyo was active and
(Inn, at 72c. Uarley was nctivo and 2G»Jto
lower, closing at 0t»|o for October, and !>7o
for November. Hogs were in fairly active
demand, and bacon grades were steady.
Heavy weights declined 6c, and closed easy.
Rales were at $8.00@9.00 for common to
choice. Cattle were inactive and weak.
Sheep ruled steady, at One hun
dred dollars in gold would buy $117.12}
in greenbacks nt the close.
.913.00
I..1(1
a.no
2U.UO
Tho success of The Tribune In calling
forth so general on expression of views ami
experiences on tho subject of matrimony hns
been tho occasion of another success—that
of tho Rev. Robert Collyer, who yesterday
afternoon opened the season for tho Sunday-
Afternoon Lecture Society, and attracted to
McCormick Hall a crowd larger than the
great auditorium could contain. But those
who were to gain admittance, and
those who did not try, will bo consoled in
the opportunity of reading Mr. Collxers
lecture, which wo publish iu full this morn
ing. This celebrated preacher and lecturer
has rarely struck a happier vein than
that which characterizes his treatment of tho
interesting topic which yesterday formed his
theme, lie is not much disturbed about tho
prospect of a hitch in tho general system of
matrimonial economy; “tho stout old habit
of our race ” will take care of that when the
right match comes along; but ho confesses to
feeling anxious about “staying married and
making of this sacred deed ought to
make of it," and in this connection lie urges
that young men shall bo “ wholesome clean
through," and that young women shall train
themselves to the purest and strictest woman
hood.
THE DIVIDED DEMOCRACY.
No mau can longer question that tho divis
ion of tho Democratic party on tho currency
question is a fixed ono and cannot bo com
promised. Tbo lino of division is moro close
ly drawn every day. At present it is con
fined to mutual defiances hurled from Ohio
to Now York, and from New York bock to
Ohio. In Ohio the Democratic papers abuse
Thurman and tho hard-money Democrats
equally with tho Republicans. In New York
tho Ohio Democrats nro abused in like man
ner. This, at present, harmless worfaro will
reach a climax in n few weeks. Tho ox
plosion will follow the Ohio election. If Al
len bo defeated, then tho rag-money Demo
cratic parly will cease to exist, —will vanish
in very bad-smelling gas, and bo hoard of no
more, and tho Democratic porty os n whole
will turn to New York. But if Allen shall
bo elected iu Ohio, then, though it is notori
ous that ho was voted for by hard-money
men, tho victory will bo claimed
for inflation. Then tho Ohio Demo
crats, bold and defiant in their success,
will, with Allen nt their head, invade Penn
sylvania and New York with all tho eclat of
conquerors, and proclaim under tho very nose
of Gov. Tildes that the Democratic party is
for inflation. Allen has more than intimated
his purpose of taking tho stump in those
States after he shall have been elected in
Ohio.
Tho Ohio Democrats will not stop there.
Their policy will bo even more aggressive.
In Now York they will instantly organize n
paper-money party, at tho bond of which will
be Fernando Wood, and with this party
make war upon tho State ticket and upon
Tilden. There will bo a double purpose
accomplished by this. It will possibly defeat
tho election of tho Tilde# hard-money ticket
in New York, and it will be a Democratic or
ganization that will elect paper-money dele
gates to tho National Democratic Convention
in 1870, who will bo admitted, to the exclu
sion of tho Tildonitos. The Ohio faction
are fighting a game of life and death, and
are restrained by considerations that do not
begin and end in the success of the Ohio
leaders.
If Allen should be elected on tho 12th
of October, his success will be accepted by
the rank and file of tho party generally os
conclusive os to tho policy to be pursued. It
will give him control of the nominating con
ventions in 167 G. But there is no mistaking
tho fact that tho hard*money Democrats do
not propose to surrender their policy, oven if
the National Convention should so command.
These hard-money Democrats are numerous
enough in every Northern State, including
Ohio, to defeat any paper-money candidate ;
and that they will do so there can bo no
question. They may not unite with tho Re
publican party, but, should tho Republican
party not declare for hard money, it is more
than likely there will bo a coming
together of bard-monoy men of all
parties, determined to stand by the
national credit and honor and tho nation
al preservation, despite all the schemes of
politicians. Bo the result what it may, tho
hord-monoy Democrats of New York and of
tho Northern Slates will not vote to elect a
Democratic President nominated on a green
back-inflation platform. If they are defeated
within their party, they can defeat tho party
at the polls. The nature of tho division is
peculiar. It is not a matter that can bo com
promised. It docs not admit of an indefinite
declaration. It must bo one thing or tbo
other. It is regarded as a question involving
tho life of the Union—tho destruction of tho
Government. On that issue it will not be
difficult to rally men without reference to
their post political associations. Allegiance
to the country will triumph over allegiance to
l>Mty. _
Just at this time, nearly every daily paper
in Chicago contains three or four columns of
local political nows. A notable feature of
this daily budget, though it may have escaped
general notice, is that it is devoted almost ex
cluslvely to the people who are seeking office,
managing ward-meetings, laying out pri
maries, and otherwise preparing the way for
tax-eating. Would It not bo a good idea, as
well as a novel one, to begin to canvass tho
men who do not want office, and select candi
dates from that class? If the people who
vote and elect men to office without any per
sonal or selfish purpose would t&ko the same
amount of preliminary trouble, and insist
upon (be nomination of men who are not
candidates, there Is reason to believe that
public affairs would bo more honestly and
capably managed. All. other things be
ing equal, the man who does not
seek on office is to bo preferred for public
service over the man who Is willing to 44 bum "
fur it, and apeod money for it. There are
few men who will not sacrifice personal affairs
to some extent to toko public trusts, if (bo
pooplo insist upon It for tho public good t
but sqeh men do not court ward-meetings,
nor' peddle tickets and greenbacks at pri
maries, net gel into' the newspaper lists of
THE CHICAGO TRIBUNE: MONDAY. OCTOBER 4, 1875,
professional candidates, nor pander to con
ventions. The men who do this sort of work
show an anxiety that cannot reasonably bo
accounted for on the ground of devotion to
the public interest. Take as an instance the
case of Mr. Clough, who Ims served tho
county well and faithfully as Commissioner,
and who is positively disinclined to further
service in that capacity; ho is the kind of
man the people ought to nominate and elect
in spite of his personal opposition. A man
of tho same character could bo found for
every important otlico in Chicago and Cook
County by looking among the largo class of
those who are not seeking and do not wont
oQlcc.
