Newspaper Page Text
4 StrHmwje* TERMS OP SUBSCRIPTION. BY Mill,—lN ADVANCE—POSTAOB PREPAID. pull* Edition, owiyMT rumor avtar. t>ermn*th I»W frandav Edition t Literary and llcllglom Donfile Sheet tilonuv Edition. twrlrc page* g.JJjf fri-Wceklf, one year Part* of a rear, per month WEEKLY EDITION, POSTPAID. One copr. per rear. 9 Club ot Your o-Wi Specimen coplei aent tree. Give PMt-uttca addrrt] la fall, Including State tad Ceuntf. liemlttaoeea maybe made either bvdraft cipma, Pon-Otßce order, or In rcst’tered letters, atourrlik. TERMS TO CITT BUDSCRtDBRS. Deny, delivered. Sunday excepted, us ccnta per week. L'a<ly, delivered, Sunday Included. 30 cent* per weoE. Addrcaa TIIF. TRIBUNE COMPANY, Corner Midiion and UcntbonviU.. Chicago, til. Order* for tho dellvaryof Toe TBincNtat Evanston. Englewood, and Hyde Pork left In the counting-room viUtecclve prompt attention. AMUSEMENTS. ftleTlcker’a Theatre. Msdlron street, between Dearborn sad Stats. “The Exiles." fleet*?’* Theatre. Randolph street, between Clark and LaSalle. Engagement of Mad. Modjeaka. ••Camille." ITaverly’* Theatre. Monroe »trret, rornerof Dearborn. Engagement of the Kate Cla&too Combination. “Tho Two Orphan!." New Chicago Theatre. Clirk atreet, oppoiite Bbcrman Home. “Cade Tom’* Cabin.’* Collenam. Clark atreet. oppoiite now city-Ilall. Variety per formance. TRIBUNE BRANCH OFFICES, Tan CmcAonTiunrKK baa eatabliihed branch ofllcca for the receipt of »üb*crlotloni and •dverllcemcnti aa follow*: NEW TORK-Rootn 30 7Vl6un« Building. P. T. ilc« Fai>h*j*. Manager. PAUIB, Frtnce-No. totluo de la Grange-Batellere. IT. MatiLtn. Agent. LONDON. Bug.-Amerlcan exchange, 449 Strand. Y. Qillio. Agent. BAN FRANCISCO. Cal.-Palace Hotel. • TUESDAY. APIUIi 23, 1878. Greenbacks at tho New York Stock Ex* change yesterday closed at 00} in coin. Mayor Heath last evening returned to tho Common Connell without his approval tho ordinance repealing tho ordinance and annulling tho assessment for tho opening of Dearborn street. Tho Mayor's reasons for interposing bis veto are substantially those urged by Tub Tribune for preventing tho consummation of tbo repeal ordinance, which was evidently passed without a full understanding of tho serious consequences it involved. * Closely following tho heavy defalcation of Cbace, tho Trcesuror and Managing Director of tho Union Mills, comes another and a heavier blow to tho manufacturing Interests of Fall River, Mass. It is now tho Treasur er of tho Border City and Sagamore Mills of that city, Geohoe T. Hathaway, a relative of Chaco, who has outdone tho ruinous work of his exemplar in a defalcation footing up something Uko $700,000, and, os in tbo case of tho Union, tbo owners of tbo Border City and Sagamore Mills ore confronted with a prospect of bankruptcy and ruin where they bad supposed everything was thriving and prosperous. Them is reason to believe, from tho for eign dispatches printed this morning, that Germany has been successful In tho effort to mediate between Russia and England, and that a basis has' boon agreed upon which renders it passible far both Governments to Mibmit their grievances to a Congress of (he Powers. Thowithdrawal of tho Russian land forces and tho British war-vessels from tho vicinity of Constantinople was suggested by Germany as a mutual concession necessary to bo mode before either party could consider tho question qf a Congress, and to this both Governments have now agreed, and a pre liminary conference will at once be bold to arrange tho basis npon which tho Congress shall meet and discuss (ho questions which have so long threatened a renewal of tho war upon a more extended scale. Soido of tho particulars of the ribbon drawback swindle that have come to light through tho exploration of tho Treasury Commission are qmto interesting as showing the devious ways by which tho Government was circumvented and tho Treasury tapped to the extent of $2,000,000 upon a mani. fcstly bogus basis for tho claims. Manifestly for the express purpose of evading tho duty and defrauding tho revenue, the European manufacturers of ribbon caused to bo wove into tho edge a sin. file thread of flax, thus laying tho foundation for a drawback claim of 10 per cent by tho Now York importers. Thu latter were prompt to toko advantage of tho open* log; no doubt it was they who devised and suggested tho evasion. Justice Ourroao, of the United States Supreme Court, ruled against tho oloito, and Secretary Uoutwbll refused to pay it after it had boen favorably passed upon by AUornoy*Qonoral Wanuus. Subsequently a more accommodating Court was found in Now York, and a more accom* modsting Secretary m IlioiunnsoN, and the Ribbon King triumphed $2,000,000 worth. The rogolor annual triumph of the art of log-rolling, tho River and Harbor bill, has been achieved ibis year in tho House under peculiarly disgraceful circumstances. Tho bill was yesterday rushed through under a suspension of the rales, and no dobato pur. mitted. It appropriates $7,293,700—f0r what, nobody knows; the only thing that is certain is, that it appropriates that sum in gross. Thera is not a man In the House who can give an intelligent account of tho bill, or a creditable explanation of his roo* ions for voting for it. It is a ghoul of shreds and patches—an agglomer. * atloa of local greediness and dishonest truffle in votes. Tbe traders who succeeded in passing it l&ckcd the discrimination to per ccivo tbo satire la tbo remarks of Sir, Cox, ot New York, that it would bo necessary to moke an appropriation for supplying water to some of tbe streams to bo improved ; they lacked tbe courage and decency to allow tbe entering upon tho record of the ladig* aant protest, signed by twcoty-elgbt mem* bars of the House, against so flagrant a specimen of wasteful and vicious legislation. The bill has yet to go to tbo Senate, where It will not bo rushed through without tbo scrutiny which its rottenness should attract, and if the Senate fails to do its duty there Is still the President’s veto os the last resort. Tbe Board of County Commissioners have shown extraordinary zeal and alacrity in tho proposition to fight Ed battles and saddle upon tho county all the cost of a