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Ottumwa weekly courier. (Ottumwa, Wapello County, Iowa) 1872-1899, December 19, 1877, Image 1

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Persistent link: https://chroniclingamerica.loc.gov/lccn/sn92056106/1877-12-19/ed-1/seq-1/

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BUMS:
tlMKn YEAR IN ADVANCE,
-•—uK.*wsssr?Si.
The Chicago
3V»WM,
doubtful au­
thority, says Swing and Thomas of
that city are the great pnlpit orators
of the northwest.
JUST
now we hear a deal of idiotic
drivel about the in onvenlencc of the
Rouble standard of silver and gold.
tTororer three thousand years, or as
i'far back as we hare any authenticat
fd history, civilized people have had
|o trouble abont that inoonventecno.
^JFhat trouble was only discovered by
gold ring combination in 1873.
Wouldn't it be a good thing for the
men who indulge in so much learned
twaddle about the Inconvenience of
jjhe double aUndard of gold and sit
ter, to occasionally give us a disser-
tonbleaboutthe
ition inconvenience of the
standard of beef and pork for
or the double standard of pone
t*»* flapjack« for bread, or the double
Ctaadard of Juleps and cocktails for
iriaks. Give us a change, gentlemen.
Tom. Ewing's Greenback league
has been organised. It is now tak
ing atapa to push its ramifications
jhroagfcoat the length and breadth of
&e country. We have not seen the
liedaration of principles upon which
It is based. If, however, it is placed
tpoa the heretical basis of providing
moasy which shall not have a coin
tieeis, which we suppose is the fact, it
ll simply rank nonsense,,
Pitt Kellogg says that Lincoln's last
Aflclal signature is on the Commission
i|iathe keeps, making him Collector
iftke port of New Orleans.
Pitt Kellogg being asaed if he en
ebjoyed political life in New Orleans,
•aswared: "Amazingly. It was
pet|Wtul adventure, hare been
ire times shot at. Mr. Wheeler, the
Ykt-Preeldent, borrowed my car
Hage when there, and innocently ask
ed how It got so many holes in it?
4pey
shot at de Governor,' said the
Irivsr, and Wheeler thought he
jflldn't want it long."
Tn Senate finance committee have
Agreed to report favorably upon a
tyill to provide for a sixty rear four
f« cent, bond, to enable the people
to invest tbei§» saving* in. The bill
for the present to
tk* interest on the
bonds is made payable in coin or le-
S
i tender notes. The proceeds of
e sale «f'Qete bonds is to be ap
plied to the redemption of the 5-20
4U per cent, bonds. This action of
the Senate finance committee would
Indicate strongly that this Congress
tl likely to establish some method for
the people to place their savings in
S. bonds of small denomination?.
^SENATORS KEBNAN,
THE
'-a
#fr
tk:'\
of New York,
ad Eaton, of Connecticut, and Rep
atatire Hewitt, of New York, all
prominent democrats, seem, so far, to
Is leading the fight in Congress
Against the remonetization of silver.
The Chicago Times, Reform Demo
cratic also leads the newspa-
tollarorgan,
ars of the country in the war on the
of the daddies.
.J We hope these well-known facts
f#ill somewhat temper the rage of
Abr democratic readers hereabonts
Who affect to be uncommonly hot un
6er the collar because silver is not
Itamsdlatsly restored to its original
legal tender status.
InslandTattitude-
The London Times in commenting
the situation of affairs, since the
|pll of Plevna, says:
•i- "The Turks refused
to
accept the
audition on which Europe, includ
ourselves,
offered to
continue our
11 recognition of their empire^ and
ey
Bast be left to
TAKE THE CONSEQUENCES.
Those consequences must sooner or
later be the forfeiture of some of
their authority, if not of their terri
tory Europe. No European pow
er, and this country least of all, will
Interfere to prevent that conBe
fuence."
So it seems the English lion is
•oaewhat chary of a conflict with the
Victorious Russian bear, and will sac
rifice its monied interests in Turkey
mtheifthan become an ally of Turkey
and risk a war.
Burlington Hawk-Eye denies
(or assertion that the bill demonetiz
ing silver was passed in a surrepti
tious way, for, says that journal, did
tot the bill, and a prolonged dlscus
fion of the whole subject appear at
fhe time in that widely disseminated
aad universally read paper, the Con
gressional Record}
Now we want to make the Hawk
Xy a few little bets.
First, that the Congressional Record
of 1873, when the bill pawed. and for
all other yean, for that matter, are ly
lng around the Hawk-Eye office un
opened and uncut
That daring the period when the
fiawk-Xye says the measure was so
thoroughly discussed in th* Record,
nothing was said of it in the Hawk
-JEye or any other paper in the coun
try.
That we can show from a recent
letter of Pig Iron Kelley, then Chair
paan of the Committee which report
#4 the bill, that he did not know that
it s—tained a clause demonetising
that, Anally, no man anywhere
I for the passage of the bill, and
that ao one knew of it or its effects
|ntU they became odious, outside of
i|he gold ring which smuggled it
through.
A
[j-.
If the Hawk-Eye thinks that wasn'
surreptitious thing to do, we
pity its lack of comprehension.
Ex-Senator Claussen, ot Davenport,
writes frequently and ingeniously to
the Davenport Gazette and other pa
pen against remoneUzing silrer. His
last effhsion is an elaborate effort
to show that the depositors in tha Sa
rings banks all over the United States
will lose abont ten per cent, on their
MM by remoneUzing silver. The
OMkld«i^er, however, to the deposit
«fi |f tkalr liability to lose the nine
ty per cent instead or the ten per
ceat,by such vicious legislation as
th* Mil which demonetized silver,
ttae reducing the ability of the people
who have borrowed the money, by
aboat one-half,to pay their debts to
the Savings banks, and finally sending
them and their effect* into the hands
of the bankruptcy wreckers.
Mr. piaussen is an able and an hon
est man, but no more so than his fol
low countryman, Henry Greenliaum,
of Chicago, who has just gone to the
bottom with his two banlu, in the he
roic effort to pay his debts with a six
"stick,
paralysis in business,
Mr. CUraano, as a r««ult of the theo
riee
M*
practice whloh he defends,
aadwhtehhaspotbusiitoMaadmon
•r HUyta£h«,d. oftheRoSLhild,,
is worth more to the mlndof the
preetiea! business man, as a leseon
than a world of the ex-Senator's ele
gantly toned periods.
s»** .- -:. w &. ji- .» «.
•wi|i£*it jBpjj*
iVS'
*.i, ,f
.'SV"k
can pay four per cent. Interest with
gold alone as the standard of values.
Of course the same rule would per
tain in regard to a nation's bonds.
Four per cent, interest Is worth
more to the money loaner upon the
gold basis than six per cent, is upon
the gold and silver basis. Why Be
cause the money loaner will be able,
under the single standard, to buy
more land, more flour, and more ev
erything with the interest arising
from the four per cent, than he will
from the interest arising from the six
per c^nt Besides the face of his
bond will call for just the same num
ber of dollars under the gold basis
as it did with both metals as the ba
sis.