UNFETTERED TRADE.
Freedom of trade, iu its simplest form,
means increased purchasing power for the
products of labor. Yon, the individual read*
or. can get more for what you produce if
trade is free than you cau now, when trade
is shackled. If you are making shoes, your
shoes will exchange for more commodities
than they do now. If you are earning wages
or a salary, the money you receive will enable
you to buy more than it will now. Iu other
words, every man's labor exchanges for more,
under free trade, than it docs under tho
burdens of so-called “protection." For, when
trade is free, ho cau buy in tbo cheapest
market. That is, ho can make the best pos
sible bargains. If A, an Englishman, is will
ing to soil him a calico dress for his wife
cheaper than 11, an American, will sell it,
ho buys of A and has part of the
price 11 asked to spend for some
thing else. Tho saving may bo great
enough to cover tho cost of a pair of shoes.
Tims ho gets, in the ono case, iu exchange
for a certain amount of money, tho price of a
certain amount of his labor, a dross for his
wife and a pair of shoes for himself. Iu the
other case, he gets, for tho same labor, only
tho dress. “ Protection " has deprived him
of o pair of shoes. This is bis net loss on tho
single transaction. Ho loses in the same way
on every transaction. If trade wore free, his
labor would bring him 50 percent more com
modities than it does now. Ho could earn os
much house-rent, food, clothing, etc., iu n
week ns he can now in ten days. What bo gets
by n year's labor now, bo could get by eight
months' labor if ho was not “ protected."
If this hypothetical “bo " is a former, ho
may have CO bushels of com to sell. Ho
could get for this 45 yards of cloth, if tho
tariff di 1 not prevent his buying imported
cloth at tho foreign price, plus tho cost of
transportation. Tho 45 yards would clothe
his wife and two daughters. But os matters
stand now, ho will get only 80 yards of cloth
for his 50 bushels of com. Then ono daugh
ter must go without a dress. How is she
“ protected ” ? Under free trade, 38$ bushels
of corn would buy dresses for wife and
daughter, and IGjj bushels would bo left to
buy tbo other dress. That is, ho would get
os much cloth for 83$ bushels as ho does
now for 50. If ho Is a fool, he may bo per
suaded that tho law which thus tricks him
out of IC$ bushels of com in this single bar
gain is a bonotlcial one. If ho is not a fool,
ho cannot bo so persuaded.
Tho average dork cams perhaps S9OO a
year. Ho buys with this S9OO worth of com
modities. If trade wero free, ho could buy
with it what would now cost him $1,850. His
loss by protection is $450 a year.
A common laborer may earn $450 a year.
If trade wore freo, ho could buy with this
sum what would now cost him $675. His
loss by high tariff is $295 a year.
These ore all plain and simple facts, bat
they make it plain ibat every man who ex
changes the products of his labor for other
commodities is a loser by the system of ultra
tariff now in force. Heal protection is found
in freedom of exchange.
DEMOCRATIC PttOHEY IN ALLEN'S TIME
Old William Allen, of Ohio, who is now
Advocating the iesuo of paper money by tho
roam, and advocating its compulsory circula
tion among tho people, was, when in tho
Senate, one of tho champions of hard money
and fierce denouncer of every form of paper
currency. He was the associate of Benton,
Silas Wniotrr, Buchanan, and tho whole
Democratic party, in hostility to every
form of paper money. Mr. Allen, having
greater long-power than any other man then
in Congress, was of course tho loudest in
tho denunciation of paper money as a crime
against law and tho people.
Tbo Cincinnati Commercial has unearthed a
report made to tbo Senate by Silas Wright
in 1636, Allen being then a member of tho
Senate. In 1835 there wos an immense spec
ulation in public lands. Everybody in tho
country was running a bank of somo kind
and issuing money at every cross roads. To
get rid of this money there was a groat de
mand for public lands, ond paper towns were
laid off in all parts of the Union. Even in
Chicago 44 inside lots" were commanding al
most as much money per front foot, payable
in red-dog and wild-cat, as in 1875. A result
of this was that tho Treasury of tho United
States received its revenue from lands in tho
notes of every imoginable form of banking
institutions, a large portion of them wholly
irresponsible. This led to tho famous specie
circular directing that tho land officers re
ceive nothing but gold and silver. This cut
off tbo publlo lands from tho grasp
of speculation by the holders of
this wretched currency, and a year
later this currency all perished,—no
body consenting to take it. The Whigs, tak
ing advantage of tho panio, declared that tho
country was suffering for currency, and Mr.