protracted litigation to prevent the city from Doing any bat Wsums’s stone in tho con. straotion of the City-HolL It would bo well (or tho Board to move with common caution in this matter, and not to get bcad-over*cars into o lawsuit without first taking some mean* ores to ftsecrloin tho legal bearings of tbo question. Tho County •Attorney, Judge Wal lace, is understood to have already prepared an opinion germane to tbo subject which Commissioner Fitzgerald has contrived to snpprosa; and from this it is to be Inferred that Judge Wallace's opinion is not favor able to the plan of instUnting proceedings for an injunction ond of carrying forward the litigation at the county’s expense. It would have been nothing more than decent and seemly for Walker's henchmen In tho Board to hare made public tho opinion be fore instructing tho County Attorney to pro ceed with tho snit and to “ employ necessary counsel.'' Tho taxpayers have had enough of Walker in the county’s half of tho build ing ; they are now congratulating themselves upon tho prospect of getting a better build ing at n for less cost on tho city's side of tho Court-House equate, and will not took with favor npon tho action of tbo County Board compelling them to pay tho heavy coats of a lawsuit which they would rather not win. Let Walker fight hU own battles and foot his own bills. The mercantile establishments of this city are now doing a heavy business,—much more than at a corresponding time in any previous year,—and the movement of prod uce ,olso shows a satisfactory increase. This is undoubtedly duo in part to tho fact that interior freight-rates are now down to a rea sonable point. Holders of grain In tho country arc anxious to sond it forward, and return rates favor tho stocking up with city goods. Dealers in lumber, dry goods, gro ceries, and other staples, all find active em ployment in filling these orders. But it is not unfair to accept tho activity as a sign of returning prosperity. Tbo people are buying now because they can af ford to purchase. Tho country has been blessed with a yield of produce which wonld probably have spurred tbo commer cial wheels to active motion long ere this but for tbo miserable state of suspense which was incidental to a protracted dis cussion of tho currency question. As Miss Rosa Darile put it, wo may well bo “ glad that point-is settled and now look forward to better times even than those which pre coded the panic of 1873, as, having learned wisdom by experience, wo may hope to avoid tho unwise inflation which gave birth to that collapse. EITHER EXPANSION OB INFLATION. If any additional evidence wore necessary to prove that Mr. Conkllno was right whoa ho said that“ tfao groat dallies of Now York aro under tho shadow of Wall street and completely controlled by Us money-bags/* tho confirmation could be found in tbo pres ent tone of tbo Now York journals on tho Senate proposition to aid in tbo resumption of specie payments. This bill has been agreed upon by tho Finance Committee os a substitute for tho bill passed by tbo House repealing tho act providing for resumption Jan. 1, next. Tho important points of tho proposed substitute ore: (1) That 4 per cent bonds shall bo exchangeable for greenbacks at par; (2) that legal-tender notes shall bo receivable for easterns duties after July 1, next; (H) that greenbacks shall no longer bo retired in tho proportion of 80 per cent of tho now issues of Notional Bank notes; and (4) that legal-tenders shall not be destroyed after redemption Jan. 1, 1879, bnt reissued. These propositions, with one exception, wero tho conclusions arrived at in tho conferences between Secretary SnsimAM and tho Con gressional Committees, and they have been indorsed os a means to render resumption practicable at (bo date fixed in tbo Resump tion act os It now stands. After oil tho pre tensions made by tho Eastern press to devo tion to (ho couse of resumption, ono might reasonably infer lhat they would favor any proposition calculated to assist in bringing resumption about as promised, bat tho in clination of tho Eastern papers generally is to oppose tbo Scnato plan. We have before us two articles—ono from tho Nation and ono from tbo Evening which read very much like articles printed by the Now York journals pending tho passage of tho Silver bill. Tho explanation of this seeming Incon. sistoncy on tho part of the Wall street organs is to bo found in the fact that the Sbylocks still hope to force the country down to a single gold basis, eliminating greenbacks and silver altogether from tho currency of tho country. They demand (hat tho greenbacks shall bo alt redeemed in gold Jon. 1,187 U (which is palpably impossible of accomplishment), and express tho hope that 44 by next winter the mistake of making silver a fall logal.tendor may bo discovered and corrected.' 4 Tho Nation pronounces the Senate plan to be 44 inflotion," thus designed, ly practicing deception by substituting in flation for expansion, and the Evening Pott reveals tho real ouimus of the Shylock op. position to tho now Resumption scheme in tho following paragraphs If the bill shall become a law. It is not at all likely that It will defeat tbs resumption of coin payments at the appointed time, bpreie payments will then be began, and (bore oaghtlo be an enor mous expansion or (he currency In consequence. This ouahi to continue so long as specie payments nru maintained, which may bo for month* or years. The tendency of thie bill will bo, bow. uv.T, to make sustained specie payments more dlßlcnlt than they would otherwise Le. With the General expansion that will follow resumption. It u reasonable to expect that the prices of con* modules end of all kinds of property will advance; that then them will soon be a clamor for more currency; that Connies* will be appealed to for relief, and asked to make the currency equal to ’Mbs want* of trade:" ami that that asplent body, wblcb will have assumed the functions of the laws of trade, will yrsat the request, and authorise the Issue of the Icgtl-leudor note “re. serve." Tho objection urged to (bo proposed aids to resumption consists mainly iu the purpose of reissuing tbo greenbacks after