Take silver permanently oat of the
place it occupied for eighty odd years
in this nation, viz: a measure of all
values, and there is only left its co
partner as such measurer of values,
and having reduced the measure by
one-half say, the things measured
will drop also one-half. The basis of
money being reduced all representa
tions in the shape of paper money
must be reduced, and, money thus
lessened, prices or values decline also
in the same proportion.
True it is, that a man's farm may
be rated worth $10,000 ander a finan
cial system founded upon the doable
standard, and $5,000 under the single
standard, and it will not make a par
ticle of difference with such farmer*
as to the intrinsic value to him of his
farm. But if that farmer had a debt
to pay under the reign ouf gold, which
he had contracted under the double
standard, he would find that the num
ber of dollars his note called for had
not shrunk a whit, while his farm
and everything he raised had gone
down one-half.
The temporary and partial degra
dation of silver in this country, and
the prospect that possibly it may be
made permanent, is respponsible in
large part for the appreciation in val
ue of its competitor, gold.
Des Moines Leader: "The Chair
man of the State Central Committee
has called a meeting of all the 'promi
nent independents of the State to be
held at Des Moines, on Thursday,
December 13th, 1877. Business of
great importance will be presented,
and it la earnestly hoped that all who
propose to take an active part in the
movement will be present, whether
especially invited or not.'"
Iona democracy is beginning early
to set up a programme to gather into
the old democratic hulk its auxilia
ries. The soreheads who have, from
time to time dropped out of the re
publican ranks, because not gratified
with the manner the party has appre
ciated them, will assemble with the
democratic managers, and In secrecy
plot together for the injury of repub
licans. The new converts will be
most zealous and least troubled about
what means are employed. The plan
agreed upon will constitute the un
derground system of wire-pulling
for the coming campaign, and the
division of the candidacies for office.
The web woven, they will scatter to
carry out tho programme. From
their various places they will work
the underground wires to stick to
gether the democracy and so-called
indepeudents. aa vender of
never failing paste for mending
broken crockery ropes in the gaping
rowd. Here and there a fellow,
who has been up every solitary cam
paign for some office while in the re
publican party, save when he already
held an office,aud had his mouth cram
med so full he couldn't cry for more,
will figure up with his co-wirepullers
how he may run for Congress in some
district, and the whole conglomerat
ed tribe of opponents to the repub
licans may unite on him. Fix it up
gentlemen meanwhile an intelligent
public will follow with discriminat
ing eye the fresh efforts in other fields,
of seven year itch candidateswhlie in
the republican party.
A Civil Service Reform Vietory.
If there has been any one thing
plainer than another avowed in Pres
ident Mayes' letter of acceptance, and
in all his utterances, official and other
wise, since his elevation to the presi
dency, it was that no officer should be
removed during his term except for
cause. Nevertheless, the gadfly Cur
tis, and the conspirators and marl
plots Evarts and Schurz, have been
conspiring to remove the Custom and
Naval officers of New York, in the
midst of their terms, and for uo other
reason except that they were efficient
officers, who were at the same time
stalwart republicans, frlonds of the
sturdy Conkling,and enemies of Cur
tisism and all other sorts of limber
backed namby-pamby ism.
To gratify this spite, and to give a
pretext for their removal, these offi
cers were Investigated for months by
commission organized to convict,
but they came out unscathed, so that
even John Sherman was compelled to
admit that nothing rested against
them, to justify their removal.
In spite of all this,the Presinent es
sayed to remove them, and sent in
the names of men intended to insult
Senator Conkling, and the entire Re
publican party of New York, who
were suggested by Curtis, Evarts,
Schurz and other assistant democrats
of New York city and elsewhere.
Desiring to leave the President a
decent opportunity to withdraw these
nominations,when it became apparent
that they were 'objected to by nine
tenths of the Republicans of the
sreat State of New York th«ir nnm.
great estate ot JNew \or*, their nom-1
ination was allowed to fall at the spe-1 pOW6r
cial session by non-action, whereup-1 other property, is constantly appre
on the republican Senators and every
republican representative in Congress
from New York State, joined in a re
spectful letter to the preeident, re
questing him not to renominate the
same men again.
The fact that he did renominate
THE SILVER QUESTION.
Paper Read by the lion. Tl. O.
tnem, and the mortifying spectacle of I interest when the securities are am
Gordon and Bayard standing up in
vain in an executive session the
Senate of the United Statep {he
special defenders of a Itepu».«jan
president, are all tally set forth in
our dispatches, to-day.
We cannot recall to mind a similar
cireumetance, or a more mortifying I
failure of a president to receive en
dorsement at the hands of his politi
otl friends, in the history of our coun-j
Fluctuations In ailvor.
The following table will show how
comparatively steady silrer was pre
vious to 1873, and how enormously it
has fluctuated since that year
Year,
IHfiA
1887
1688...
i
iuo..„
1871
1ST-:
187.1
Awselal-wrecks which cover
adopted country of
4 row PotfM
can pay the interest on a
•Iz por ml mote with gold and sil- have no effsot to increase the value of
YW4K»!«|»i tead«r «Mi«r Omi he the precloas metalf
Yearly
•s*
--Six
LXH, iToan
tsa yu
•~8*
41
-SIH
»-ie
JJ\
wVissou
isl-ie
£x mm
fiT
»15-18
1814 ,&TU
5TH
1S
0-16
NX
Mil
ler Before the Philosophical Society
o/Evanston, Dee. 10,1877.
Money is that form of property
With which commercial exclia^es are
effected. A unit of money is the do
nomination tn which accounts are
kept. A unit of other property is a
definite portion of any kind of prop
erty by the multiples and fractions
of which the various quantities of
that kind are expressed. Money be
ing the medium or exchange, the unit
,pf money becomes the measure of the
ralue of the rarious kinds of other
property. (I use ralue as synon
ymous with price.) A definite quan
tity of any kind of property is worth
the amount of money It will bring.