Olat offered a resolution requiring tho Gov
ernment to receive paper money in payment
of revenue and of &U debts duo the Govern
ment Then William Allen lifted up his
voice and sounded an alarm. Then it was
(he fog-horn was hoard announcing the dan
ger that was at hand. Then the somo Will
iam Allen was heard all over the land insist
ing that (here was but ono lawful money,—
the 41 people’s money,"—gold and silver coin.
Clat's resolution was referred to a com
milteo which, through Silas Wmoirr, reported
adversely. Then William Allen was heard
again demanding that tho report bo printed
by the thousand and distributed among tbo
people. We giro somo of (he 44 living truth"
of Democracy which William Allen then
franked voluminously to tbo people of Ohio.
Tho report soldi
1& tbo firai piece, to aicbiilt* currency of Any cbir-
Acter b&i i nveemry Umliocy to link (he vile* of ib»t
curreaey when compArod wlib tbo velue of mArkaubU
property for which it U exebA&ged. Hence tbs Iqtatla
ble oomiooi riot, in iheiOArkat, of property of ili de-
Knptlo&A wblcb ie open to a im market, wtatn tb*t
which 1» lued At money U ebundxnt And cbttpt And
one of the ilroosMt AvldeacM ibtl oar piper currency
wii excculvs during tl* yetn IsU And 1894 U found
in the ftot tbti prlota cootUntly Advene*!, Although
ili* tuppUtA in (Jttoat every depArtmeat of tndt And
production were unutUAlly AbundAnt, And no eitrAor
di&try demtud waa known to axlaL
1 fipMulAtioot were cxctulvo in Almoet every brunch
ol tr*d» And evtry ditcrlpUon of property, but tnotl
ao, And of tutloi.tfut contlnuAnce, in iLe public Unde.
Why waa thti mt Ctucly beoAUM as eat pupae cat
' H*> e y tame Abundant, it began mots cheep,
And while ever/ ethet dosrtpttoa cl property sd<
vnnrod In prlco. lo a ratio nearly equal to the depres
sion in valueof tho currency which paid for it, the
market value uf the public linds remained tho sstno,
«n»l Ihe name amount of the cheapened «iirrency would
purchase tho same quantity of tho land*.
Though this was written in 1888, it as
aptly describe* the circumstances preceding
the panic of 1878 ns well as if written to
day. The report, after thoroughly reviewing
tho legislation of Congress from ! 781* down,
held that It established coin to be exclusively
tho money of the Treasury. Tho Committee
then laid down tho doctrine of tho Constitu
tion on tho subject of money, sayings
Tho Constitution gives (o Congress tho power to
“coin money, regulate the value thereof, and of for
eign coin ami the two acta ml rtftrml to are aa
exercise of that power; the latter providing for coin
ing money by menus of n mint of the United Slates,
and regulating the value of the money io to bo coined;
nod tho former regulating tho value of foreign col*.
This power is exclusive In Congress, aa tho Const!’
tntion of tho United Stales expressly prohibits tbo
States from coining money. What, then, 1s “tbo
money of the United States” hero Intended 7 In the
opinion of the Committee It la the coin of the United
States; Ibe product of tho mint of the United States;
the money coined by tbo authority of Congress. In
this opinion they do not suppose it possible they can
be mistaken. Tho construction seems to them 100
dear to admit of argument or question.
Impelling tho idea that a refusal to pass
this resolution would bo construed os an oct
of hostility to banks, tho roport said :
What ts required at tho hands of Congress to rebut
this unfounded presumption of hostility? To make
thcuotesof the eight or nine hundred banks of the
country a legal-tender so fast aa those banks shall re
sumo specie payment I Sweeping remedy, truly, for
an imaginary disease. Tho Congress of Ibe United
States is ueked to change tts whole policy; to absmlon
tho hope of extending uud rendering stable and Arm a
specie basis for the currency «f the country; to throw
away the occasion now odered, when coin Is slowing
into our ports; and to adopt and legalize bank paper
as the standard of currency for the National Treasury;
and for what 7 Simply to rebut the suspldou that the
Government Is hostile to tho banks.
Tho theory of a paper currency mode a
loyal-tender is thus stamped out:
la U tieaJtable tor any purpoao that % wider circula
tion should bo given lo tho uoUs of thcao apodc-pay
lug banks by Ibo action of thin Government 7 That
they should bo made a legal-tender In ilio payment of
debt* lo the United Status in all part* of the Union 7
The Committee thinks this Is not desirable, and would
not be useful to the banks themselves ; and Iboy are
certain it would bo eminently hazardous to tbo Treas
ury to give them that currency. It would almost cer
tainly lead again to dangurou* expansions on the part
of tbo banks, and to a repetition of tbe present scenes
of revulsion, contraction, and depression ; and vero
Uoae scones again to bo repealed, and under such a
law, tbe Government might not escape as It has lately
done.
