Chicago daily tribune. [volume], December 10, 1875, Page 4, Image 4

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SOCltTt MEETINGS.
COVENANT LODGE, No. 030, A, F. k A. M.—Spe
cial rommunlrntinn tula (Friday) evening at 1:30
o'clo- k, at Corinthian Hall, 187 Klnzle-at., for work on
tho M. aJ, Decree. VUltiug brethren cordially invited.
By order of the W, M« WM. KElul, Due.
•ORIENTAL LODGE, No. 33, A. P. ami A. M.-HatJ,
132 L'iSalli'-et.—Special Cotmmmlcall m tbit (Friday}
evening at 7:30 o’clock, for work on the Third Degree.
Visitors cordially invited to meet with us. By order of
tha Master. r. N. TUCKER, Sec’y,
WASHINGTON* CHARTER, N'o. 4,1, R. A. if.—Spec
ial Cotivocatluu tbia (FrlJay) afternoon »ml evening at
S and 7: :o, for mirk on ibe U. A. iK-ffree. Vimtlng
Companions cordially Invite I. Ily onlnr of the 11. I*.
t£bc (Tljifaiitf Q-rilmne.
Friday Morning, December 10, 1875.
Greenbacks at tho New York Gold Ex
change yesterday opened at 87;) and closed at
a decline of a shade from that figure.
The Signal-Service manipulator at Wash
lon, undismayed by recent unfortunate pre
dictions, gives out that the inhabitants of tho
Upper Lake region may to-day look for 'clear
ing weather, with southwest winds and higher
temperature.
That is a significant dispatch which soys
that the Democrats mean to adjourn the 1
llodso over Monday in order to escape tho
expected deluge of bills, resolutions, etc., on
that day. They have evidently hoard of
Bridgeport Barney ami his bills.
Tho Senate yestordoy confirmed tho Presi
dent's appointments of Zicuaiuaii Chandler,
Secretary of tho Interior; Edwards Fierre
pont, Attomoy-Gonoral; John C. New, Treas
urer of the United States; and John Qczncy
Bantn, Commissioner of Indian Affairs.
It is Announced that Mr. Blaine early next
week will chum the attention of Congress in
a formal speech on tho questions of the cur
rency and finance. His views, of course, will
bo of the pronounced hard-money typo, and
he will pay bis respects to tho financial follies
and heresies of tho Democracy.
Tho cablo announces tho death at Dot
mold, Germany, yesterday, of Paul Fbedehio
Emil Leopold, Prince of Lippo-Dotmold. In
this Principality, it will be remembered, is
located tho colossal statue of HimMANN, re
cently erected in commemoration of bis de
struction of the Itoxnan legions under Vaeus.
Qor, In win, of Californio, in his inaugural
Message yesterday, urged that tho State en
deavor to bring about such a modification of
tho treaty between tho United States and
China ns will result in tho restriction of Chi
neso immigration. Ho also recommended
thal the Legislature demand a general re
sumption of specie payments at the earliest
possible moment.
In the list of Standing Committees an
nounced by tho Chairman of tho Board of
County Commissioners, tho Ring members
are found to have monopolised the important
Committees, with tho ( single exception of
Equalization of Taxes. The Finance, Public
Charities, Public Buildings, Hospitals, and
Public Service Committees are hopelessly
given over to tho Devil-Fish element. Tho
new Board and tho new Committees ore, if
possible, worse than their preclaoessora of last
year.
Tho Hon. John Quincy Smith, of Ohio,
tho nowly-oppointed Commissioner of Indian
Affaire, and who, it is understood, has accept
cd, is spoken of highly by those who know
him well os a man of ability and experience
In business affairs. Ho was a member of tho
Forty-lhinl Congress, was frequently elected
a member of tho Legislature of Isis State and
of the State Board of Equalization. He has
been noted for bis sterling integrity aud for
his open opposition to all corrupt nchemos.
Those are more fitting qualifications for head
of the Indian Bureau than those which
vocurod tho place to his predecessor.
Some correspondence has pas’ied be
tween Attorney-General Piebiieponi? and ex-
Benetor llesdkr&oh relatryo to itm alleged
attack by the latter upon the P resident in
the coarse of bis argument in the Avxbt
trial. Mr. FnaitEPONT very properly took
exceptions to the hrngusge reported to
have been used, and announced that the Do
paatment of Justice was not di aposed to pay
a lawyer for going out of bis way to moke
such an assault u’pon the President. Mr.
Henebsoh, who was retained by the Govern*
nient to assist District-Atton ley Dnm in the
prosecution of tbo St. Louis whisky-fraud
eases, flatly denied having used the diare
ipootful language ascribed ‘la him by the St.
Louis journals, and will ftwward a sworn
transcript 0 f wbot be actually did say. If be
suocee'jg jn showing that be was misnu ported,
*k*t'will probably end tbe matter.
Tbs Chicago produce markets were moder
ately steady yesterday. Mess pock was act*
Ive, and declined 250 perbrl, closing at $19.16
($19.17} cash and $19.99} for Pebi-uacy.
Lord was rather quiet and easier, closing at
$13.82} per 100 lbs cash and $12.60 for
February. Meats were active and firmer, at
7}c for shoulders, lOjo for abort ribs, and 10}o
for short clears, all boxed. Uighwiuca were
in fair demand and steady, at sl.ll'per
gallon. Floor was doll and unchanged.
Wheat was less active and irregular, closing
at t)9}o cash and SI.OO for January. Cora
waa quiet and stronger, doting at 4B£o for
Stetmbtr, and life (at January. .Oata ware
quiet and firm, closing nt Onj|c cash and ao}c
for January. Bye was steady at CB(STCBjc,
Harley won quiet ami stonily, closing nt STjo
cosh and 8(»}c for January. Hogs were
nctivo nml 10<7Pir*a higher, with the bulk
of sales nt !?7.00(5'7.2n. Cntllo were dull mul
lower. Sheep remained firm nt sJl.7n<®.’.oo
for common to choice. One hundred dollars
in gold would buy sll4,fio In greenbacks at
the close.