When a nation has used a medium of
exchange for a long time, the values
of its other property will become ad
justed to this medium. If its finance)
are in a normal, healthful condition,
its money will constitute a definite
portion of its entire property. It is
impossible to state accurately what
that portion is, but we will suppose
that the ratio of its property in the
form of money to its property in oth
er forms Is as 1 to 30,—that is, that
for every dollar of money there are
•30 of other property. Under these
conditions, evrey dollar in money has
fixed purchasing power. If this
ratio or relation once established can
be made permanent, and continue
without any change, then the pur
chasing power of the unit of money
will always
be the same. Whatever
thing a dollar will bny to-day it will
buy at any future time. If it will
buy a bushel of wheat to-day, and
the other influences affecting the
price of this commodity continue as
they now are, it will buy just one
bushel of wheat and no more at any
future time but if this ratio or rela
tion is changed, then the purchasing
power of this unit of money is chan
ged. It is diminished just in the pro
portion that this ratio is diminished,
and increased just in the proportion
that this ratio is increased. In other
words, the prices of property in other
forms than money, will rise as the
purchasing power of money decreas
es, and fall as the purchasing power
of money increases, Wc will suppose
that the volume of money is doubled,
with no addition to the other property
then the ratio will be as
2
to 30 or 1
Private credits
enlarge with the swell
ing volume of money. These credits
take the place of money, and both
money ana prices set in the direction
of indefinite expansion. Fictitious
money begets fictitious credits and
fictitious prices, and this policy, if
persisted In, will, of course, end in
financial disaster. As increasing the
money stock increases the prices of
other property, so diminishing it
I causes a decline in these prices. In
the other case the purchasing power
of money is constantly depreciating,
land it will eagerly seek employment
in productive industries to share
wltb ,abor the
Prof
The reader will observe that the
fluctuations, to any considerable ex
tent, commenced with the dsmoneti-ling up^them remain with the fixed
zatlon of silver in 1873, and yet we|B** fate at their summit level, and
are toM that its remonetization will discharged, dollar for
1
u
of these Indus
trle§ In the other it8 purchaiillg
or
value, as compared with
dating, and it will retire from these
industries, and leave labor to take
I care of itself. Money is selAsh and
I quick to discern its real interests. It
hears no cry of distress, is neither
mored by expostulation nor cajoled
by flattery. Fattening in repose,
will hibernate in vaults, or venture
into permanent investments at a low
Sle,
but it will never engage in pro
uctire industries while prices are
falling. The productire energies of
our country will enable it to endure
the process of recovering from an un
natural increase of its money stock by
a reduction ot this stock to its normal
quantity, if the corrective is adminis
tered with some regard to our indus
tries. but it cannot withstand the con
rulsione that must ensue if, in addi
tion to the administering cf this
corrective in extraragant doses, the
process of reducing this money stock
too far below its normal quantity
at the same time going on. The re
duction of the money stock means
decline in prices until the values of
other property become adjusted
the reduced rolume of money, and
when this is reached, to continue the
then ratio between money and other
property, constant supplies must be
made to the money stock sufficient to
cover tho losses occasioned by use
and casualities, and to meet the wants
of advancing populations and pro
duction, otherwise the inclination ot
prices must be continuously down
ward. In the meantime, while thie
dismal change is going on, all debte
aad the interest constantly accumulat
dollar, with the dearer money. As
theee Ubta, tho legitimate fruits of
nek a pfiifiqr in vttiaMu :«qaltSM,
and endless changes for nominal sums
in tho ownership ofproperty, through
tho agcncy of judicial sales. In such
times tho ravages of money can only
be compared to the waste of a confia
ration.
During the Colonial poriod,and the
period of the Confederation, there
was no legal-tendor. There was no
mint In the country, but foreign gold
and silver coins, obtained by an ex
change of commodities for them, cir
culated here as money. The Spanish
dollar, a silver coin, was the principal
coin of commerce during those pe
riods. It was generally used in coin
payments, and was current through
out the Colonies. In Sec. 8, Art. 1.,
of the Federal Constitution, Congress
is authorized "to coin money,
4'
to
15. x'wo dollars will now buy just
what and no more than $1 purchased
before. A bushel of wheat is now
worth $2 instead of $1. Of course a
long time will be required
to
accom­
plish this chansre, and perfect the new
adjustment, but this substantially
will bs the result and this change in
its progress will be distinguished as
an era of rising prices. Wc will sup
pose that one-half of the money stock
is taken away the ratio will then be
increased from 1 to 30 to from 1
to (10.
A half-dollar will now purchase the
bushel of wheat, or what .fl purchas
ed before. In other words, the bushel
of wheat that was worth one dollar
before the change was made is now
worth only half a dollar. This change
marks an era of falling prices. As the
prices of all exchangeable property
are in addition aflected by the law
of supply and demand, the prices of
particular kinds of property, nuchas
real estate in rapidly-growing cities,
and grain where the crops have fail
ed, will at times advance more rapid
ly than the prices of property in oth
er forms. This rise is compensated by
a fall in the prices of those kinds of
property that are from various causes
subject to the depressing influence of
this law of supply and demand, leav
ing the sum of the prices of the en
tire property iu the nation, other than
that which is iu the form of money,
under the sole influence of the agent
which fixed and established them,—
namely, money. Prices of
particular kinds of properly
are affected by commercial inter
n u o i v
creating or stimulating a demand for
the subjects of this commerce. The
prices of property in the country are
therefore controlled by two influen
ces, depending upon the manner in
which it is viewed or regarded. If
riewed in respect to its various kinds,
then the price of each kind is con
trolled by the law of supply aud de
mand. If riewed in its entirety, that
is, if the aggregate of prices is looked
at, then this aggregate is established
and regulated by the ration that ex
ists between the amount of property
in the form of money and the amount
of property in other forms in other
words, by the quantity of the money
stock in the country as compared with
the quantity of other property. 1'y
continuing this ratio unchanged when
it is once established, the stability of
prices, an unerring index of a health
ful commercial activity, is maintained.
While this lasts, money has a proper
relation to all its appropriate objects
All the productive industries that are
adapted to the circumstances and con
dition of the people are prosecuted
on an economical scale, and therefore
successfully prosecuted. Capital and
labor will receive a just recompense
for their respective contributions to
that which is the result of their friend
ly co-operation. The accomplishing
of this beneficent object is always the
aim of wise statesmanship. To facil
itate exchanges, credit money is used,
that is credits, such as bankers' notes
founded upon and in respect to
amounts, measured by the actual mon
ey In the bands of the banker who
issues them. To properly restrain
the issue of these notes, they should
always be convertible into actual
money at the will of the holder, and
then their issue will not exceed such
a limit as experience has shown can
not be trangressed with safety. If
this quality of convertibility is taken
from them or suspended, then they
become virtually a part of the mouey
stock of the country. This stock is
consequently inflated. The ratio be
tween money aud other forms of
property is diminished, the purchas
ing power of money is reduced, and
the prices of other property increased.
a
regU'
late the value thereof, and of foreign
coin." At its first seAion, commenced
in the City of New York, March 4,
178V, Congress passed an act regulat
ing the value of foreign coins. By
the Coinage act of April 2,1792, Con
gregs, under the authority granted in
the Constitution, for the first time
gave to the people of the Union a uni
form and legalized currency. This
currency was made to consist of the
two metals, gold and silver. The
mint was established for converting
these metals into coin. The coins of
either metal were made a legal ten
der at their mint ralne in payment of
debts wi* \*»ut limit, and the coinage
of eithek N, free to all persons de
positing b\ ^on at the Mint By this
act the Spanish milled dollar was
made the unM of aeeMnt. Its tan
nage on this point is: "There shall
e
from time to time struck and
coined at the Mint dollars or units,
each to be of the value of a Spanish
milled dollar as the same is now cur
rent, and tc contain 371^ grains of
pure or 416 grains of standard silver."
Of this feature of the act Mr. H. R.
Linderman, Director of the Mint
says: "The average quantity of fine
silver contained in the Spanish dol
lar then in circulation in this country
was, according to the assay of a num
ber of pieces, 371 grains, to which
was added
of a grain to avoid in­
convenient fractions in prescribing
the weight of the coin under the ratio
of 1 to 15. In taking this coarse in
reference to the coined dollar Mr.