In every respect In which the Committee bare been
able to daw this subject, they see nothing but evil
likely to follow from tho passage of this part of tho
resolution—evil to the Treasury, evil to the currency
generally, and evil to tbe banks themselves.
Thus did tho venerable William preach
Democracy and bard money in tho days
when ho wrestled with Henby Clay, and
Tom Ewing, Senior, and Wedstko, and tho
“ British Whigs," who wanted to deprive the
pcoplo of their constitutional money,—
gold and silver, —and rob them of their labor
and their property, by forcing upon them ir
redeemable paper promiscs-to-pay. Old Mr.
Allen has fallen from grace ; ho is now trav
eling all over tho State of Ohio repeating
Heniit Clay’s old speeches in favor of mak
ing paper money a legal-tender for Govern
ment dues, to the exclusion of tho people’s
money,—tho honest, incorruptible hard cash.
BRITISH PANICS AND INFLATION.
A writer in tho Cincinnati Commercial has
restated in an interesting form tho story of
commercial panics in Great Britain within
the current century, and traced their
connection with inflation. Tho lesson which
tbo history of these panics teaches is, that
they ore the outgrowth, not of contraction,
as many still suppose, but of inflation. Un
der the general term of inflation is to be in
cluded not merely an Increased issue of paper
currency, but expansion of credit in some
form or other. This inflation may come
from a dilution of Government currency
which is not redeemed in specie on demand,
or on overissue of bank notes, or a disten
tion of individual credits which aggregate an
ottemptod transaction of business for beyond
tbo capital and resources of the people who
engage in it. Of course, tbo most exagger
ated and dangerous phase of inflation
is on overissue of irredeemable cur
rency which Is a forced legal
tender, for this involves a whole people and
affords nobody engaged in active business an
opportonity to protect himself. "Wo need no
more glaring instance of this than tho panic
of 1673, which occurred at a time when tho
clroalation of this kind of currency had
reached Its highest figure.
Beginning with the British panic of 1816,
wo find that it came on shortly otter tho
overthrow of Bonatabts, and that it was tho
direct result of an unwarranted expansion of
credits. Ono of tbo phases was tbo olroala
tioa of a depreciated paper currency. The
amount of paper money in circulation was
only half a million less than In 1614, whoa
tho demands were much larger, and it stood
at 17 cents below par. The amount and char
acter of this currency were each as
to promote speculations of all kinds,
which resulted in disappointments, and
finally produced general distress. The next
panic in Great Britain was in 1825-0, ond
was caused by tho postponement of specie
resumption ordered by Parliament In 1828.
The redemption of one-pound and two-pound
notes was suspended for eleven years, and
tho bankers put oat their paper almost with
out limit. A natural result was that money
rushed into stocks of goods, foreign loans,
mining stocks, etc. Tho crash was inevita
ble. Pint came tbo suspension of tbe pri
vate banks, which had mode an almost un
limited issue of notes. Then the panic ex
tended to commercial circles. There wore
1,100 bankruptcies in 1625 and 2,C00 in
1820. Credit was destroyed, confidence lost,
industry paralyzed, and salvation was only
found when Parliament provided for practical
resumption by tho withdrawal of tbo notes
of tbo smaller denomination and tbe substi
tution therefor of melallio currency.
Tho next panic in Great Britain really com
menced in 1630, and, like tho rest, was due
to tho expansion of credits, of which a Gov
ernment promise-to-psy is bat one form.
Joint-stock banks wore then a novelty, and
attracted unusual investments. Companies
of all kinds were started without stint for all
kinds of enterprises,—railroads, mining, man
ufacturing, eto. Stocks rose to an abnormal
figure, and the state of the country was ripe
for the shock to which the American panic of
1837 contributed, and showed the effects of
that shock immediately, Tbe connection
with suspended American houses was just
Urge enough to occasion tbe loss of confi
dence which first shows itself in the shape
of a panic, and afterwards in the general
prostration of all business. There was an
other and greater panic ten yean later,
whyn expansion of credits was mainly in
; the direction of railroad building and the
manipulation of railroad stocks. The
i frenzy of speculation pushed stocks far
1 beyond their highest value under any con
; tlngenoy, and led to Investment in enterprises
, I that ooold not fail to prove unprofitable.
- 1 Tsn yean UUr Still—in lU7-4hs penis tii
intimately connected with tlio straining of
bank credit*, find Lf.vi, in bifl history of
Itritißli commerce, traces the failures of that
year os “tho effect of a system of accept
ances and open credits, or from trading oti
fastidious credit, then largely prevalent.”
From 18.V5, when the French Credit Mobilior
system was first introduced into England
(i. c., tho limited liability of stockholders
and tho indorsement of the bills and bonds
for speculative enterprises), np to 18(50, there
wore 7,000 of those Joint-stock companies
organized in Great Urltaln, with a nominal
capital of 808.000,000 pounds sterling, or
more than sl,ooo,ooo,ooo,—double tho
amount of our entire national debt. Of
course, tho result was bankruptcy and n com
mercial panic.
When wo are told that a dilution of paper
money will bring prosperity, it is well to re
member that panics are uniformly produced
by an expansion of credit to an abnormal and
fictitious degree, and that there is no form of
credit so fictitious and dangerous os on Irre
deemable currency of an enforced logoi ten
der.