It was a wise determination on the port of
tbo Court of Inquiry in Gen. Babcock's enso
that the proceedings shall be public. It is n
matter that has more general interest than
army investigations ns n rule, and it is not for
the interest of Gen. Babcock nny more than
that of tiu> public that tho latter should de
pend upon minora and guess-work in regard
to the prbcccdlngs from day to day. Tho
Court consists of Liout.-Gon. Sreiudan, and
Maj.-Qens. Hancock and Terry, and Mnj.
Gardner, of tho West Point Academy, who
acts ns llocordor. Though the Convention
formally convened yesterday, the ease will
not bo opened until to-day, when tho prose
cutor expects to bo prepared with a list of
witnesses.
It Booms that Mr. Mcnnr Nelson bos de
termined to content the election of Cl&arv
and Mullot to (lie County Board, and has filed
bills in tho County Court for tbnt purpose.
This is a proper and patriotic proceeding.
Mr. Nelson is a man of means and a good
citizen, and can afford to devote some of his
time and money to tho exposure of election
frauds for the public benefit. Tho allegations
of tho bill set forth that illegal votes wore
cast in thlrty-two precincts; tbnt tho judges
in tho First Precinct of the Second Ward re
fused to admit challengers into their room ;
that tho judges in several other voting pre
cincts refused to comply with tho low in va
rious ways named ; that the veto in tho First
Precinct of tho Fifth Ward was not counted,
and so on. Tho claim is tbnt those frauds
and irregularities were sufficient to change
tho result as canvassed. Mr. Nelson’s char
acter loaves no room to doubt tbnt these suits
will bo prosecuted to the full extent of tho
law and his rights. Counting only tho legal
votes cast, there is no doubt whatever that bo
was elected by a baudsomo majority, and
should have his scat.
SOME MODIFICATIONS OP THE PBE3P
DENT'S FEAN OF RESUMPTION.
It is only fair to tho intelligence and hon
esty of the American people to assume that
tho groat majority of them desire as speedy a
return to a steady, uniform, and .universally
recognized currency ns can ho secured with
out any violent rupture in tho existing rela
tions between debtor and creditor or serious
disturbance in tho financial status of tho
country. Tho number of those so depraved
os to favor tho retention of a vacillating and
illusive currency for tho politicol benefit of
demagogues and tho financial advan
tages of speculators, and of those so ignorant
as to bo misled by their wild vagaries,
is comparatively small Tho formidable
resistance encountered by oil plans of ro
sumption is not from tho blatant and mean
ingless ravings of tho shinplasler advocates,
but'from tho wide-spread apprehension of
tho business community that there can bo no
resumption without a shock, and tho natural
tendency to postpone a disagreeable necessi
ty os longas possible. II wo oro right in this
view, then it only remains for Congress to
prepare lor resumption in such a manner as
will avoid the evils and trials that are popu
larly apprehended. To tho extent that tho
natural laws have been violated there must
bo somo penalty, and it will not bo possible
to resume our normal financial condition
without somo suffering for tho abnormal de
parture from its fixed and natural laws. But
it is tho obvious duty and tho first duty ol
Congress to adopt that plan of resumption
which shall bring it about at the earliest mo
ment with the least strain upon tho public
confidence and business.
With this end in view, we have outlined
the plan suggested by tho President and Sec
retary of tho Treasury, who agree materially
on the following points: (1) Repeal of tho
Legal-Tender act as to all debts contracted
after Jan, 1, 1877 j (2) the redemption of
greenbacks by a long-term, 8,05 gold bond at
tho rate of $2,000,000 a month ; and (8) an
accumulation of gold for full resumption on
Jim. 1, 1878, by increasing tho revenues ns
well oa by selling bonds. This Is the plan
which tho President and Secretary commend
to Congress, not os tho only nor oven the best
plan that can bo adopted, bat for considera
tion, unless Congress can suggest an improve
ment with tho purpose of resumption stead
ily and effectively in view. It is in tho same
spirit that wo have commended tho plan in a
general way, tho combined effect of which
could not fail to improve tho existing condi
tion of things. But one criticism has oc
curred to us which, in turn, suggests a modifi
cation of tho plan and a more strict ad
herence to tho ideas advanced by Tas Tiun*
uns heretofore in tho same direction. The
combined effect of redeeming greenbacks at the
rate of $2,000,000 a month and tho accumula
tion of surplus gold in a measure which tho
country can sustain by taxation, will not ro
duco the outstanding Treasury notes below
$300,000,000 by Jan. 1, 1879, when full
resumption is promised. The gold to redeem
this amount can only bo obtained by selling
5 per cent gold bonds, which ore about par.
All at once, then, the Government will have
to begin the payment of 5 per cent interest
to accomplish what it was accomplishing be
fore that date on the payment of 8.C5 inter
est. la addition to this loss of 1.35 per cent
interest on $800,000,000, which might be
saved, there will bo a serious disturbance of
tho monetary system of tho world occasioned
by the withdrawal of that immense amount
of gold from tho markets and locking it up
for some time, bo it long or short, with which
to redeem the outstanding Treasury notes.
Ibe plan recommended by the President
should bo so modified, therefore, as U> avoid
these two serious objections ; and it can
be done, we believe, in the following manner s
1, Take away the proposed limitation of
$2,000,000 monthly, and take up all the
greenbacks offered at tho Treasury with
twenty or thirty-year gold Loads at 8.C5 per
cent interest, issued in denominations vary
ing from S6O to SI,OOO. This i», i a one
sense, immediate redemption; In another
resumption at the end of twenty years.