Hamilton no doubt had in mind the
importance of exact justice between
debtors and creditors, and recognized
the principle that a Government in
fixing a money standard cannot, with
justice, depreciate the existing meas
ure of contracts to the injury of cred
itors, or appreciate it to the injury of
debtors." This act provided for
minting gold coins, each coin to con
tain a prescribed number of these
units, and to be made of a prescribed
weight and fineness. The ratio of
their coin-value was based upon their
then-supposed bullion or market val
ues, and was as
1 to 15 that is, one
ounce of gold was worth fifteen
ounces of silver. If the adjust
ment had been strictly accurate,
then these metals would have
circulated concurrently as mon
ey, and continue to so circu
late so long as their relative coin val
ue should remain coincident with
their relative market value. At this
time the money stock of the world
consisted of these two metals. In
some countries silver alone was used,
but in most, if not all, commercial
:ountrics, both gold and silver were
usod. (iold was not exclusively used
anywhere. Iu addition to the quali
ties they have iu common to commend
their use as money, the more valua
ble of them, gold, is especially adapt
ed to large, and silver to small trans
actions, and their joint use promotes
the permanence of the ratio between
money aud other property, and con
sequently the money and other prop
erty, and consequently the stability
of pricus. The prices of each of these
metals is variable, and governed by
causes that are peculiar to each, and
which cannot )A juitioinated or con
it may be difficult to secure their
concurrent circulation. When the
ideal uuitof value and account is rep
resented in the currency by each met
al, then if the bullion value of one
by reason of a reduced supply, or be
cause there is a larger temporary de
mand for it in foreign countries than
in our own, is raised abore its mint pied in our monetary system prior to
or coin ralue, its place in the curren- the act of 1973, and tho question is,
cy as it retires will be readily taken Should this bill become law
by the other metal. The quantity of Apart from the question of the
the money stock will thereby be pre- propriety of demonetizing silrer, we
served, and prices remain unchanged. cannot tolerate the mode of legiala
To secure the use of either of these
metals as money its coin ralue must
be at least equal to its market or bul
lion value, otherwise it will not go to
the mint nor remain in the form of
coin if coined. To
Becure
their con­
current circulation as moner, their
relative coin value was fixed by the
Coinage act at one to fifteen. This try cannot afford to be tricked by leg-
corresponded to their then market
alue. Within a few years their rel
ative value, as determined by the
market, changed so that one ounce of
gold instead of being limited to fif
teen ounces would buy fifteen and a
half to sixteen ounces of silrer in the
markets of Europe. Consequently
gold left us and silrer remained. To
emedy this, by the law of 1834, the
weight of the gold coin was reduced,
and by the act of 1837 its fineness was
slightiy reduced, while the silver coin
remained the same as before, the
slight increase of its purity to make
the percentage of its alloy the same
as with that in the gold coin being
compensated by a reduction of its
weight from 410 to 412'j grains of
standard metal. This added 6589
per cent, to the coin ralue of gold.—
Their legal value then stood to each
other as 1 to 15.988, instead of 1 to 15
as
before. This change instead of
making the mint value of these met
als
coincident with their relative
market ralue, prored to be an undue
increase of the coin ralue of gold, and
the bullion value of Silrer was conse
quently higher than the ralue stamp
ed at the United States mint. Silrer
has since been, until within a few
years, at
premium of 1% to 3 per
cent. AVe are accustomed to regard
the governments of Europe as estab
lished and administered in the inter
est of the upper classes, in which are
found the capitalists, rather than the
common people. A few years ago a
scheme was set on foot in some of
the countries of Europe in the interest
of the owners of money or creditor
classes, and those who lived on fixed
incomes, to reduce the monoy stock
by demontizing one of the metals and
thereby increase the value of money.
The object which the promoters of
oftbis scheme had in view, and the
motires thst inspired them, are clear
ly stated in the following extract
from the official resume of the French
Monetary Commission of 1869, found
on page 10 of the report of the Mone
tary Commission, created by Con
gress, Aug. 15, 1876: "The rise in
price which has taken place in the
last twenty years in a great number
of articles of merchandise, is erident
ly due to manv causes, such as war,
bad harvests, |and increase in con
sumption but it is rery probable
that the depreciation of the precious
metals has contributed to it, since
striking
tween the rise of prices and the pro
duction of the new mines of gold and
silver. The annual production of the
two metals which was only $80,000,
000 in 1847, exceeds now
It has nearly tripled and it is easy to
see that the real value of the two met
als has diminished. It is difficult to
estimate exactly what the dimunition
is: but whatever it may be it de
mands the attention of governments,
because it affects uufarorably all that
portion of the population whose in
come, remaining nominally the same,
undergoes a yearly dimunition of the
purchasing power. As gorernments
control the weight and standard of
money, they ought, so far as possible,
to assure its value, and, as ft is ad
mitted that the tendency of the met
als is to depreciate, this tendency
should bo arrested by demonetizing
one of them." They determined to
discard silrer, and accordingly Ger
many decreed the demonetization of
gresa, ml
amend:'
mints,
the United
tained sixty-Satan sections. It au
thorized the ceteage of fractions of
the silver dollar, below standard
weight, as sObdMtary K*U Also a
new coin to bt^jM the trade dollar
and to contain «b grains of silrer,
nerer intended ••Circulation in this
country, but MP'Asiatic commeroe,
and prohibited UNM particular coins
from being a letffd tender for more
than fire dollars briny one payment.
No allusion whatever, calculated to
arrest attention Vjipk made in the act
to our silver dotlfcr, and it wonld
hare been unaffectlA by it but for tho
serenteenth seetiM(t which is in these
words: "No oa||A. either of gold,
silrer, or minor oUnage, shall here
after be issuod Mh the mint other
than those of th« denominations,
standards, and weights herein set
forth." The coinage of the silver
dollar was here cfWMly smothered
Under a rule adroitly invoked and
enforced, the bill was not even read
on its passage through the House,
and this provision, fratight with such
serious consequences, passed tubti
lentio into a law. Itii not pretend
ed anywhere that tm authors and
promoters of this measure did
not know at the time, that it
would have the eflfect of demonetizing
silver, and they wef# the only per
sons In the conntlf who did
know it. It is manifest that the Pres
ident, Gen. Grant, Whff»pro*ed the
bill, did not know it, fcrin Ws letter
to Mr. Cowdry, written Oct. •& 187:
some eight months a
ft
it is due. This will not do. Persons
in office must be considered as having
intended the natural and obvious con
sequences of their acts and measures.
In no othor way can official responsi
biliiy be upheld.