they shall have been redeemed. Secretary Buxz&un has demonstrated how materially (hi* con* struction of tho law will lighten tbo burden of resumption, and render it practicable to keep greenbacks at par with coin. It is tbe same principle which enables a bank enjoy. Ing public confidence to maintain its notes at par with a reserve of 80 per cent, and re. deem all that are presented for redemption. It requires no demonstration to show that tbe Government will not be able to aceumu. lata by Jan. 1 next $350,000,000 in coin wherewith to redeem and retire tbe entire volume of greenbacks, and then cancel and destroy them. Yet It Is (his impossibility which the Eastern Shyloeks and their' or. gans demand, and for the same selflab reason which prompted them to resist the restoration of tbe silver dollar to tbo legaMender currency. They are opposed not merely to “inflation," which moans an enlargement of the currency by artificial means, but also to “ expansion," which simply means an Increase of tbe cur rency by adding real money to tbo present volume. They are opposed not merely to more money of a fictitious character, such as the inflation of greenbacks and an indefinite postponement of resumption would provide, but also to more real money, as tho addition of tbo gold and silver products of our mines to tho present currency would provide, along THE CHICAGO TRIBUNE: TUESDAY. APRIL 23. 1878. with the gold and silver now lying idle and tbo coin which would come into the country in exchange for our surplus products sent abroad. The reason why the Wall-street sharks are opposed to more money is obvious enough. With money more plenty and a specie basis folly established, gold wonld gradually lose some of the exaggerated ond abnormal pur chasing power it has acquired in tho pros pect that it wonld bo (ho only currency available os legal-tender after tho Ist of Jan uary next. The money-lenders of tbo East hold certificates of indebtedness in (ho shape of bonds ond mortgages which represent hundreds of millions in value. These securities were ob tained by advances of a depreciated cur rency, ranging in value from (JO to 80 per cent of tho par value of tho securities they accepted os a pledge and guarantee of pay* meat. All (heir efforts are now directed toward exacting payment in a currency of tho largest possible purchasing power. They ore not satisfied with receiving a par value on 0 specie basis in return for tho CO or 80 per cent which they loaned in depreciated currency, hut they want that par value un naturally increased by contracting tho volume of legal-tender money within tho narrowest possible limits. They know that, if the country can bo forced down to gold alone as a legal-tender after next December, by the Absolute destruction of all greenbacks, and the possible repeal of tho Silver act, (ben many of their debtors will find it impossible to discharge their obligations, and will bo compelled to sacrifice their securities ond property at nbont ono-half its value. It is tho ambition and purpose of tho money lenders to grab all they can, and to absorb as much property and acquire as much wealth now belonging to other men os they can lay their hands on in a technically legal way. They have no consideration for tho general prosperity of tho country, and bonce oppose tho very relief which they admit will result from tbo restoration of a specie basis as proposed by‘Secretary Sherman. They should be careful not to overreach themselves in this matter ns they wore in dangorof doing in their opposition to silver remonetization. Aetnal resumption on Jan. 1 next Is practic able and probable, with an adequate specie reserve in tho hands of tho Government and the understanding that the greenbacks co re deemed shall bo reissued. This plan will add gold and silver legal-tender to tbo pres ent limited supply of greenback legal-tendor, and the addition will bo a real relief to tho country, boconso it will bo of on intrinsic, steady, and permanent character. But if tho Wall-street money-lenders should succeed in defrauding tbo people out of this legitimate relief, let them look oat for a new “craze " which will exact and secure an inflation of irredeemable currency Instead of an expan sion of real money. THE LATE WILLIAM OBTON. Tbo death of Mr. William Onion, Presi dent of tbo Western Union Telegraph, will be recognized as a serious misfortune to tbo country, and especially to tbo press and to tboso to whoso business telegraphy has be come essential. Born without any special advantages, ho owed all bis success to his own energy, Industry, and natural ability. Ho woa a close, practical student, taking knowl edge rapidly from tbo actual circumstances by which at tbo time bo was surrounded. In 1845 bo engaged in tbo book trade, bnt in 18C3 was umdoColloctor of Internal Revenue In tbo 81xlb District of Now York, wboro his ability, bis integrity, and bis industry wero brought into full requisition. In 1605 ho was appointed Commissioner of Internal Rovonnu, to which ofiico ho contributed tho somo energetic end Intelligent adm*Lis (ration which had marked his previous service. This ofiico, however, bo re signed to accept (bo Presidency of the United States Telegraph Com pany. His Investigation of its affairs satisfied him that the Company was substantially bankrupt, and especially that tho opposition with tho Western Union Com pany was Injurious to both. Owing to bis efforts, tho two Companies wore consolidated, under the name of tho Western Union. Mr. OatOH was elected Vice-Prcßiclont, and in 1807 was made President of tho Western Union Company, and this office he held until bis death. His administration of the affairs of tho Company was eminently successful. lie mode tho orgauizotlon complete, thorough, and efficient. Ho had various troubles to contend with. There was a continuous op. position and competition which ho had to conciliate, struggle against, ond to overcome. In this ho was successful, and at the time of his death tho Company was the owner orhad tho control practically of all tho wires in the United Slates and of tho Canadas. This ho accomplished by purchase or ooq. solidotion or by leases, and was in