CONDITION OF LOUISIANA.
An official transcript of tho return* of the
lato census of Louisiana furnishes food for
mnoh serious reflection. Tho following aro
tho general results:
Acres of land Improved... ...1,310,877
Acres of land unimproved 0,4 r >ft,(/*0
Total population *57,030
Total whites 401,91 rt
Tota colored 43(1,nil
Indians and Chinese i,6l j
Natives of Called Stales... Pdl.lrJ*
Whites, able to read and write IWO.CIi
Colored, able lo read and write Vi,70.1
Whitts, unable to read and write 150,751*
Colored, unable to read and write... ;hi,(U7
Number of legal voters 18s,.HP
Births in 1674 3i.C7l
Colleges and schools fit
Bchcdars in attendance CO,OSI
It will bo seen that leas than one-fourth of
the lands of tho St&to aro under cultivation,
ond this discloses how rich and powerful tho
State may become when hor vacant lands are
occupied, and tho Stnto produces according
to hor capacity. The white population is in
a slight minority. Oulsido of Now Orleans
tho colored pcoplo exceed tho whites by
183.000. In Now Orleans tho whitos exceed
tho colored by 87,000. Outsido of Now Or
leans tho males aro in a majority of 14,000;
in Now Orleans tho females exceed tho moles
by 10,000.
Tho statistics upon tho ability to rend and
write aro exceedingly stupid. Tho figures
include persons of all ages,—tho infants as
well as tho adults, —and aro useless os indi
cating tho extent to which tho adults of
cither color aro able to rend and write. Tho
number of children of school age—G to 21
years—la put down at 283,700, or more than
one-third of tho whole population, but only
0G,C84. ore attending school. In some of tho
counties or parishes tho number of white
persons who can read nndwrito appears to be
very small. Out of a total white population
of 404,910, there &ro but 223,000 who can
read and write, and 104,000 of these reside in
New Orleans. Of tho blacks, only 42,000 can
read and write out of a total population of
450.000. Nearly ono-balf of those who con
road and write live in tho City of Now
Orleans.
Louisiana has had six months of peace.
Tho State has been in o condition of war over
since 1801, Tho close of tho Bobollion was
followed by yean* of domestic strife, mis
goremmont, and distress. She has lost ten
years’ time in tho work of regeneration and
recovery. With continued peace and sound,
liberal Government, tho State ought now
rapidly to improve. With tbo renewal of
industry, tho occupation of labor, and tho
increase of production, there ought to bo on
increase of population by migration. Tho
labor problem is, of course, a difficulty in
Louisiana as in other States, and will con*
tinno to be so until tho white population be
come laborers as well as employers; then,
and sot until then, will there bo any migra
tion to tho State. Tbe white men who may
go to Louisiana will not go there merely as
laborers competing with tho negroes
for wages. They will go there
as they have come to tho North
west, with their money, their skill, and
their strength. They will settle there, os
they have in the West, as proprietors and
owners of the soil which they will cultivate
themselves, and will tolerate no social or
political exclusion because they labor person
ally upon their own lands. When the whites
of Louisiana make up their minds to do tho
same, they will discover that tho labor prob
lem is not a difficult ono at all, but is natural
ly solved by each man going to work. Tho
owner, fanner, or planter who works him
self need never bo troubled for tho want of
labor.
THE LAW 07 ELECTIONS.
Tho Hon. Georoe W. McCiunr, a lawyer
of groat ability, for many years a member of
Congress from lowa, and for a long time
Chairman of tho Committee of Elections in
tho Hoaso of Representatives, has added to
Ids public services tho publication of “A
Treatise on tho American Law of Elections."
This contribution to political and legal litera
ture is a timely one.
Tho volume includes In a compact form all
the adjudications of the courts and other
tribunals of tho country touching cases of
elections involving the following points:
I. Tho qualifications of voters. 2. Tho
qualifications, duties, and powers of eleotion
officers. 8. The times, places, and manner
of bolding elections, and the notices thereof.
4. The prima facie right to an office.
6. Eligibility to office. 0. Practice and evi
dence in contested election cases. 7. Imper
fect ballots. 6. Violence and intimidation.
9. Fraud and illegal voting. 10. Prosecu
tions for violation of election laws.
11. Civil liability of election and registration
officers for a failure to discharge their duties,
Mr. MoOauir boa collected the decisions on
oil these questions as determined by the
courts and legislative tribunals, and bis book
is fairly said to contain the “ American law
of elections." In addition is given the vari
ous constitutional provisions on the subject
of elections, and also the laws of the United
States in relation to the elective franchise,
the election of Senators, election of Represent
atives, organization and meeting of Congress,
contested elections, and Presidential elections.
The work will be of value to the Bor, and
to all persons interested in the matter of
elections. The author gives as one reason for
its publication that a knowledge of the law
as determined by the courts will prevent liti
gation in the way of contests. It is a mis*
fortune that the officers who administer the
election laws ore to a great extent ignorant of
the law, and substitute their own uneducated
notions'and their prejudices for the statute.