Meanwhile it is giving a definite obligation
for our indefinite promise to pay, aud an
interest-bearing note instead of a note which*
bears no interest. It will be an improved
security which, other things being equal,
will be eagerly sought by all holders of green
backs and the mosses of tho people. It will
bo a substantial evidence of redemption in
stead of an Insubstantial promise which
no inherent guarantee of fulfillment.
2. Having repealed. tbe legal-tender prop,
eriy of tbe Treasury notes as to all debts con
tracted q/W Jsu. l, 1877, the next step in
THE CHICAGO
order will bo to place the 3.GJ per cent re*
dotnption bonds precisely upon the same
status na the greenbacks, viz. s That they
shall bo receivable for all debts contracted
prhr to Jan. 1, 1877. With this character
there will ho no hesitation on the part of the
holders of greenbacks to convert them into
the redemption bonds and draw the interest
thereon. Greenbacks having been retired by
this process, the redemption bonds will bo
used in the payment 'of all debts contracted
prior to Jan. 1, 1877, will bo bold in reserve
by the banks as fho greenbacks now aro for
tbo redemption of their old notes, and will ho
a circulating medium atwhnt they arc worth,
the demand and use for which will gradually
decrease from Jan, 1, 1877, on and after
which all debts will bo contracted and pay
able on a gold standard.
3. If * there remain at the end of three
years—viz.: Jan. 1, 1879—any greenbacks
which have not sought conversion in the JU5r»
redemption bonds, let them ho redeemed in
gold at the Treasury according to tho promise
of tho existing law. Tho strong probability
is, that tho amount of unredeemed greenbacks
will ho so small that tho ordinary specie ac
cumulation in the Treasury will bo equal to
their redemption, and it will not bo ncccs
snry to obtain gold for redemption purposes
by tbo sale of 0 per cent bonds. Tho attrac
tion to exchange greenbacks for tho 3.G.7 re
demption bonds (tho latter being legal-tender
as to oil old debts) will ho so great that hank
ers, railroad companies, merchants, all finan
cial institutions and business enterprises
which keep greenbacks as reserves, or for
dividends, or for future payments, will con
vert their greenbacks on hand into redemption
bonds os rapidly as they can.
4. The result of this combination will bo
that practical resumption will date from Jau.
1, 1877, after which all contracts and ex
changes will be on n specie basis. The old
debts will bo paid in the legal-lender redemp
tion bonds, which will bo rocoivoblo for the
now debts only for their current value in
gold, as English consols or any other na
tional obligations bearing n low rote of inter
est. The specie will come out ns n circulating
medium in proportion to the demand ? prices
will bo adjusted accordingly; and gold can bo
retained and scoured in any amount equal to
the actual demand and necessities therefor.
There will ho no longer a baser currency to
drive it out of the country, and it will come
from other countries to the extent that wo
have commodities to offer in exchange for it.
o. There would bo by this plan no breaking
up of the National Banking system as it is
cow organized. Tho banks would redeem
their notes issued prior to Jan. 1, 1877, in
tho redemption legal-lender bonds? after
that date their reserves would bo in gold or
gold bonds, instead of greenbacks as at pres
ent, and they would only issue notes to tho
extent that they would bo able to toko care of
them, and in answer to any demand that
would make them profitable. Those notes
would bo secured then as now by the deposit
of United States bonds, and tho only differ
ence would bo that tho private capital of the
country instead of tho Government credit
would furnish tho circulating medium of this
country os in tho rest of the civilized world
where paper money is at par.
Tho principal advantages which this plan
has over tho plan as stated by tho President
is twofold, viz.; (1) It snves tho country
the payment of a larger rato of intorcot to se
cure tho gold for redemption in a lump, and
also tho derangement which tho withdrawal
of a.largo oraount of specie fora long timo
from tho markets of tho world would cause ;
and (2) it gives no sudden shock, causes no
perceptible disturbance, and does not require
the present debtors to pay from 18 to 20 per
cent more in tho discharge of their obliga
tions than they received in-value at tho time
their debts were contracted. Thus tho groat
objection to resumption is removed, and tho
common boon of a uniform and fixed cur
rency obtained without oppressing one class
for tho benefit of another. For tho rest, it fa
a simple and easy modification of the plan
proposed by tho President ? and, in default of
any reasonable objection to it, would bo bet
ter for a first trial than the Secretary of tho
Treasury’s suggestion in its original shopo.
WHAT WILL THE DEMOCRATS DO f
Tho tariff looms up again as a theme of
political debate in Congress. Tho President
and tho Secretary of tho Treasury ha to both
urged it upon the consideration of Congress
men. What aro they going to do about it 7
Tho Democratic party professes to believe in
tho doctrine of revenue reform. If that pro
fession is anything more than a pretense,
anything more than a trick, anything more
than a fraudulent sham, some important
stops towards a tariff for revenue alone will
bo token during this session of Congress.
"What is wonted is not theory and pretense,
but practice; not talk, but action. The
Democrats hovo nearly two-thirds of the
■ House, and the vote of their Senators, with
that of tho Revenue-Reform Republicans in
the Senate, can carry any law for a readjust
ment of duties through that body. Tho
President's message shows that Gen. Quant
will certainly approve a law restoring the
purely revenue taxes on tea and coffee and
another removing or greatly reducing the
duties on the raw materials of our manufac
turing industries. Secretary Bbistow has
famished the necessary data for intelligent
legislation on the subject in bis report.
What will tho Democrats do ?
One of tbo last acts of tbo lost Congress
was to increase all tbe protective duties 10
per cent all around. This bos led to no in
crease of revenue, but to a loss of nearly
$0,000,000. It was not designed or intend
ed by its advocates to increase tbo revenue.