absolute possession of tho business. Necessarily, ho was brought into direct collision with tho press of tho whole country. The demands of the press were exacting, requiring at times tho most extraordinary service rendered promptly and accurately, and at the same time with aa small cost as practica ble. Mr. Obtoh Imd to protect tho Com. pany in order to moke this business profits, bio and at the same time as useful to the press and tho public as possible. In this somewhat perplexing proceeding ho acted with great skill and consideration, and throughout his many years of service gave general satisfaction. In like manner he had to zealously guard and protect tho Company from tho aggressive pro. ccodiugs to have jibe Government assume control of the telegraph. By his ability and adroitness ho was oblo to defeat all sneh schemes when proposed in Congress. Tho cry of monopoly and excessive tolls was u constant menace. The charges for tclog. ropby have always boen a cause of com plaint. Mr. Obto* had to meet two op. posing interests,—that which demanded telegraphy at nominal rotes, and that which insisted upon the highest possible revenue from the lowest possible service. Ho so regulated this matter that bo claimed the service was performed at tho lowest possU ble rate consistent with moderate profit. In this way ho furnished the greatest service to the greatest unmber of people, and at the same time made it profitable. Sir. Outon was a progressive man. He never refused knowledge, and expended lib. erally in tbe purchase of every discovery and invention pertaining to the art of telegraphy. He was one of the friends and aiders of Edison in his discovery. Under his man. agement telegraphy has improved in many respects. He was keenly alive to business, and his versatility was of great assistance to tbe Company, lie was a genial man, able to make himself agreeable and entertaining on all occasions. An odmirsblo speaker, a good logician, and a forcible writer, he gave to tho Company the benefit of all these qualifications. Ho died at a comparatively early age. He had been iu poor health for gotuo time, nnd his energetic labors proba bly hastened his physical prostration. Tlio Wofllcrn Union Company baa many ablo nnd experienced men in it* scrrleo ; bn I it will bo difficult to find a man uniting nil the rare and peculiar gifts of Mr. Orton to tbo ff.mn extent, nnd thus bo a successful successor of that gentleman. THE NEGRO EXODUS. The exodus of tho first ship-load of negroes from Charleston, 8. 0., to Liberia, on tho 21st lost., marks a curious and interesting episode in tho history of tho black race in (his country, and, as the trip of tho Azor fa only tho proludo of many moro to follow, the 250 persona who constituted her pas sengers, representing a million moro who will follow (hem if tboy can got tho passage money, it is worthy of some consideration. This emigration fovor is not of sudden origin, nor is U'confined to South Carolina. Tho ; desire to go back to Africa is as strong in florae of tho districts along the coast os over was tho fooling of tho Irish people to come over here, and in every port of the South tho colored people, especially tho poor and unemployed, are casting longing eyes to tho laud of promise. If thoy bad the moans, hundreds &f thousands would leave as fast os vessels could bo obtaiuod to carry (hem. At one time Frederick Douglass, their principal advocate, was in favor of acquiring llnyti to the extent of establishing a protec torato over (ho island nnd colonizing it with tbo surplus blacks of tho South, who would cujoy iu their now homo (ho protection of our lawn nnd industrial and domestic advan tages which thoy havo thus far failed to ac quire in this country. As thcro is no pros poet, however, that such a protectorate will bo established, thoy havo tnrncd thoir faces towards Liberia, which is a quaci-Amcrican colony, largely under tho control and irflu. once of American colonization societies. Tho details of tho departure of tho Azor, printed la oar Inst issue, show that it was marked by unusual enthusiasm upon tho port of tho blacks, ond that many wore so eager to go who hod not (ho money to pay for tbo passage that thoy smuggled them selves aboard and hid among the luggage. When the situation is considered in all its surroundings, tbo eagerness of tho colored men to got to Liberia is not remarkable. Emancipation has not bronght thorn “tbo mule and forty acres” they expected. It has not oven brought them (ho advantages they had a right to expect, nor has It im proved thoir condition os a race in tho man ner that was looked for by the white people of this country. Tho race prejudice exists stronger oven than beforo the War. To mnny of them freedom has been a question able boon, bringing with It some privileges, but numerous evils that did not exist before. They have failed to obtain social recogni tion open anything like terms of equality. Thoy have not boon admitted to (ho white schools or churches. Thoy havo not boon recognized in tho political parties according to (heir deserts. Thoy have not hod what thoy consider their share of tho offices. They have not had justice awarded them in tho courts. They have been debarred from tho exorcise of thoir ordinary political rights by an organized nystom of ostracism and terrorism. They have been thrown into Penitentiaries upon the slightest provocation. They bavo boon driven from thoir homes, bavo been whipped and tor* lured, and bavo been shot down like dogs for no other offense than exorcising the privileges of a citizen given them by the law, and in no coso has one of tboir oppressors boon pun ished. The hard times have left them with- out means of support, and thousands of thorn havo crowded into tbo cities, whero they havo been living in destitution and idleness, unable to obtain work. Under such circumstances os those, it is no wonder that they eagerly turn their eyes towards Liberia, a land colonized by their own people, fertile and fruitful in soil, and whore each bead of a family will be entitled to a free grant of twonty-flvo acres, with tbo privilege of occupying as much moro as ho pleases at a cost of fifty cents