The greater part of the legal oontroverales
over the results of elections are based upon
the errors and the znleoonduot of the election
officers. If the law of elections could be
mad* fiTnlib to the public, and especially to
election officers, there would be less corn*
plaint, at least from misconduct resulting
from ignorance. The easel of fraud are t a
bo reached by public opinion, 'which most
hold tbo election officer who commits tbo
frnurl to bo ns depraved no Iho pickpocket
nnd forger. This valuable book is published
by It. R. Oodkh, of Keokuk, nnd E. R.
Mteas, of Chicago.
THE DAY OF BHIKPLABTERB.
A correspondent of the Cinoiuunti Gazette
publishes iu that paper facsimiles of tbo cur
rency which wns issued to “supply tbo wauls
of trade" in the period between 1814 nnd
182.1 iu Kentucky aud tho Southwest. Thoro
woro banks la llmso days, but that was not
considered sufficient, nnd there wns n demand
for a greater volume of currency. Tho result
wns that each merchant, trader, singe com
pany, issued small notes. One of those notes
read thus:
CV. OasLlor of ttio Branch hank of Ilia
Commonwealth of Kentucky at Falmouth,
rayt«»;U, Obaveh or bearer, six and a
fourth ccuta,
Covimoton, July 10. B. W. Leathers.
Another specimen is q noto for 25 cents,
which rends as foilows :
3.1. 3.1.
Tills nolo for twcuty.Qvo cents will bo
paid In nntea of IheKtato of or Common
wraith Banks of Kcutucky, when the
amount of one dollar is presented at my
tan-yard, near Petersburg. Kentucky.
July 10, l»«.
OXOROS CORBEUDS.
One of ttio complaints made by tbo earlier
settlers of Illinois wns that they had to do
business in silver, while over in Kentucky
there was nn abundance of pnpor money;
nnd that tho prices obtained for goods in
paper money were greater than could be got
iu silver in Illinois. So tho demand was
made that it bank bo chartered, nnd tho Leg
islature of the Territory of Illinois actually
chartered a bank, located ntShawncotown, to
make money as plenty and ns cheap os it was
over in Kentucky. As soon as this bank got
its notes out, tho silver, of which there bad
boon a liberal supply, instantly disappeared.
Prices on tho Illinois side wont np to tho
shinplastcr standard ruling on the other side
of tho river.
It la hardly necessary to add that tbo end
was the inevitable ono in all cases of tbo issuo
of such paper money, Silver bccomo an un
known commodity. Every man who bod any
put it away, and did bis business in tbo shin
plasters. Holders of those In largo amounts
bought tbo farms or stock of tbeir neighbors,
paying largo prices therefor in sbinplasters.
Prices reached extraordinary figures, and
finally tboro was a crash. Shinplaslors had
ceased to bo czcbangoablo, and wore repu
diated, and ceased to circulate, and when
they had readied that point tbo silver reap
peared. In tbo meantime tho poorer portions
of tho community, who had sold thoir prop
erty nt enormous prices for paper, found
themselves destitute of property and of
money.
Notwithstanding this eovoro lesson, tho
people of Illinois somo years later insisted
again upon making money “ plenty and
cheap," and wont into tho manufacture of
paper money through a State bank with
branches, —tho bauk being a State institution.
Tbo intention was that tbo bank was to print
money with which to carry out tho vast sys
tem of internal improvements. Tbo somo
old story woe repeated. Tbo paper currency
depreciated; tbo State was overwhelmed in
debt; and oven now, in 1875, tbo State has
outstanding somo thousands of bonds, tbo
remnants of tbo debt of that day of inflation.
No wonder that tbo people of Illinois havo
fixed in their Constitution an irropenloblo pro
vision that tbo State should never again bo a
stockholder or otherwise responsible for the
debts of any banking corporation, and made
it a penal offense to issuo or circulate shin*
plasters.
THE BANK OF CALIFORNIA.
For years tbo whole business of the Pacific
Slopo bos been supposed to turn on tbo
Bank of California as a central pivot. It
was indeed a gigantic concern. It bad a
capital and surplus of $0,000,000; its do*
posits wore $12,000,000; its daily balances
wore close upon $4,000,000. It was interest*
ed in all manner of things,—from stage-linos
to mines, from farms to steamships, from
railroads to manufactories. It was the enter
tainer of all prominent strangers, the organ
izer of all prominent schemes, tbo indus
trial backbone of the Pacific Slope. It wonld
naturally bo supposed that the failure
of such an institution would bo like the de
struction of a foundation, and would so briug
the superstructure toppling to tho ground.
Bat nothing of tho sort camo to pass. When
Ralston had made away with $5,000,000 of
tho bank’s money—an amount nearly equal
to tho combined capital of tho four largest
banks of this city—payment was necessarily
suspended. Bat this failure involved none
others. Tho two banks which closed their
doors for a few days have reopened them.
Not a single mercantile house has failed; not
n single broker; not even a stock speculator.
Manufacturing has not boon interrupted.
Building has gone on witboat a day's
delay. Tho mines have been worked.