Its promoters bad no such thought. What
they wished to do was' to enable a favored
class of “ protected t manufacturers and
middlemen to get higher prices from the
people for goods on bond and for goods
thereafter to bo manufactured. Tbo law
was intended to benefit, not the Government,
not tbo masses, but special classes of per
sons. It wont far to prohibit importation as
well as to iuoreoso smuggling and adultera
tion. It has cost tbo Treasury six millions
of dollars, and bos given tbe people, as con
tradistinguished from a few tariff-robbers,
not a cent. It has not bettered tbo times or
increased employment, but it bos mads it
more costly and difficult for tbo laboring
classes to live. Tbe interests of toiling mill
ions demand a remodeling of the tariff; tbo
interests of tbo Treasury, depleted by tbe
law as it stands, demand it. And tbe re
duction should not stop boro. Tbe raw ma
terials of manufactures should bo admitted,
as far as possible, free. This is the way to
encourage manufacturing Industry, to enable
us to export great value in small bulk, os wo
ouoo did, and to again command tbe markets
of Uiudoslan, of China, of South America,
of England herself.
Still smother thing that is needed Is a res
toration of the duties on tea and ooffoe,
which usad to yldd $1£,000,000 to $18,000,.
TUIBUNE* FRIDAY, DIiCEMRRR 10, IB7S.
000 n year to Uio Treasury. They wore re
pealed, not to cheapen these commodities to
tho consumer, but to deprive the Government
of this amount of revenue, and so compel it
to levy other taxon that would '‘protect”
Homo manufacturing clique. When this wan
done, the Democratic minority in tho llouho
voted meanly and sheepishly for it. It re
mains to bo soon whether tho Democratic
majority Ims any more sense or manhood.
The repeal of tho duties on tea and codec has
not saved n cent to the consumer. When wo
took off tho import taxes, China, Japan,
Brazil, and Cuba put on increased export
taxes. We still pay tho $18,000,000, hut
it goes, not to our own Government,
but to the support of Spain and other
foreign countries. If wo restore our
old taxoa, these countries will have
to repeal their new ones, for otherwise the
diminished demand boro would diminish their
exports. If the Democrats have been honest
in their professions of tho past, they will re
peal tho recent 10 per cent increase in cus
toms, greatly reduce tho duties on all raw
material*), extend the free list, and restore
tho purely revenue tax on tea and coffee.
But the hypothesis of their honesty is a
dubious one.
THE NEW BISHOP.
Tho groat agony is over, and the third
Bishop of Illinois has been consecrated with
duo foDu and befitting pageant in the Cathe
dral which has Peter and Paul for its patron
saints. There were floral decorations of
great beauty ami costliness, and tho heavy,
fogdaden atmosphere with Its suicidal sug
gestions were forgotten in tho wilderness of
gorgeous flowers which transformed tho
Cathedral into a temple fit for tho coronation
of th<* goddess of spring. There was an im
posing procession of laymen, clergy, Presby
ters, Bishops, Vergers, and Canons, with a
last man in it who was as stately ns tho first
man, with gilded sticks and nil tho insignia
and vestment of office. Music lent its in
spiring influence with chants and psalms,
Gloria and To Dcum, and tho massive cho
ruses from tho great oratorios. All good
Episcopalians, whether of High Church or of
Low Church, whatever their views upon tho
Procession of tho Holy Ghost or Auricular
Confession, turned out, men, women, and
children, to greet tho new Bishop and
nss’st at his consecration. Bishops and
clergymen came from oil ports of
tho country and lent, dignity to the
ccmmony, and one patriotic church
woman lent her lamb for a christening that
in after years ho might trace his name back
to this stately occasion. For ono day at
least, peace reigns serenely in tho Episco
palian fold. Its littlo corner of tho vinoyord
wasqoiet, and there were no little Low-Church
fox/is to disturb tho grapes or High-Church
for.es to harass the vino-dressers. Not a
wrangle or a discord jarred upon tho pageant
ry of tho ceremony or disturbed tho breasts
of the great congregation. They dwelt for
ono day in fraternal amity, and lent their
hearts and hands and voices to consummate
the consecration and swell thopicnns of praise.
Thera is every reason to believe that the now
Bishop is worthy of tho unanimity, and tho
cordiality, and tho splendor of bis reception.
He comes to his work with a unanimous in
vitation, and with an excellent reputation as
an officer of executive ability, and a preacher
of exceptional eloquence and talent. Ilia
sermon upon "Wednesday evening con
firms his possession of tho lattorqualltios. Its'
theme was chosen with a certain degree
of opplication to the previous condition of
his Diocese: “Peace bo unto you: ns my
Father bath sent mo, even so send I you.”
Under the administration of bis predecessor,
able and talented os the late Bishop was, tho
Diocese for twenty-throe years was filled with
wfmglings and discords, which not only dis
turbed tho flock within its own pastures, but
brought them into the courts in long and te
dious litigations, and disturbed tho whole
pnblio and brought scandal upon tho Church.
We have every reason to believe that tho new
Bishop comes into this Diocese, not bringing
a sword, but tho white banner of traco; that
bo will speedily restore order and quiet; that
ho will harmonize and unite the factions; antf
that under bis administration tho Church will
march with united front against the works of
Satan. If (his shall bo tho consummation of
Wednesday’s stately pageant, tho whole pub
lic, which has grown tired of Episcopalian
discord, will rejoice, and extend a hearty con
gratulation to the now Bishop, and repeat tho
theme of his first sermon—“ Peace bo unto
you.”
THE GREAT AMERICAN OSTRICH.