an acre. In oho rospeot, the now tide of emigra tion will bo of great benefit to the South by taking off the idle surplus of the negroes. Their departure will open up now avenues of trade ami commerce between Liberia and the United States, will improve the condition of their brethren left behind, for (hose who can obtain work will stay here, and will pre pare the way for the tide of Northern emi gration that is destined to flow into tho South aud open up now fields of labor there. Tho South is bound to bo moro and more crowded with Northern whites, which of itself would tend to make the condition of tho surplus negroes more and moro miserable. Tho negroes them selves realize this, and fool that tho time is rapidly coming when they will be elbowed out of every source of employment Hence their eagerness to go. Nothing stands in their way except the passage money. As fast as they obtain it (bey will leave, and undoubtedly they will be helped by tho Exodus Association, which has already estab lished agencies In vorious parts of the Sooth, with tho view of encouraging (bis omlgfa- (lou. It bids fair to offer a solution of a vexed question that is at once direct and feasible. DON’T STRIKE TILL THE IRON 13 HOT. Wo (rust (bo reports from Washington to (bo effect that the President will attempt to removo Abthuji and Cobnkll, New York customs officials, before bo receives the re* port of the Pinoiuu and Hinds Commls ntoo, ore not (rue. Wo think the first at tempt would have been successful it the President had assigned causes,—causes which were to bo found in (be various re ports of the Jav Investigation Commission. Rut the X’rcsidont did not proceed upon the theory that Uls action was prompted or justified by the results of that investigation. Hence Ur. Oonkuno held vantage-ground in the contest which bo was quick to avail him self of, and so he won an apparent victory, but “by the akin of bis teeth. 1 * It is true, the situation since then bos materially changed, to the advantage of the President. Mr. Conxlino’s exhibition of vanity, egotism, and spleen, as shown in the World Interview, has greatly lowered him in public esteem. It Is safe to say that indiscretion could scarcely have gone further. From the interview U is plain that Ur. Cokx uno hates (he President cordially, and It is equally plain that the sentiment of hate springs from petty spite and envy engen dered by his own defeated ambition. Ur. CoNKLDio's display of pique, wounded vani ty, and malice has produced in the minds of people generally a feeling of intense disgust, from the effects of which the Hew York Senator will never entirely recover. Then, too, the unearthing of the “charges and commissions ” fraud by the House Appro priations Committees investigation shows gross inefficiency, at least, on the part of Collector Abtuvb. thus furnish- ing material out of which to frame < an assignment of causes for the removal of tbo Now York customs officials, i Naturally the President's friends seo in the changed situation everything to onconrago a renewal of tbo contest against Mr. Conk- i lino’s friends; and, as tbo President is i neither lees nor moro than human, ho may reasonably bo credited with a probable will* < ingnoss to hnmblo the man who has never spared him, and who now openly treats him i with measureless acorn nnd contempt. Tbcso are reasons in support of immediate notion by the President in the removal of tho Now York customs officials. Aro they suffi cient? Wo think not. Tho President should not allow personal footing to dictate his conduct in this more than in any other official act j that ho will not, wo feel quite sure, lie ought, so far as his official action is concerned, to ig nore altogether Mr. Conkliko’s bitter ani madversions upon his Administration, as well, also, as his passionate personal sneers and flings ; that ho will do so, wo have no doubt. What ground of action, then, has the President now that ho has not had those sit months ? Simply tho disclosures of tho llouso Appropriations Committee investiga tion in regard to tho “ charges and commis sions " eases. Those aro bad enough no doubt. That (hoy seriously compromise tho official capability, at least, of Collector Arthur, wo think is quite clear. But they affect no other high official In tho New York Custom-House. If wo understand the case rightly, Naval Officer Cornsll is unaffected by them, as is also Appraiser Butohkr. Tho situation, as it will present itself to the mind of the President, touching tho propriety of official action, is, according to this view, unchanged, except in tho particular mentioned. Noth ing has boon said in tho Washington dis patches about tbo purpose of tbo President in regard to Appraiser Botcher, Wo can not doubt, however, that (ho President intends to remove Butcher when bo re moves Arthur and Cornell. Tho chief loss to tho revenue occurs through under valuations ond damage allowances; and thoso frauds are committed in tho Appraiser’s office, either through the ignorance or con nivence of tbo Appraiser and his subordi nates. A proposition to purify tho customs service at tho port of Now York without any regard to tho Appraiser’s office is simply ab surd. Wo nssumo, therefore, that it is tho purpose of the President to remove Butcher, as well as Arthur and Cornell. Bat if ho proceeds now, ho can assign causes only against AnTntm, Ho will bo as lame with regard to Botcher ond Cornell as ho was formerly with regard to Arthur and Cor nell. Meantime, it Is reported that tbo Binohau and Hinds Commission havo in thoir possession a mass of evidence showing inefficiency and corruption in ovory branch of the Now York Custom-House. They dosiro a little moro time to visit Now York, and there complete thoir investigation. Then they will report, and in that report, wo venture to say, tho President will find ample cause for the entire reorganization of tho Now York Custom-House. Doubtless tho President con now dofoot ’ Mr. Gonklino, but tho mere defeat of Mr. i CoMSLtNO is of small consequonco compared i to tho importance of crushing out frauds in . tho Now York Custom-House. Tho facts of the forthcoming report of tho Bingham and • Hinds