The mills have been ran. The savings
banks have not been ran upon. Wo
quote from a San Francisco paper
when wo say that 44 not one single mechanic
or laboring man has been thrown oat of em
ployment." Collections, thanks to a judi
cious and mutual forbearance, have been
made without difficulty; the court-dockets
bavo not been mode to groan under tbo
weight of new salts against old debtors; and
the 44 panic " has boon a more tempest in a
teapot, beginning and ending inside tho office
of the Bonk of California, and doing precious
little permanent damage there. This is a
marvelous story of commercial strength. la
1870, when one Eastern bank—a bank which
was not Interested in half as many schemes
os those planned by Ralston's mind and
pushed by tho money of the Bank of Califor
nia-failed, our great business houses fell like
houses of cords. Thowirea were overladen with
tho stories of failure, of assignments, of busi
ness wreck and ruin. This crash came
twenty-three months ago, bat we have not
yet recovered from our hurts. In California,
the wounds have been mere scratches, and
forty days have sufficed to heal them all.
Wo need not go for to find Ute reason for
this striking contrast. Eighteen centuries
ago, an inspired hand penned the parable of
the bouse that stood on tbo sand and the
house thot was built on a rook. Wo know
what happened when tbo rains fell, and the
winds blew, and the floods came. And so,
when a commercial cyclone sweeps over the
country, the business that is built up on
paper falls, and the business that rests on
solid gold stands the shook triumphantly.
Tba Cincinnati Comm*rcia\ aaama to ba
pleated with Tua Tnisoxi'a '‘dltatloa" ajrno
orm for Inflation; and Tua Thxdoxx la plaaaad
to bare pleated tbe Commercial. TUo Aral ef«
fact of a fardioi for dilution la Ohio, according
to tba Commercial, would ba contraction.
“Notea could not ba renewed lor ao Quay
dollara, with tba certainty before tha noteholder
that (ba rapid depreotatloo of tba dollar wm bm
a question of a abort time. Our statomtot to
this effect is called a threat, hut it la not a hit
more of a threat than to say throe (ittu n tbreo
aro nine."
That town in Minnesota which in aimnrnt ( ,f
enthusiasm took on tho name of “ Delano" | 9
thinking of applying to the Lopisliturn fortnr.
mission to change. People vbo nm fn ( ,h >,
enough to name their villages after living atnli x
men ought to bo made to stand the cotiecquoucvu.
PERSONAL.
Mabel Young’s mother is not mad,—only nd.
Antbony Trollopo was la Ban Francisco on tb 0
2Cth lost.
Prof. Qoldwln Smith was mailed, Sept, so, t<
Mrs. W. 11. Boullou.
Tbo lion. Thad G. Pound, of Wieconr.iu, h
registered at the Grand Pacific.
“0, mamma!” said tho joungrsl darl.nj
yesterday, “I tried to read, ami 1 tr«Ju.”
Capt. Mayno Reid Is writing a coni* mi*
novel, Tbo boys mayna' road it— prol>a.i> ml
not.
Capt. Cook has boon unanimously ro-nlrctu
by tho Yalo students to command tbo Umvcnuti
crow.
Gca. J, M. Hedrick, Chief of Internal I!> vo
nuo Service of lowa, is stopping at tho Gra.it
Pacific.
Tho residence of tho late Mr. Ralston. ik-m
San Francisco, is to bo used os mi u;
tbo Pslaco Holol.
Barnnm has boon sood by another showmu
n Cincinnati. Tho plaintiff Alleges lii>ol out
cinims $20,000.
Give Theodore Tilton a chance. That L
what tbo people In New Vol k wuo attend Li,
lectures are doing.
Tho Rev. P. 11. Mover, Prot ident of tho Stilt
Board of Charities, of Springbok!, is a guoao.
tho Grand Pacific.
Emory S. Foster, editor of the St. Lnuti
Evening Journal, one of the llocklord du-jlista
is a guest of the Tremont House.
Bret Harto’a nqvel is called “ Gabriel Cod*
roy.” It will follow Dr, Holland's i.erial la
Scribner's Monthly, and bo published sliuultace.
ously in Australia.
Scandal trials make strange bedfellows. Koi
wo have the elevated Now York 2'ribune pufllug
Jo Howard, tbo proclamation forger, and Lit
feeble little Star.
Tho Popo bos commanded Father Oalborry U
become Bishop of Hartford. Tbo Father do*
dined tho office twice \ and ho will bo a Bishop
In spite of himself. •
Aunio Louisa Cary bas achieved a great tri
umph as Axucena at tbo Imperial Oprra-Hous«
in Moscow. She was called before tho curuia
nice times tho first night.
Tho intelligent compositor who yoator.hj
transformed the sentence, “ Malingers ha\i
waxed rich and insolent,” loto “ Managers ban
waxed rich and Insolvent,* did a pretty gooi
day’s work.
Poor Dr. Porloous was hurled from “ Tot
Little Church Around tbo Corner, ” tho orthodoi
pastor of St. Anu’s-on-tbo-Heigbts refusing tt
officiate. Ho said Dr. Portooua had departed
from tho doctrines of tbo trno church.
Messrs. Jay Gould and Sidney Dillon, the rail
way magnates, arrived hero yesterday raornicj
in a special cor on tho Michigan Central Hail,
road. Id tho afternoon they left for Omaha vfi
tho Chicago <t Northwestern Ballroad.
Time does wortt changes. •' A Mr. Marsh
baa succeeded, at last, in making “ a Mr. Dela>
no ” out of tho former Secretary. Now we cat
mention them both appropriately in tbo persona
column. They are no longer politicians.