A bill is now pending in Congress
to restore silver to the place it occu-
tion by which, in this case, it was ac
complished. We cannot endure it as
an example. When a measuro with
the evident purpose of eluding ob
servation has stealthily rept into our
statutes in the manner this found its
way there, it should not be allowed
to remain. The people of this coun-
lslation affecting so delicate a subject
as that which measures the ralue of
their property. It will invite the use
of stratagem and artifice in securing
the passage of- objectionable meas
ures through Congress so long as it
remains in tho statute-book. The re
peal of this feature of the act of '73
is demanded for its moral effect, if
for no other reason, and then if silrer
is to be demonetized let it be done in
the clear light of day, and after a
full discussion of the subject. The
burden is, therefore, upon those who
faror a single gold standard to fur
nish valid reasons for demonetizing
silver. The affirmative is with them,
and not with the advocates of the
double standard.
In support of their views, they say
that silrer must be excluded from the
money stock by taking from it its le
gal-tender quality, otherwise the
government will be in a position
where it can pay its bonds in silver
whenever this is the cheaper of the
two metals and this would tempt
the government to a dishonorable a.-t.
The nation's honor is more pre
cious than silver or gold, and
our
integrity. Within the limits
individual interests. In doiug
is governed by that spirit
tions of this spirit
$300,000,000.
poees himself to ridiculc.
this metal in 1871, the decree to take I honest man, regardful of his own
effect in 1873, and its coinage was
I
"An act revising and
laws rolatire to the
fflces, and coinage
aad
tho
interests. Tho
discontinued in France. To carry out I ment issued dnrlng the war were, by
the scheme it was necessary to secure (the laws authorising their issue, made
the co-operation of this country, exchangeable for coin, and those who
whoso annual product of silver is purchased them paid gold for them
greater than the joint product of all I because that was then the cheaper
other nations. On the 12th of Feb., I metal. They would bare paid silver
1873, an act was passed by our Con-1 if silrer had boon worth less than gold.
act o
J. M. HEDRICK & CO., PROPRIETORS. OTTUMWA, WAEgLLO COUNTY. IOWA, DECEMBER 19, 1877. ESTABLISHED 1848—VOL. 29, NO. 36.
Wit twsiRie
law, he says: "I wonder that silver
is not already comlug into market to
supply the deficiency in the circulat
ing medium. Experience
has proved that it takes about $40,
000,000 of fractional currency to make
the small change necessary for the
transaction of the business of the
country. Silrer will gradually take
the place of this currency, anfc fur
ther will become the standard of ral
ues which will be hoarded in a small
way. I estimate that this will con
sume from 1200,000,000 to $300,000,000,
in time,of this species of our circulat
ing meainm. I confess to a
desire to see a limited hoarding of
money, bnt I want to see a hoarding
of something that is a standard of
value the world over. Silver is this.
Our mines are now produc­
ing almost unlimited amounts of sil
ver, and it is becoming a ^question,
What shall we do with it I sug
gest here a solution which will an
swer for some years: To put it in
circulation, keeping it there until it
is fixed, and then we will find other
markets." Nor is this all. The dol
lars that had been coined prior to the
act, and which then remained, were
not affected by it. They were still a
legal-tender. To put them out of the
way the following section was placed
in the revision of our laws, which
was passed iu 1874, upon an assur
ance given by the revisors that it was
merely a revision of existing laws
without any change or introduction
of new matter. "The silver coins of
the United States shall be a legal
tender at their nominal ralue for any
amount not exceeding $5 in any one
payment." Tho market value of sil
ver began to decline in Kurope in
1875, and it reached its lowest point
in lulv, 1875, when its market price
iu London was -lC^d. per standard
ounce. When this decline commenc
ed its market price was about Old.
per ounce. Attention to the subject
soon discovered that the most eificient
cause of this decline was the demone
tization of silver, by which from
1200,000,000 to 1300,000,000 had been
cast out of the money stock aud
thrown upon the market in the form
of a commodity, and our own coun
try, in the quiet of profound ignor
ance, had largely contributed to this
result in its committal to this policy
by the act of 1873. The authors and
promoters of this baleful measure
now say that they did not intend by
must
under no circumstance be tarnished.
Nor are we so wanting in healthful,
patriotic sentiment as to suppose
that
sensitive regard for the national
honor is peculiar to any seotion
of
country. The severest rule of
commercial integrity requires a
man
to perform his part of the contract
into which parties have freely enter
ed as it is interpreted by the' law in
riew of which it was made, and the
law always gives effect to. the plain
and obvious meaning of its terms.
By uniformly doing this a man ac
quires a reputation for honesty
and
of
this
rule each man is left to take 'are
of
himself, and be is expected a* a pru
dent man to always consult
his own
so
he
ot selfish­
ness which, for a beneficent
pnrpose,
is implanted in the human heart: for
if a spirit of benevplence
had been
Implanted in the place of it,
would
give
men
their attention
to
the
af­
fairs of others abont which they are
the least acquainted, rather i ban their
own. Quiet and good oritr in the
social organism can only
be obtained
by each person minding hi own
ness. St. Paul severely
disregard of the wholesoim'
busi
proves
a
sugges­
of selfishness
where he says, "But if
any
provide
not for his own, and specially for
those of his own house, he hath
denied the faith and is worse than
an infidel." It is to eontine this
spirit within its appropriate sphere,
not to extinguish it, that laws
are framed. If within the
limits
this rule a man regards the
of
interests
of the other party ln per'forming his
contract rather than his
own,
he ex-
He
In the same way they
tations of honesty and
will
lose his commordal ero.lit if ho has
any, and will soon be kuo wn as a man
unfit to manage his own atl'airs. Na
tions are but individual
aggregated
and are governed by the same
rule in
their dealings with ea. other and
with private cttisens
and subjects.