Commission constitute tho President's i reserves. To go into battle without thoso i reserves would, It seems to as, bo unwise, • to say tho least. THE MASSACHUSETTS SAVINGS BANES. Tbo Stay law of Massachusetts was intend* ed to protect the savings banks of that State against their creditors. Its assistance has already boon asked for by bonks, and others are In Immediate need of its pro tection. The banks wore organized to take tbo money of tbo poor for safe-keep ing. They have called in the law-making power to relievo them from the consequences of investing it foolishly. They are, on their own confession, guilty of failure or defalca tion. Either way they ore unfit to continue in business, and should bo wound up as quickly as possible. The Legislature has at tempted not only to save them from the or dinary penalties of acts of bankruptcy, but to give them the privilege of realizing on their assets in their own time and in their own manner. This is an interference on be half of the debtors which is contrary to business experience and pnblio policy. Cred itors under such circumstances ore entitled to Judge what Is best for their interests. The interference of any court or any Legislature to take the right from them Is on extraor dinary stretch of power. Tho bonks were in a bad condition when tho; asked the Legislature to help them. It appears from the latest reports that they bag deposits amounting to $244,690,014, and a surplus of only $6,182,670. This latter sum includes what is known as tho Guar antee Fund, provided for by tbo State law of 1870. The surplus is ridiculously inade quate. Ordinary business principles would require a surplus of ten times that amount. Tho most reckless speculator, ondor similar circumstances, would hardly Invest his money so that ho could not realize on it, and reserve for possible demands on him not 3 per cent of bis total liabilities. Hat it is shown not only that tbo savings banks fail ed to keep a sufficient surplus, but that their investments were almost criminally loose and careless. Of tbo whole $244,000,000 owed by the banks, $123,000,000 is invest ed in real estate, $110,000,000 in mortgages, $33,000,000 in puhlio funds, $20,000,000 in ' bonk stock, a little over $9,000,000 in railroad stocks, and $34,000,000 "on personal security.” This Utter item is said to represent loans made to manufacturing corporations on the security of (ho Secretaries, Treasurers, or other offi. dais. Much of it has proved Immediately unavailable, and much moro, it is presumed, will be classed with worthless or doubtful assets. With regard to the surplus of the banka, it is said that two savings banks in Now York now hold a larger cosh reserve than the 170 savings banks In Massachusetts. The largest banks in Boston, bolding deposits of $10,101,483, bad on hand as snrplusatthe close of business Oct. 1,1877, only $24,023. Thera seems to have been absolutely no pro vision for a shrinkage in value, or for a pos sible panic. Dividends were paid freely out of the earnings of the banks, and what remained was insufficient to pay depositors on and provide for tho contraction of values consequent upon a resumption of specie payment. It mast bo admitted that a showing of this character is not calculated to inspire confidence, or to encourage the belief that the officials who have thus squandered money intrusted to them for aafo-kteplng will wind up their institutions economically, and quickly. Two reasons have been given by the State for the passage of tho Stay lav. One of thorn, curiously enough, is derived from the passage of tho Silver bill In Con* gross. II Is hold that (ho discussion on this law, in sorno peculiar manner, was injurious to tho public ponco; nful that, since Hun nottlcd confidence, the Slay low Is a neces sary measure. We hove been nonblo to fol low tbo subtle Mow England intellect pre cisely through this train of reasoning; suffice U to say, that it Is substantially as stated. It is n sorry argument. Tho Now England people who hold the Hilvcrblllto bo an iniquitous measure hardly expected so soon to cost It m tbo shado, or to find in it Justification for a broach of faith which has no parallel In tho history of this country, except in sorno open repudi ations of State debts. Tho otbor reason advanced for tho passago of the Stay law is that It will tend to delay or prevent tbo transfer of (ho savings of (ho people from State banka to llto postal savings banks which it is proposed Congress shall estab lish. This is no better n reason than tiro otbor. If there is any sense or justice in favoring private corporations at tho expense of tbo General Government, tho people would like to know what it Is. Perhaps the true state of (bo case will more clearly ap pear when tho weakness of Massachusetts savings banks Is fully proved, ai it surely will bo when tho day of reckoning comes. Meanwhllo it seems appropriate that the people and press of Now England should coaso lecturing tho West about dishonesty, or ossmno to inouleato virtues which they do not possess themselves. tot ns confine ourselves to facts. Tho silver ag itation did slop tho sale of bonds. It did force tbo return of probably more than $100,000,000 of those already abroad: but for which we should have drawn many millions of-*what? tdlvorr No. of gold, from the European stock. tVhnt Influ ence has the Silver act hsd upon the markets! None whatever. A few of the coins nro in private pockets as curloiillcf, but wo have never aeon one Id circulation. What eOcct upon the Treasury? Thus far none at ail. To the czlenlallvcrUcolncd the (iorernment will make precisely the difference between the bullion and tho nominal coin value of sliver dollars. That la tho beginning and tho imd of tho belli sliver gives to resumption. On tho maximum coinage of n year, $18,000,000, this would bo 0 profit of something between $1.000.000 and $4,r>00.000. or loss (ban 000 mouth’s bond sales. ~l)otton Adcerlhtr. Yon bavo a curious way of “ confining yourselves to facts," if tho above must bo takoaos a sample. I. Tho Syndicate had broken down in tbo solo of bonds before tho Silver bill passed tho House, and long boforo tho goldites doomed it