Wo publish herewith another letter from
Mr. S. D, OaspEMTUn, of Madison, Wia. In
this off in tho preceding opistle, published
Tuesday morning, he persistently refuses to
look at the problem which is fatal to tho
scheme of his fhctlon, and so simulates the
bird that sticks its head in the sand and fan
cies that tbo danger it will not sco no longer
exists. Tho problem wo put was this: How
shall our merchants convert tho irredeemable
paper currency which they receive for their
goods into gold, in order to renew their
stocks of tea, coffee, sugar, molasses, India
rubber, silks, tin, quinine, drags, chemicals,
dyes, tropical fruits, and . a thousand
other commodities not produced in
this country ? Tho merchants and traders of
foreign nations will not accept oar redemp
ti onlcss shinplostors for their goods. This
kind of scrip, which may be forced on Amer
ican creditors as legal-tenders in payment of
i lebts, is no legal-tender iu oar foreign com
merce. At present, and over since the Legal-
Tender act was passed, some thirteen or
more yaars ago, tbo gold-brokers have bought
the legal-tenders at an over-varying discount
from tho merchants who «had received them
from tho consumers of their good/, and the
price in gold thus paid for tho legal-tenders
Used and determined their value or pur
chasing power. At limes, loss than -10
cents was paid for them; at present,
about 8G or 87 cents is their value. When
ever the Government adopts the principle of
the “Independent party,” and declares that
the legal-tenders are never to be redeemed,
that they are not promises to pay money but
“ money 11 itself, then their value must neces
sarily drop down to what they, will be worth
for debt-paying purposes, and that will da
pend on the quantity in circulation. The
more of them that U issued the less they will
be worth. To abolish the National Hanks,
aui'l aid their circulation to the greenbacks,
and at the same time abandon the promise of
ultimate redemption, and it is not likely that
the gold-brokers will give 20 cents on the
dollar for them.
Niothing in either ofllr. Caapxirrxa'a let
ters, in the debates of the Independent Party
Convention he attended In this city, in any
of the proaounolamentoa and platforms
w) tich hia party has put forth, or in any ut
te ranee, spoken or printed, in favor of ine
rt* Mumble currency, has been given even a
p Inusible answer to the question how the
ntirohaaU are to unhang# the Irredeemable
scrip currency received for (heir foreign
goods into gold in order to renew their slock
of foreign goods. It cannot bo answered by
any member of tho Independent Bhinplastcr
party, and until it is answered these dema
gogues ami spoolers would do wisely to stop
their noise and nonsense.
The idea of receiving greenbacks for cus
toms would merely keep tho Government in
tho position which importers occupy now.
The latter sell their goods for greenbacks
and then sell the greenbacks to tho brokers
for whatever gold they can get, wherewith
they Imv new stocks of goods and pay the
duties upon them. Tho Government then
uses tho gold thus received (o pay tho inter
est on tho national debt and meet the de
mands of tho sinking fund. If the duties
were paid in greenbacks, tho Government
would have to got tho gold somo other way.
What would that way bo ? Wo do not know,
and nobody else knows, except by selling
tho greenbacks to tho gold-brokers. A green
back which had no chance of redemption
could not bo sold for much gold, so that tho
Government could not exchange tho currency
received for import-duties for wherewithal to
pay Us Interest, except at an enormous loss.
It could keep on selling gold-bonds to raise
coin to pay interest, for tho debt would then
increase at the rate of over $100,000,000 a
year, and this would involve speedy bank
mptcy and repudiation. Mr. Carprn
ter’s plan of on irredeemable “money ”
receivable for customs, therefore, so far
from enabling merchants to exchange the
national currency for gold at par and so of
feet tho necessary international exchanges,
would prevent their doing so at almost any
rate of shave, and would also prevent tho
Government’s getting the gold needed to pay
tho interest on tho national debt, and thus
load speedily to repudiation and bankruptcy.
And now, since Mr. Carpenter has beau
unable to solve the problem proposed, and
since a failure to solve it insures tho certain
failure of tho irredeemable-currency scheme
which his parly indorses, had ho not hotter
frankly confess his mistake and hereafter la
bor for tho restoration of what Secretary
Bristow rightly colls “ the.,only actual money
of tho world aud of tho Constitution ” ?
GAMBLING.
Only one thing is cosier than to make
money in slock speculations,—and Hint is to
lose it. Numbers of the stock-jobbers in
Wall street are advertising all through the
press of the country about the enormous
fortunes that can be made in puts and colls.
The inexperienced are plied with seductive
promises of $25,000 profit from the invest
ment of SIOO, and of a moderate compe
tency out of the venture of $25, $lO, or oven
$5. No sum is too small for the remorse
less cupidity of these stock stool-pigeons.
Those men know, and are fond of saying to
each other, that outsiders always lose money
in ‘Wall street. The secret of the present
clamorous solicitation to outsiders to come in
and moke $25,000 or so from the investment
of their spare nickels is that Wall street was
never so bare os it is now of amateur opera
tors. The experts are left to operate on one
another, and know the game too well for mu
tual advantage. They must have some sim
pler prey, and advertise in hopes of inducing
that part of the gullible public which will
gamble os far os Wall street and stop short
of the faro table to give them a livelihood.
The two great centres of this form of rob
bery are New York and London. The New
York Herald of the 6th inst. says:
It Li so axiom Jo Wall street tbst outsiders »Iw»jti
lot® money. If there sro exceptions, their oxlslenco
■lmply proves the rule. Men with tittle money cstno
into Wall street impressed with the hope sod belief
tbst they could make a fortune by one grand coup.
They loft it generally minus their money and not In
frequently in debt. If no positive losses wero made
in stock transactions, the broker’s commlssiou was a
cancer that gnawed uneasily at their substance.