Peter Held bas asked tbo English mint to car
bim two coots, 000 of which shall have twi
beads and tbo other two tails. Ho wants then
for tossing. Tho pious people about Pctar’i
homo ought to call a meeting and toss him.
Somebody in Massachusetts claims to hart
discovered the original Mary, whose lamb fol
lowed her to school ono day, la tho person of is
old lady, now approaching tliroo-sooro and tea
WoTl.not believe It until she produces the lamb
It is said that Dr. Portooua, the clorgymai
who was drowned near New York last week,
might bavo been resuscitated bad not somi
official idiot forbidden tbo bystanders to toaefa
tbo corpse till it had been viewed by the
•• Crown er."
Mamma (to hor oldest ion)— "My dear
George, whore are your manners ? Vou should
always say 4 thank yon' when anything is baud*
od to yon." George— 44 Oh, bother having to
say thanks every time, ma I Can’t a fellow Lit*
a season ticket ? "—Current Item.
Billy Emerson makes SSOO per week in tbs
minstrel business, while poor Ralph Waldo, who
is ooly a philosopher, has an income of about
SSO. The Detroit Post ii disgusted at tbo dis
crimination. Now, in foot, Billy is sometimes a
bettor philosopher than Ralph Waldo,
A friend called on tho historian Ranke in Bor*
lin lately, and observed, 14 Well, Professor, I
suppose yon work as bard as over in your old
age?” 41 Yes,” replied the veteran, tenderly,
44 my wife is dead now, you see, and I bavo leas
annoyance, and can accomplish more.' 1
O. W. Smalley, tho Eaglisb-Azuorlcao. thinks
Mr. White’* views of England will change silk
time. The Standard has picked out sod pub
lished all tho English parts of Mr. White’s
article, leaving tbo impression that tho author is
a very un-American American, which is wholly
false.
Avict Agabeg, whom Miss Edith Wynne, the
actress, is to marry, is not an Englishman, M
on Armenian. Ho Is a graduate of Cambridge,
and a barrister of tho Inner Temple,—s nice
enough fellow, no donbt \ bat jast think of being
Mrs. Agabeg, when one might remain pretty
Edith Wynne.
Mrs. Albert Edward, Princess of Wales, wants
very much to go with hor husband to India
But Parliament has not provided for her, and
the Priooo does net seem to be very utibsppf
over the omission. He has plans for his Indisa
tour that can be as well carried oat without the
assistance of the Princess.
Dr. Holland, tho editor of ScHbntr's Monthly,
baa made a terrible /auz pat. lo ono artlc.e
this month be vigorously defends Hr. Berber,
and lo the very next be denounces tbe Jory-ss**
tem, sayings “After one baa picked out tus
three beat men on a jury, he baa a bettor Jurf
than in tbe nine which are loft." Perhaps!* l '
ton’* friends will claim that Lis ibrso man * ero
“ the better Jury.*'
" Turkey," aaya Ur, Jonee, undying tbo ntr
zegovlnlan question with bandages around u
bead, “ baa notlded tbe Servian OovernwsDt,
bee It ? I’m ictarl of tbit. Tbo B»rvi»w irt
muted 31,000 etrong i they ought to Uivour in.
Turkey. They’re encroaching on Croatia.
Prince Milan, wbo’e somehow got ont of W'Jj
transfers tbe seat of the Bkuptschlna. Do ‘
They must have been sampling the aoUioe r «u
Don't lei the children get this paper, Mm. J - *“
Graphic.
HOTKL A&nmu. of .
Pu/mer-Hotoe-Dr. Oeorga W. mnWa, » ” j
tuna ; A, 8. Araiy, Miaaourl V*U*r, 'v,, ~!.
Maaaay and wife, Dubuque 5 OUnUn Ad»mA
Ingtou, D. 0.} jio Utaarne. New York 5 ;
iTorlilanca. B.I.: M.E.Moar* u.
York t U. A. Dotfalf Allen, EJlwboth.N. J.! _
Wright, Doatoa; W. A. Uou ß hlon, • ou!>
Newcomb, Sanaa*; Oaorga w » * c «
ha. Nab!} W. D. Carulhar and *u*t c.
Zealand} Henry Qibhla, J*P* n » fl M udu-r,
Moulton, Au*Ua, Ttx.l Dr. H. ;
St. toaiM,..,.Grand U, AU*a» jLJj,* »ni
D. L. T. Durkod and who. raorlaj Mr*. J»y *,
Enßart, lowa} CoU J» 0. Neyaar. <u.
Smith, New York} ObarlMi F. flUaabury. «•»“
D. 0.; JP, B. MoCoy, Haw Orleaoa, U.! 'SSSrU
Ington, Boaton} A. Hammond and B. ■
How York} Thom** Draw, «• Uon! I.
Bocbaatar, N. Y... .XMrman i/ou*j~The (l>
Cook, Burling} , %Ms.? Ul *M oO vml( l^
Ely, New You:; U. Trench. Haw York;
United BUU* NaryJ M.S. iSJ A-W^
d. M. Thatcher, Waahington, D. 0. 1 the ft
tnond. Brooklyn, OoDO...,Trmen* y,
UlLrlop, H.w tork 1 a n. Wai.r, D.t« >
Kd»rd£ Boaton I W. t. M, ?SSSiS
rx£,*ra n*- ssftsz\ * f
Smith, Norwich, Owaw