possible it would be come a law. 2. Tbo passago of tbo bill did not “force" the return of ouo-fiftb tbo amount of bonds stated by tbo and (boy mot a very ready solo At homo. 3. Had it not boon for tbo malicious misrep resentations and downright falsehoods of tbo Boston and New York newspapers, not a aluglo bond would have boon sent bock on account of tbo enactment of tbo Silver bill. It was their lying clatter that frightened a few timid, nervous holders on tbo other sido into returning tboir bonds to this country for solo; and now they aro saying (bat they listened to tbo mendacious ossor tloua of tbo reckless press of Boston and Now York and parted with tboir beads. I. Tho market for Federal bonds .is now as good as boforo tho bowl of opposition to allvor.rcmonotizaUcm was raised. Europeans hove got their eyes open to tbo fact that, oven if their coupons are paid in silver, their agents in New York con soil tho silver for gold drafts on Loudon at about par, and they will lose nothing in any event An Englishman owning French bonds, when tho interest is paid to him in silver, exchanges tho silver for gold drafts on London without loss. Tho same thing can bo done in this country, no matter what the discount on silver bullion may bo. Not one of the Boston or New York goldlto newspapers hod tho fairness or honesty to point to European holders of onr bonds this simple solution of tho matter. Oa the con trary, they asseverated in lying chorus that the foreign holders would lose 10 per cent on their interest, as silver dollars, (hoy said, would only pass current for 00 cents I Tho deception practiced by those Eastern prints on foreign Investors was shameful and scan, dolons. H. Tho influence tho Silver act had was to demoralize tho gold gamblers. They saw that they hod no longer a corner on coin; that it was useless to try to keep a premium on gold, to prepare to make a run on tho Treasury next January, as silver would bo flowing Into circulation at tho rate of $4,000,000a month; and that so much of it as reached tho Treasury for duties would bo in their way when they demanded gold for their notes. After tho bill passed, tho 3 per coot premium on gold ropldly gave way, and now, at tho ondof six weeks, wo find gold down to a more fraction of a cent above greenbacks. 0. Tho Secretory has not yet commenced paying out silver dollars for silver bullion, but he will shortly. Thus far ho has refused to exchange them for greenbacks, and there is no object In paying an equal amount of gold for them, as the gold and silver ore of precisely the same value. 7. Tbo profit of $4,600,000 on a year's coinage of silver bullion Is equal to tho interest ot 4} percent on $100,000,000 of bonds, which is a sum not to be despised. It is also equal to tho saving of interest on $300,000,000 of 0 per cent bonds purchased with tbo proceeds of $300,000,000 4} bonds; and we hove novel: hoard of one month's sale of 4} bonds amounting to $300,000,000. The Adttrtiur makes itself ridiculous by Iho reasons it adduces for its hostility to tho restoration of the old, honest standard silver dollar. Reform is necessary. Ono of our anti-silver exchanges says > In view ortho wrest clamor there was throatb out the country for the coins**) of the now silver dollar, It is not a tlltlu remarkable that, since their coinage has actually begun, the people have become nnlto Indifferent regarding them. A Washington dispatch says there Is scarcely any demand far the new coin. Of the 2.450,&&1 new dollars which have thus far been coined, the Treasury has been able to dispose e( only It'iU.Uin all told, and most of these have been bought merely for pocket-pieces. Tola might be vailed a contemptible fling at iilver-remouutUatloD, If it woa not Idiotic. ••The people have become perfectly Indifferent,’* have they; and don't wuu’t any ul them except for “pocket pieces," don't they I Does not the writer of that Item know that no allver dollars can bo bod except in exchange for gold coin i Wbat object would any one bavo to buy from the Treasury a thousand sliver dollars for a thousand gold dollars I Why should any* body want them except for “pockot-nlcccs" under such circumstances i The bolder can only get tbeir face value la gold for them. Who but a simpleton would purchase silver dollars with gold at par, and then turn round and sell the silver for gold at part This would sillier than swapping Jack-knives. The Secretory of the Treasury refuses tu sell silver dollars for green backs, even st the JforX percent premium which gold bears; be declines for the present to port with them except at par for gold; and, os they ore worth precisely as much and no more than gold, of course nobody can afford to buy them for purposes of probt on such terms. In a short time the Secretary will begin to pay them out in the purchase of silver bullion, as bo announced some time ago that he would do. They will then begin tu appear la circulation, and the people will be no wore “Indifferent" to them than to gold, os they will have exactly the purchasing power and the legal-tender power of gold. THE COUNCIL Veto of the Repeal of the Dear* born*6treet Assessment, And Also of tho Lake and Twelfth Street Hallway Ordinances. Canvassing tho Betnrns—-The City. Stall right to Begin. The Council held a regular weekly mcetlaj yesterday evening, Aid. Cook in the chair. Th# absentees were Cary, Tully, Kerbcr, thoopsoa (Thirteenth), Llnscnbartb, Kirk. A communication was received from the Mayor, returning, without hla approval, t!