Tho Inst London Times received alludes to
tho some same topic in language equally
strong:
It is a aonous thing to contemplate the Stock Ex
change of London as thus, not as a centre whore
sound investing business is done, hut a gambling
arena whore the foolish outsider is as certain to lose
his money as if he trusted it to an advertising book
maker. While dealers and brokers, aided by ad
venturers, who were either thdr tools, their decoys,
or the reason of their existence, hare been making
fortunes out of these miserable products of perverted
ingenuity, the public have been losing, and the quiet,
unpretentious broker has teen pushed aside and al
most threatened with extinction unless he will con
tent to embark in the tamo career of speculation. It
baa become impossible for an honest mao to guide or*
advise hia clients as heretofore amid the whirligig
that tbla state of affairs baa produced, when, the nest:
hour, or the next day, his advice may bo falsified by
the course of tho gambling, in the meantime, what
ever the gamblers have lost between themselves haa
merely been some part of the general winnings from
the public. <
It is given to few men to understand as
much os their own business. Still more
restricted is tho supply of those who can at
tend to more than that. Better leave Wall
street to Wall street.
THE TBAMP-HUIOAKOB.
Tho people of Ohio are taking hold of tho
“ tramp”*nuifianco question in a very vigorous
and practical manner, and at the Convention
held in Columbus* day before yesterday
adopted measures which, if put into speedy
and complete operation, will solvo the prob
lem so far as Ohio is concerned, and relievo
tho people of thot State from supporting
able-bodied vagrants any longer. Tho reso
lutions which wero adopted suggest thot each
locality shall, in the first instance, look after
its own vagabonds, so os to prevent tramping
as far as possible j that employment of a re
munerative chrxacter shall bo furnished to
(ramps by the establishment of workhouses
sufficiently large to maintain them in oil
cities and towns; that magistrates shall be
given authority to arrest all vagrants and
commit ihem to tho workhouses; that tho
practice of giving them free tronsportiou shall
bo stopped; and that, after tbo workhouses
are in operation, privato charity to this class
■boll cease. Those resolutions go to the very
root of the trouble, oud if they ore put in
practical operation they will abate the evil of
tramping.
The “ tramp * was originally a product of
New England and New York, and in those
sections he still flourishes and obtains sub
slstonoo without work. At first the tramps
were people who wore too proud to go to the
workhouse, and yet were not too proud to go
around begging. They traveled frpm place
to place in quest of charity, and we re willing
to work to earn onoldeoat, a meal of*victuals,
or a night's lodging. Their sucoms, how
ever, encouraged a host of thieves and va
grants who wore not willing to work to go to
tramping, and now they number th ousonds,
infesting tho small towns and villages, and
avoiding the large cities, where they* cannot
operate /ud are liable to arrest. Tibe small
towns and villages take oars of them, provide
them with meals and lodgings, and free
transportation from one place to mother.
Within the past three or four yean they
have secured a regular organization , have
mapped oat regular routes from New ' fork to
Maine and back, and make their trips at reg
ular periods, thus getting a living without
work. Where work is offered them they re
fuse ft, Homclimos with insults nnd often
with violence. Whore (hey ft ml no one or
only women at homo, they not only hof? but
steal. They hold the rural districts of Now
York and Now England at thoir mercy. The
evil at Inst grow to such dimension*) that some
of the communities began to adopt measures
in Bolf.dofonso. Tho ancient and conserva
tive City of Salem, Mass., adopted tho initia
tive and grappled with tlnj question just an
the Puritans in (ho dnya of Endioott and
Cotton Maturr would liavo done. Tho city
authorities seized tho tramps as fast as they
canto within their limits and set them at wort;
upon tho roads,thorohj'making them earn thoir
bread and bed. As work is tho last thing a
tramp wants to do, Salem was speedily freed
from tho nuisances. They wont around it.
They marked it off thoir maps. They called
it Anathema Maranatha. Other places in Now
England have adopted tho samo method of
dealing with them, aud it has proved success
ful in each instance, rinding that their oc
cupation is likely to bo disturbed in that part
of tho country, they have commenced cmi
gratingtothoWcsk They have already reached
Ohio and Indiana, and wo shall oro long havo
the curso within our own borders. Cleveland
has taken timo by tbo forelock and passed a
“ tramp-ordinauco " which is said to work ad
mirably. The arrangements which havo boon
made for tho entertainment of tramps ore
thus described by tho Herald of that city :
The Street Commissioner will call at the police pfa
tfou each moniimraud receive a list of (he men who
ere to apply their muscle to the doming of tho
airejts. He will then march them to the Bethel, where
they will l« furnished a brcakfsst at the coat of the
city. They will then bo taken to work la gangs, and
allowed to apply the hoe until dinner time. Tbo
morning's more In the lino of tbo Bethel will be again
taken up, and aftor dinner another chance for dig*
gins and scraping will be In order. After supper they
will return to Poverty Darn and drop away (o slumber
with the feeling that some of them, for tbo first time
ni many days, have earned their board and lodging.
Cleveland has solved tbo question. 'Work
is the remedy which will cure tho tromp-dis
ease in every instance. It has never been
known to fall, and every city and town in
the "West should take measures to sot these
lazy, dissolute, worthless, able-bodied va
grants at work and make them earn their
living. If it is not done, and done speedily,
tho West will swarm with them. There is
plenty of work, for tho roads are in bad con
dition all over tho West. There are only two
essentials necessary,—first, to stop private
charities to wandering beggars; and, second,
to provide tho work for them to. do, and sure
means for compelling them to do it, A vig
orous dose of this mcdicinoVill relievo any
city or town in tho West of trumps in a
month's time.
Tho London Times takes UlO following view
of tbo President's reference to Spain and
Cuba in his message :
If Bpalo cannot suppreaa the Cuban rebels, if the
IflUmJ mint be half ruined while nbo bolds It, If she
will not put an end to (hat Institution which Is the
main source of diaturbrnco, It would bo bard to oxpoct
the United RUtcs to lot tbo work of duvastMlon pro
ceed unchecked merely ont of regard to the nominal
sovereignty of Spain. Spain In on trial. Tbo limits
of her power to restore order will be tho limits of her
riuhte.