acquire
repu
integrity
he does not properly
country who undertaken for
he would not, under the
and
represent
his
it
what
samecircum
stances, undertake for himself as an
bonds
of tho Govern
To settle forevor the question of what
these bonds shall be paid with, when
of Ipaid, by the Ml of March 18,1809,
•-•Don
r*
of the United States to the payment,
in coin or its equivalent, of all its
outstanding obligations. It is not
pretended by any one that the gorern
raent has erer assumed any severer
duty to its creditors than that declar
ed in this act, or that it has at any
time undertaken to pay any of its ob
ligations otherwise than iu cdln Dol
lars are the things to be paid, as ex
pressed in the bonds^ and they are to
be coin dollars. The coinage law of
the United States defined a dollar as
a monetary nnit consisting of a speci
fied amount of silrer or a specified
amount of gold, properly made and
stamped, and these units, composed
of cither metal, were to be a legal
tender in payment of debts to an un
limited extent. These dollars, then,
are to be silrer dollars or gold dol
lars, and it Is left with the Go rem
ment to say which shall be selected
for paying theso bonds when the pay
ment is made. Consulting its own
interest, it will of coarse select tbe
cheaper metal for this purpose, and
in doiug this it will fully perform the
terms of its contract. These dollars
had already been measured by the
laws of this country when the con
tracts were made, and the most that
can be claimed is that the same meas
urement shall be obserred when the
contracts are performed. We did not
agree to pay these bonds in the coin
money of a foreign, but in the coin
money of our own, country, for
subjects ot theee
Scribed In Uie bonds aa units of oar
Own coinage. It is said that silrer is
depreciated, that a silrer dollar is not
worth as much as a gold dollar that
measured by gold it is only worth 92
ctc. Who has depreciated silrer Who
has caused this disparity in the ralne
of the two metals It was the act of
the Gorernments of Europe in de
monetizing it, in casting it out of their
money stock, thereby increasing the
demand for, and thus appreciating
the ralue of, gold. Can any man in
his senses claim that thisGorernment
Is under any moral obligation to the
subjects of these Governments, who
happen to hold these bonds, to pay
them in gold, simply because their
Governments hare, for their own sel
fish purposes, increased the ralue of
gold and diminished the ralue of sil
rer, especially when it is our supreme
interest that silrer be continued in
the world's money stock We are fa
miliar with what is known as a cor
neron wheat,—that is, where a man
or a conspiritous combination of men
sell largely for future delirery, and
then secretly buy up all the within
the reach of the purchasers and hold
it with a view to compelling them,
when the time shall arrire for per
forming their contracts, to pay the
difference, as dictated by themselres,
between the contract and market
price of this article. In much the
same spirit, these European Gorern
ments, after their subjects had ob
tained our bonds payable on their
face in silver or gold coin, derised
and entered upon a scheme to reduce
the value of sliver and appreciate the
value of gold, with a view to our
paying these bonds, principal and
interest, together with all the corpo
rate and private debts we owe thom,
in Kold, and it is expected that this
country of ours will purchase their
good will by naively acquiescing in
this scheme to defraud herself aud
her debtor classes. The Eastern
newspapers, as the advocates of tbe
creditor classes, whose acquisitions
were largely made during the era of
rising prices, are overflowing with
denunciations of the Silver bill, now
before Congress, intended as a cor
rective of the measure ot '73. Ei
ther wilfully or iguorantly charging
tboso who favor this measure with
the fraudulent purpose of seeking by
it tho payment of our bonds at 92
cents on the dollar, when their sole
object is to have this ideal unity of
value and account represented in our
fiilver7o? the same relative quantities,
and precisely as it was represented
there when the bonds were issued,
instead of by gold alone, and assum
ing to be the special guardians of the
national honor, they warn the coun
try that this bill is an assault upon
the rery citadel of its integrity. They
hold it up as a "Granger swindle,"
as an ominous phase of Western
wickedness, and all because the West
will not, in serrile deference to their
wishes, "bow down to their golden
calf and worship it." We gratefully
turn from this torrent of vitupera
tion and abuse to the kindlier words
of the more candid and sober-mind
ed Englishman:
"In some comments on a letter
written by Sir Hector Hay, the great
bullion broker of London, the Lon
don Times says in its financial col
umns
"Attentive consideration of the
probable effect of silver remonetiza
tion in America would probably do
much to calm down any alarm that
may have been raised by rather
hasty talk about'repudiation' and the
like. In the first place it is necessary
to ecpaiate altogether the 'silver'men
from the 'soft-money* partisans ofthe
agricultural (States of the interior.
This bill for the remonetization of
silver has little or nothing to do with
projects for the issue of unlimited
paper, except in so far as the passing
of the measure might do much to
render such issue useless. Repudia
tion is a word that can in no sense
strictly apply to the United States,
supposing it should decree silver as
the sole lawful money to-morrow,
and we doubt whether bondholders
would lose much by the change. At
tho present price of silver, say 55d.
per ounce, the loss to a bondholder
would be much less than Is commonly
supposed. Ifpaid off in par in New
York, his $1,0(X) bond would be worth
£20G 4s. in London, and if paid In sil
ver it would be worth £19112s., a
difference of £14 12s., or per cent,
only, and it is not for a moment to be
upposed that tho difference wonld
remain so great for a single day
wero silver again 'monetized'. We
should probably sets it at once jump
to fully 5s. per ounce, at which prlco
the above loss would be nearly oblit
erated."
This article is taken from The Chi
cago Tribune of the 27th of November
last,—a paper that is rendering great
service to the country by illuminat
ing this subject, and removing the
rubbish intended as obstructions to
the bill, as fast as it is thrown in the
way by the Eastern press.
It is said, -'Our greenbacks are
now within 3 per cent of gold. Don't
let us lose wh»t we hare already
gained. Let us keep on until a dol
lar represented by a greenback shall
be worth a dollar in gold. Then we
shall have reached 'a bed-rock bot
tom.' There can then be no further
decline in prices." The truth is, when
we reach this goal, our difficulties
will have only commenced. The
policy to which we will then be fully
committed contemplates the entire
exclusion of silver from the money
stock of the world, except as sub
sidiary coins more or less debased to
keep them in the countries where
they are used and not circulating
with, they can have no influence up
on the price of gold, the real money
that will propel our industries. The
unit of the gold coin will appreciate
as one nation after another drops sil
ver, and, when It shall become the ex
elusive standard, the volume of mon
ey will be less than one-balf of what
it is at present. The prices of other
property must be readjusted to this
reduced' volume. The process of re
adjustment will of course produce a
prolonged era of falling prices. It
will last while the present genera
tion lasts, and when it is completed
the present owners of property will
have ceased to have any further in
terest iu their possessions. Nor is this
all. The commerce of the world will
then be on an ever-narrowing basis,
The annual supply of gold from the
mines, now constantly diminishing,
will not be sufficient to replace the
losses occasioned by casualties and the
attrition of circulation, and meet the
increasing wants of advancing popu
lations and production The lncllaa
tion of prices will therefore be con
tinuously downward, and the ev
can only be remedied by making up
tho deficiency with credit money or
by arreating production.
A grievous wrong Is Inflicted by
this policy upon the debtor classes.
If Alexander Hamilton, the author of
the Coinage act of 1798, was ao aottci
for the
tous for the respective interests of,
gresa soleauriy pledged the frith1 Aebtora aad creditors la adjnatiag
*L
silver to gold as to regard even frac
tions of a grain, in order that their
relations to each other might not iu
the least be affected by the act, what
language can adequately describe tho
reprobation he would have visited
upon a scheme that has for its object
the entire exclusion of one of these
metals from our currency? Our
debts, public, corporate, and private,
are estimated at over $13,000,000,000.
When our property shall have been
readjusted to the reduccd volume of
money contemplated by this scheme,
the money value of it will hardly ex
ceed the amount of these debts. It
certainly will not equal them with
their accumulated interest. The
measure, then, means a confiscation of
all other forms of property for the
benefit of the owners of money. It
has already proceeded far enough to
jeopardize the property of those
whose debts were prudently contrac
ted. The evil effects of this measure
upon our political and social institu
tions cannot be over-estimated. The
question whether silver shall be re
monetized is consequently of vastly
greater Importance than the question
whether our credit money shall bi
floated for a longer or shorter period.
The one involves a permanent policy,
tho other concerns itself with a merely
temporary expedient. The remone
tication of this metal will aid resump
tion greatly. Our credit-money will
than a small one, and it is much wiser
to look .to our active institutions and
increasing productions for the attrac
tive force that will accomplish this
result naturally and without any
•hock to our business, than to attempt
to compel it by a legislative enact
ment. It is said by some, "The re
monetization of silrer by this country
may result in the restoration of this
metal to the money stock of Europe.