>s ordinance for horso-rallwoy on Lake street and Wabash and Milwaukee avenues, ills reason was, that, at tbo time of its passage, the petition of tho owners of land on Lako street did not represent ono-halt of the frontage of the street. Ho thought the ordinance, being a substitute for the one submitted by tho Committee 104 published, was passed without sufficient opoor. (unity tor examination, ond with exceptional haste, lie was informed that tho Railroad Company had since procured tbo signs, turcs of property-owners representing a large excess of tho frontage required by Uv, but ho couldn’t recognize this as a compliant* with the spirit of tho charter, and ho wouldn't sanction such a precedent. He believed, iht people along tho lino were la favor of the im provement, and that It would benefit the dlj generally; and be would favor it when ian> tioned by a proper ordinance duly considered Aid. Throop moved to reconsider the vote by which tho ordinance was passed. Tho motion was unanimously agreed to. Aid. Cullcrton moved that the ordinance b« passed, notwithstanding the veto, ills Honor's reasons wero not sufficient. It was conceded that the people wanted tbo road, and that the jcccssary property-owners had signed the pe ttion for It. Ho saw no necessity for delay. Aid. Gilbert aald tho ordinance was bulldozed .tbrouch, and bo was opposed to passing 1U Aid. Ryan remarked that ho was led into % trap, and voted for a fraud—the Dearborn street ordinance—which tbo gentleman from the Fourth (Gilbert) Introduced. He was not In favor of passing the ordinance over tho veto. Aid. Throop moved that it bo recommitted to to the Committee on Railroads, Aid. McAuley know that tho people on tho street wanted tho road, and that they favored the present Company, since It had the facilities and the disposition to accommodate the public. The ordinance should go to the new Committee for consideration. . Aid. Daumgarten believed It was good to pass the ordinance at once. Hla constituents demanded the road. Tito motion to recommit was agreed to. TWELFTH AMD RAKOOU’U. Another communication was received Iron his Honor, returning without hla approval the ordinance authorizing the laving ol tracks ua West Twelfth street, and Randolph street from State street to Michigan avenue. There wss no petition of property-owners asking for the Iran chlse on Randolph street, and for this reason le withheld hla approval. . The vote by which tbo ordinance was passed was reconsidered and tbo ordinance recommit ted to the Committee on Railroads. PSAIIHORN SIR BBT. Another communication was received from hU Honor, returning without hla approval the ordinance repealing tho ordinance and annulling tho assessment for the opening of Dearborn btrcct Tho reasons urged for the abandonment of tho work, he sold, were: (!) That the dam ages awarded for some of the properly to bo taaca for tho improvement uro cuts -8lvc; (2) that, on account of alleged , fraudulent subdivision oud conveyances, certain of tbo property assessed for benefit vu assessed too little or not at all; and (8) that the assessments for bcncllia against a largo propor tion ol the property ary excessive. if ihm reasons existed, says hla Honor, and tho owners of property assessed too high could be relieved 'bv a repeal of the ordinance and abandonment 0 ( the proceedings without subjecting the city to liability for tho compensation awarded or lor Uam.ee. at the .alt ol tho panic. Intcr.il.cl le tho proceeding ho would Klacll, approve lb. ropcallne ordinance. Theao objection, had b«» paa.cd oo by the court.. and he did not led it liberty to oppooo hla Individual judsmenl u each 1-eal adjudication*. No evidence ol Irani ulont ouhdlvl.lona waa offered. In the eveat ol now proeecdlnn>t tho the Corarolaalonera root conaVder It. It vtao n matter ol vcrf crit. doubt whether tho procecd npa could w abandoned oa proposed. In Ida opinion there waa no Immediate ntecMll, tot It. Natalia tlon* were pendlOK between the owucra to whom dalliance were awarded and owoeri name nroocrtv was assessed, with a view to a compro mise? by which tho burdens of tho latter would he decreased, and it was not Improbable. I .time were given, a satisfactory adjustment might Us made. In the meantime,'tho city might refrain from any act in relation to tho street which would change the present status or lessen any power which It might now havo to abandon ths Pr SjdT(j”fbcrt moved to reconsider the vote by which tho ordinance was passed. w Aid. Pearsons urged that the only way w have tho matter sallied waa by permlnlau th* property-ownera to compromise. Tbo motion was agreed to, and, On motion of Aid. Gllocrt, tho ordinance was referred to tbo new Judiciary Commute* ud the Law Department. oANVAasmo xml bstores. Tho special order—the canvassing of the re turns of the late election—was then taken up. The Chair appointed Cultertoo, Beaton, aed T, l°Vhc^rhi T Com^leo B had gotten all the to- UV AId! Pe««on* moved that the Committee aJJ uo tho returns, and declare the result in 000 w Aid. Cullcrton opposed the motion, although ho favored the latter part of lu By ded»J*JJ the vote at oucc, tbo now Aldermen would bara owcek In which to qualify. Bv tho deferment, they wouldn't bo able to lake tlictr scats for two W A& Daly aald the result -could be got ten si to tenor fifteen minutes. He could not see woy tbere should bo any delay. Aid, Pearsons withdrew hla motion. Aid. Cullcrtoa moved that tbo result be da that were done, could tbs Council hold this week to finish UP Ald!*CuHertoo—lt could If tho new would withhold qualifyiog for two or tbre d *ild. Sweeney—But If not! . _ d Aid. Cullcrton— They could rush m qualify and cut oH business. ~ l 0 1 AM. Itawleigh—Tbo old business could go w the now committees. Aid. Pearsons—ls there any old buslocasi Tho Clerk—Yea; three boxes full. th i 0 Aid. Rawlelgh—U will tako two mouths » get through with it. Tho new members • take their scats Monday night. , wound Aid. Throop wanted tbo old Buslov* up, as there were many l ra P° rl .^°‘ the should bo acted on, and not thrown upo new Aldermen. . . . Alder Aid. Ryan said tho people had elect*ed AWw men who could transect business. It w » usual to keep them so long out of their Last year they came In April «* council Ala. Rawlelgh moved that when the> counw* odlourn It adjourn uoUl Thursdsy nigh Aid. Cullerton remarked that ft wm tno of the Council to declare the result wltnoui w '“(vbllethl. Ulk w 4. gom* on tho rctnroi r &«“»«. *« X- motion w adjourn Tho return* wero then rei *^■ , .V; tl^ctlon, log arc the ofilcul returns of tbslaU ; scattering votes, howvvcr, being omitted. riBST WAB». 711 To ley. Sanaa McAullff • Handera. Hoseaberg Kagcl- Phelpa.... Hull Uacbanaa. Mallonr Morgan Stewart.... .... Mallory', majority— Tamar.... brknktaan Matte ... Statu..... ,u»t Sid b& 104 * ta ait