The comment of tbo Tunes goes to show
that England is as desirous ns tiro United
States that thin war of mutual assassination
and extermination shall ccaso both on ac
count of her commercial relations and tho
money she has invested thoro and in tho in
terests of common humanity. It farther
more goes to show that if tho time shall
come when tho United States will bo com
pelled to interfere in this contest, to tako tho
two combatants by tho ears and separate
them and remand Spain to her place on tho
other side of thu ocean, with instructions to
stay there, thoro will bo no opposition from
any European power, but, on tho other hand,
if necessary some of those powers will join
with the United States. That such a time
must speedily come Is Inevitable. Tho United
States must Intervene in tho interests of hu
manity, in tho interests of her own invest
ments, to preserve her commercial relations,
to preserve what little is left of tho island
from ultimate destruction, to stop the in
cessant drain of gold from this country, and
to put Spain where she belongs.
The trials of tbo alleged corrupt election
judges and of the murderer Davis will toko
pluco nest week. The State’s Attorney has
bis evidence all ready, and is prepared to go
on with tbo trials. The success of justice
now depends upon Sheriff Aonkw. Tbo
whole community will look to him to select
honest, respectable business men to servo
upon these juries, and notprofcssional jurors,
bummers, or partisans, or corrupt moo, who
are always hanging about (o secure such jobs
as those. If justice fails'to got her duo, the
people will know whore to fasten the re
sponsibility, and they are not in the mood to
bo trilled with. The cases are of extreme
importance, and deserve to bo tried by honest
and Intelligent citizens, not by loafers, polit
ical bummers, or sympathizers with crime.
Sheriff Aoxsw should bo extremely careful in
the selection of juries in view of the re
sponsibility resting upon him.
Senator Boar, of Missouri, has brought
himself into notice by -introducing a bill
authorizing the payment of duties on imports
in legal-tenders and National Bank notes,
with tho ourioas deduction that such a course
will lead to specie payments, Jnst where
this connection comes in is not explained,
nor docs Mr. Boar stop to say how tho
United States shall raise tho gold to pay the
interest on tho debt in tho meantime. Tho
bill was referred to the Oommitteo on Finance,
whore it will probably sleep quietly daring
the session.
Oov. Burnt, of Georgia, has published a proo
tarnation calling attention to the Transportation
Convention which Is to be bold in Chicago Dec.
15, and anting the people to send a full repro*
soutation. The Governor holds the subject to
be one of groat importance to tbo producers in
all parts of the country, and especially to those
of the South. He conceivee that the presence
of gold ie the result of commercial prosperity
aod not the eauee of that prosperity ; and he
seec no possibility of a return to epecle pay*
meote until we, as a nation, sell more than we
buy. To tble end. be eaye, it la necessary that
the ooat of transportation to ths seaboard should
be reduced speedily and decidedly. The
Governor further says, with a certain
•otemu triteoeas, that oar wealth cannot
be made available nnlil there are ample
means of oommunlcation between all parts
ot (be country. Wo do not care to agree with
all the economical propositions laid down by the
Governor, but we do admire and eomtnoud the
iutereet he takes in (hie subject of transporta
tion, The Governors of other States might
profitably imitate hie example, if sol by publish*
Ing a treatise on transportation, at least by ad*
vertlsing and approving the plan of the Conven
tion soon to be held in this city.
The Captain of the steamer Sonnyslde, which
wa. cut In (wo by the lee on (Up Hudson River
a few days ago, testified that he tried to induce
a certain passenger, coe PoLiaiq, to leave hie
stateroom, but thu man daalioed, saying that he
had 180,000 worth of Jewelry with Mm
meant to stay by it. He Is now Maying by It, u
the bottom of the Hudson. The coa'O'inag
temptation to amateur dlvern In very great,
When spring opona and the ice floats away,
frequent small hoy will doubtless dnucond dark,
ting through tho nators ami report, when he re.
turns to tho surface, Bering diamonds as l*rg<
aa hens* eggs, and pearls which no oyninr of
these dogeneratedavs ctuld contain, only *
feet from bin grasping hand. When o oloe
skilled direr, with helmet, bell, and afr-tubcL
finally exhumes Pot.asxi and regains m
world (be Jewelry, wo fear tho Iradllonal j ton ,
humid oaken chest contain ng it will he found
tho centre of a circle of drowned urchin,u
A magazine published in Michigan announce)
that It will "accept with thanks" every art,c!i
offered it by any subscriber. If thu offer is nuj»
and carried out In good faith, the serried r&nka
of subscribers will extend from Maine to Ore.
gon, and tho magazine will bo obliged to isaag
dally numbers of GOO pages each. The mania
for acribellng when the glory of print la
uncertain 1b appalling; tho Imagination BUrii.kj
before tho (aak of conceiting what it will ), 9
whoa this glory is assured. How the “Dotty
Diruploe’* and “Howard do Courcy Moipgem
oryfl." who aro known to an unaympaibiziitg
world as I'Kont Hhuwns and John tijnrni
and to uneympalbizing editors as fearful
bores, will load the Mulls for Michluio
with inky ebeets, carefully written on butt
sides, with no punctuation, no capital letters
no grammar, do sense, llural Postmasters. tb«
country ovey, will have their salaries mined oe
account of Increased sales ot etaums. The iJot
of tbo Ponloßular periodical is ptobaldy udv tud
from that which mado the fortune of a nhroeri
speculator In IJoatou. Ho published a magazine
which paid nothing for contributions, hut print,
ed all of them it could. The scheme made bf a
neb. Tho receipts from tho sob of pa;jer | f
tho pound wore considerable, and those fre ;a
subscriptions enormous. Tlio projector o, r
owns one of tbo largest hotels In IJoatou, bit It
out of the profits of bis magazine and nno.cd
after It. Tbo Michigan men may well envy lr»
luck. Meanwhile, any subscriber tu thoir mr.-ra
zitto who wishes to flguro as an author ao I i.i
unable to writo anything can receive a choice
collection of rejected manuscript by aondiii;,' ua
express-wagon to this otlico every oilier day.