It will then rise to the price it com
manded before the act of 1873, and a
dollar in silrer containing 412)a
grains will be worth more than a dol
lar in gold containing only 25 8-10
grains of standard gold. It will not
then go to our mint, but will go to
foreign countries. It therefore will
not increase tbe volume of our mon
ey." The answer is. the legal and
market relation of these metals can
be made to correspond by slightly in
creasing the weight of the gold coin,
or slightly decreasing the weight ofthe
silrer coin, when they will circulate
concurrently, aa they hare in France
for more than half a century. Even
if their legal and market relatious
should romain as they were before,
silrer replaced in the monetary sys
tem *ould exert a restraining influ
ence upon the upward tendency of
gold. As the office of money is to
take property to market, silver iu vest
ed with this function would compel
gold to perform the service for a
reasonable price. The moment gold
should become the more expensiro
serrant, silver would take its place.
In this regard silver would stand in
the same relation to gold that our
water routes do to ^railroads. Their
very existence would save millions
to the country by keeping down rail
road charges, though they did not
float a pound of freight.
It is apparent that qur present fi
nancial disorders are largely due to
vicious legislation. To modify or
undo this legislation is, therefore, the
appropriate remedy. The importu
nate cry for "confidence" will do no
good. As well might a physician
prescribe "health" for a sinking pa
tient. Financial confidence is not a
cause, bnt the result, of the normal
and harmonious action of the various
organs of the financial system, as
health is of tho harmonious action of
the organs of the human system.
The only effectual remedy in either
case is that which will remove the
disease.
WASHINGTON.
Conkling Carries His Point as
to the Custom House
Nominations.
The Osamlttce Bepwts Uafa
vorafcly aiithefleMte
Ea4«i
Fall
•f the Ate
ta Eitea-
Democrats Uniformly Support
ing the President's War
npon Conkling.
The Iowa Senators Recorded
Against Hares' Removal of
Honest Officials.
COn
KM
NO THECONQUEROR
INVESTIGATING.
WASHINGTON,
Dec. 11.—The House
committee on military affairs, to-day
appointed a sub committee to take
testimony in accordancc with House
resolution of yesterday, on the sub
ject of the Mexican border troubles.
They will commence investigation to
morrow and expect to continue it du
ring recess.
THE TEXAS TROUBLES.
WASHINGTON,
Dec. 11.—The Presi­
dent has homlnated as Surveyor of
Customs, John Campbell, of Omaha.
The Senate Committee on Military
Affairs to-day receired an oral state
ment from Gen. Ord, and letters from
the Secretary of War and Generals
Shertnan and Sheridan, regarding the
neceasity of making permanent pro
visions for the protection of the Texas
frontier by the establishment of mili
tary poets. The committee after brief
discussion of the matter authorized
Maxey to report a bill appropriating
1200,000 'or the erection of suitable
posts en the Rio Grande located at
the discretion of the Secretary of
War.
HAYES NEW YORK CUSTOM HOUSE
NOMINATIONS REJECTED.
WASHINGTON,
Dec. 12.—The Senate
was in executive session, to-day,near
ly six hours, adjourning only at 9
o'clock. The entire session was de
voted to the New York Custom
House nominations, two of which—
namely, those of Theodore Roosevelt,
to be Collector in place of Arthur, to
be removed, and S. Bradford Prince
as Naval Officer, vice Cornell, to be
removed—were reported from the
Committee on Commerce unfavora
bly.
The third, namely, that of E. A.
Merritt, to be Surveyor of Customs
in place of Sharp, whose commission
s expired, was reported with fa
vorable recommendations. No op
position was offered to the latter, but
THE CONTEST
in regard to the two proposed re
movals was extremely animated and
took a very wide raugo covering the
discussion of the rights, powers and
duties of the President regarding
removals from office and tho subject
of the Civil Service in general.
CONKL1NO,
chairman of tbe Committee on Com
merce, opened the debate with a brief
statement of the reasons why, in the
opinion of a majority of the commit
tee, the two first named uomiuations
should not be confirmed. These were,
in brief, that no charges of either cor
ruption or inefficiency had been made
against the present incumbents, but
on^the contrary, they were conceded
to* be faithful, honest, experienced
and able officers.
BAYARD
followed in an extended argument,
maintaining the right of the Exeeu
tive to make changes which in his
opinion would be for tho benefit of
the public service, he being respousi
blefor the execution of the laws and
entitled to select his agents, subjc
to the confirmation of the Senate,
but without being obliged to furnish
the Senate a statement of his reasons.
KERNAK
then delivered a speech of considera
ble
length on the same side of the
question and defending the action of
the President.
GORDOV
was the next speaker. lie warmly
commended the civil service policy
of President Hayes, and in regard to
the pending nominations asserted em
phatically that the removals which
thej' contemplated were demanded
by n proper regard for tho purity of
the service. lie charged that Cor
nell and Arthur had disgracefully
made uso of the power and patronage
of their offices for merely partisan
and selfish purposes, and he intimat
ed that it was time for fhe one-man
owcrin New York State to be bro
en.
The debate then became quite gen
eral.
HOAR \yi MATTTTEWS
spoke in faror of sustaining the ac
tion of tho President in the exercise
of his constitutional powers, and of
what they argued was sound public
policy in removing tho civil service
from the dominiou of partisan con
trol.
TELLF.U
and others spoko briefly in reply, ar
guing that in the present instance at
least the President had departed from
the principles of civil service which
ho himself had announced, namely
That faithful and efficient serrices
should protect officers from re in oral,
Cv. i
V:v
COM KM NO CI.OSEI)
the debate in a speech of considera
ble length and great rigor and earn
estness. lie replied in detail to tho
various arguments advanced by the
supporters of tho nominations and re
pelled with tbe utmost emphasis the
charges that had been made against
the official character and conduct of
the officers whom the President pro
posed to remove.
He insisted that, they had beeu faith
ful, honest and efficient in every par
ticular, and challenged proof that a
single charge had ever been made
against them, either by the mercantile
community or by the Secretary of the
Treasury, or the President himself.
He also defied, any one to show or to
assert that his (ConklingTO action in
this whole ir atter had been otherwise
than fair, open, courteous and above
board.
In conclusion, he claimed that the
Senate would be alike unjust to faith
ful officers, careless of its own prerog
atives and duties, and unmindful of
the dictates of a true civil servico pol
icy if it failed to vote that these nom
inations should be rejected.
A VOTE IIV VEAS AND NAYS
was then taken upon the nomination
of Uoosevelt, and it was rejected by a
majority of 7, the yeas being 25 and
the nays 32. The nomination of
Prince was rejected upon another roll
call, by the same vote in each case.
Senators Kuton, Dennis, Whyte and
Maxey, Democrats, united with the
great body of Republicans against
confirmation, and Senators Burnside,
Christiancy, Conover, Da we*, Hoar
and Matthews, Kepublicans, sided
with the mass of the Democrats in fa
vor of confirmation.