The experience of some London landbrJc Ins
supplied tho world with a valuable, hint on tom*,
roout-reform. The evil which this reform aimi
to removo in two-edged. Tho tenement do itrova
tho moral, mental, ami physical health of tho
tenants, and tho latter destroy tho tonsim at by
a careless use. and often by a wanton destine
tion, of stairs, bannisters, doors, windows. ita!cr>
pipes, etc. Tho owner’* expenditure for ncw»<.
sary repairs la so great that ho puts the ptrioicnl
construction on tbo word ‘‘necessary" amldo.s
nothing that ho can possibly help. Tho X.ondmi
landlords already mentioned Imvo reduced the
Item of repairs to lia minimum by a ver/ simple
expedient. They sot aside a sura of money lo;<s
than tho average expenditure for such things,
aucl told their beauts that any part i,l
this sum left after tho annual rc.
pairs had been made would ho dintul)u:«‘J
among them in proportion to tiro rent
each paid. This made it tbo ovidoat interest o|
every tenant to make tho cost of keeping t!ia
building in perfect order as Jittlo as pomiblo.
and so make his own share of this pro.nlutn <l3
carefulness as largo as possible. Tbo practical
results of Ibis modified form of co-ops. atinn Lo.
tween landlord and tenant bavo boon mivju
tagoous in tbo highest degree to both.
The Interior, no longer being ablo to rerrv
cute Prof. Swing or summon him to tnal m
heterodoxy, now ridicules bis effort lu preach in
an Independent pulpit. Having bounded lira
about until it forced him out of the Fomth
Church, its impotent malice now follows him
Into bis now tbcatro of operations, and hiico.i
and laughs at him. It should have been con
tent with forcing him out of its denomination.
Inside Us denomination It bad a right to criticim
and catechise. Outside of it Us pi Orient atti
tude is impudent and insulting, if tho Inferior
baa any more spleen to vent, it should .select
some one within the Presbytery for its victim.
Tbo present editor of the Milwaukee Senfind
baa dome difficulty la showing that his employ
ment under Mr. SroneT was honorable or do*
coot. Tnoso who know tbo character of (ba
work that was expooled of bun, sod wbicu lie
cheerfully performed, will bear oat the abortion
that bis moral seniilblUtlos must have loco
blunted before be wont to Milwaukee). Lone
service as a hack-writer for corrupt rings ia
Milwaukee cannot bare improved him mated
ally.
A vexatious blunder, occurring in tbo trans
mission of our telegraphic correspondence from
MllwauaoooD Wednesday, cast an unintended and
wholly unmerited slur upon a moat worthy and
respected gentleman. Tbo error mado that
which was written “A. M. Thomson, Into editor
of the SentfnW," read “ a Mr. Thomson," etc.
It goes without saying that no such con
temptuous reference was contemplated, and ii
cau readily be soon bow tbo mistake occurred.
The Milwaukee Sentinel offers to open its
files for tbo examination of anybody who ho
llovoa it has defended tbo WhUuy Ring. Its
files show nothing on tho subject; they are a
perfect blank. Tboy would not be so if the
Milwaukee Sentinel wero earnest in its endeavors
to expose tbo corruption of which it Is o«aro.
Corruption may bo defended by suppressing
the truth as wall as by suggesting a falsehood.
Senator Caufxktbo has a forgiving spirit. Hi
is now a liberal patron of tbo young man who,
as managing editor of tbo Chicago Times, was
tbo chief instrument of spreading tho Long
Dranoh scandal throughout the Word. In a year
or two more, perhaps tho Senator »IU Uo aa
active canvasser for Tub Weekly Tuidune ia
Wisconsin. Matthew baa emmeut ipuliiic*-
(ions for the work of canvassing.
Senator Oaupektkq files an affidavit in tho na
ture of a bill of discovery against Mr. A. M.
Thomson, bln object being to ascertain bow
many ugly things are likely to be brought u
light in tho progress of tho Übol-sulc.
PHUSOHAL.
Young and handsome Senator Whylo. of Jfarr*
land, Is frequently in reoeiptof baskets of tloaoii
from bis Jady-admlrere.
Mr. McPhernon, late Clerk of tbs Howto of
RepreflODtatiTca, who retires after mcho yrr.rj'
service, Is now engaged ou a life of I'LaJJwMi
Stevens.
There is to be a Supreme Court wadding at
Christmas in Bloomington, 111., where Mr. Jiirtko
Swayne’a son will marry Mr. Justice Divu’
daughter.
Beverdy Johnson goee to England to licen
tiate (ba sale of public lands in Florida, from
the proceeds of which he has been Instructed to
liquidate (he State debt, which ie very small.
Dr. R. Ludltm, of this city, was severely in*
Jared by the collision of bis carriage wr.h i
Wabash avenue stage Tuesday evening. Tu>
accident resulted in a bad fracture of the right
leg.
Members of the new Samoan Legislature) whv
enter the ballln a complete or partial sUlc
nudity are fined 9100. This measure has si*
ready sensibly mitigated the barbarity of the
Islanders.
The Goodsell Brothers, of Kew York, pub
lishers of the Daihj Graphic, have employed
Gen. Butler and Messrs. Fullerton aod Beach
to prosecute their libel suits against the Nee
York Times.
It was prophesied of Speaker Kengin earlr
life that be would make his mark in (he vro.U.
•• should he live and not meet witn any aeriuti*
poU-backa,"—a tolerably safe prophesy, r'
should say. fall-backs have enticed mao/ • <„ ■