The nomination of Merritt was con
firmed without discussion. A mo
tion was made to remove the injunc
tion of secrecy from the vote but un
der the rules a single objection carried
it over until to-morrow when it will
undoubtedly be adopted. Mean
while the following is believed to be
the corroct statement of the rotes cast
by those Senators who were present
and not paired. The names of Bever
who are mentioned above as hav
ing separated from a majority of their
political colleagues on the question of
sustaining the President's action, will
not be found in the list, but their res
pective positions were made manifest
by the announcement of pairs. Those
who voted iu favor of confirmation
were, according to the best informa-
Ilailey, Barn urn, Bayard, Beck,
Burnside, Christiancy, Coke, Conover,
Dawes, Eustis, Gordon, Grover, Har
ris, Hereford, Ilill, Iloar, Johnston,
•Tones of Florida, lvernan, Lamar,
McCrcery, Matthews, Morgan, Ran
dolph and Saulsbury.—25.
Negatives were cast by Allison,
Anthony, Blaine, Booth, Bruce, Cam
eron, Pa., Cameron, Wis., Chaffee,
Conkling, Davis, Ills., Dorsey, Eaton,
Edmunds, Ferry, Hamlin, liowe, In
galls, Jones, Nev., Kellogg. Kirk
wood, McMillan, Mitchell, Morrill,
Oglesby, Paddock, Patterson, Plumb,
Rollins, Sargent, Saunders, Spencer,
and Teller. Total, 32.
It is said the majority against the
confirmation of Roosevelt and Prince
would have been two or three greater
but for the absence of an equal num
ber of Senators known to be opposed
to tho nominations who had tempora
rily left tbe Capitol without pairs, in
the belief that the vote would not be
reached until a late hour. With the
exception of these two or three Sena
tors and Mr. Sharon, who is still ab
sent from the city, the full number of
Senators were present or had made
their votes effectual by means of pairs.
FOREIGN.
ATTEMPT AT ASSASSINATION.
CAVVAKA,
Dec. 11.—During opera
tions against the citadel of Antivari
the Prince of Montenegro has been
occupying a house belonging to a
Mahometan Bey. in the town of Anti
vari. Sunday an attempt was made
to assassinate the Prince in the house,
which was mined and blown up. The
Prince was fortunately absent at the
timo. One of his body guards was
killed and six injured.
THE PRISONERS TAKEN.
ST. PETERSBURG,
Dec.
11.—The
number of prisoners takeu at Plerna
is estimated
40,000
exclusive of 20,000
sick and wounded.
MEIIEMET REMOVED.
Mehemet Ali has been removed
from his command and replaced by
Chakir Pasha.
HOW IT HAPPENED
BUCHAREST,
Dec,
11.—A
report cur­
rent here that Osman Pasha'sattempt
to break out was caused bv a com
biued Russian and Roumaulan as
sault ou his positions is purely imag
inary. The sortie was solely prompt
ed by the entire failure of provisions.
Osman crossed the River Vid, attack
ed and took Fort'Dolny Etropolje.
Russians and Roumanians were bur
ied up from Susorla and Bukoya
After terrible carnage ()sman attempt
ed to re-enter Plevna but it had mean
while beeu occupied by Roumanians
and Russians from Grivitza. Osman
on finding himself thus surrounded,
although wounded iu tho foot, per
sonally conducted negotiations for
surrender. He expressly announced
that he surrendered unconditionally
to the Emperor. Simultaneously
with the main sortie the Turks made
a sortie against the Roumanian posi
tions on the right bank of the Vid.
but this was feebly conducted aud the
Turks in that quarter surrendered
almost unresistingly. The whole
Turkish artillery tram was captured
iu the immediate neighborhood of
levna. The Russian and Roumanian
armies made a triumphant entry into
the town at 2:30 Monday afternoon
PEACE PROSPECTS.
BUCHAREST,
Dec.
11.—Rumors
that
the Porte intends to take immediate
steps tor bringing about an armistice
or peaco negotiations.arc founded on
something more than mere conjec
turc.
It is semi-otficially announced that
tho capture of Plevna will not pre
vent hostilities from being continued,
even though preliminary negotiation
for peace should be commenced.
SERVIAN INDEPENDENCE.
BKLCRADE,
Dec.
11.—A
formal dcc
laration of independence is expected
to-morrow.
FRANCE—THE NEXT EXPEDIENT
LONDON,
Doc.
11.—Troops
iu Paris
and Versailles are confined to their
barracks.
THE INTEN'SK FEELINQ*
LONDON,
Dec.
12.—A
Paris
special
says it is difficult to describe the in
tense feeling of uneasiness and ap
prehension that prevails.
IU
accor­
dance with the orders of the Minister
ofthe lntetior all gunsmiths' shops in
Paris have their shutters up. but
there is uo outward symptoms of ag
itation making such precaution ncc
ossary. Some foreigners are leaving
Paris.
Various Parte specials show erery-
i'I ill fh in
IIWIMMABI
thing still uncertain. Tho lutcst is
that M. Batbie has failed to form a
ministry and that M. Andren DeKed
rel has been summoned to tho Kly
see.
The Times' Paris correspondent
says ho is not surprised at this an
nouncement. M. DeKedrel is the
mere mouthpiece of Duke DoBroglie
and if, as some believe, the Chamber
should be prorogued, the Dttko Der
Broglie will assume the office on the
morrow of its prorogation, with a
firm resolve to shrink from nothing.
President MacMahou still be
lieves he has the support of a majori
ty of the senate. Tho firm belief of
those who know him best is that if
the Senate refuses dissolution and
urges him to make overtures to the
left he will comply.
DETAILS OF THE SURRENDER OW PLEVNA.
By cable to tbe Ch'cago TrUMfce.
LONDON,
Dec.
12.—Itappears
that a
at a council of war, held on Saturday
last, it was decided that the moment
had arrived to attack Plevna by
storm. The following day a terrific
bombardment began. At early dawn
on Monday a general action com
menced.
SIX COLUMNS OF ATTACK
were formed, each mustering 12,000
men, the reserve consisting of no less
than 50,000. The fire of the Russian
siege guns suddenly ceased, and the
Russo-Roumaniau storming columns
threw themsolves against the advance
Turkish redoubts. There they met
with a desperate resistance. After
exchanging volley after voilcy with
telling effect, a haml-to-hand encoun
ter ensued. No quarter was claimed
or given. When the first redoubt
was captured,
NOT A PRISONF.n WAS TAKEN.
The storming columns then advanced
on the inner lines, where the main
force of Osman Pasha's army was
massed. The Ottoman chief, seeing
that further resistance would be use
less, ordered a retreat northwards to
wards Widdin. At this critical mo
ment the Russo-Roumatiian field ar
tillery reserve advanced as far as the
heightsiinmediately commanding the
upper portion of Plevna, and
OL'KNEI) AN ENTir.AIMNI. FIRF.
wh/ch made terrible havoc among
thyTurkish troops iu the valley be
low, who were proceeding to attack
the position just occupied by the en
emy. The Russian batteries were at
tacked over and over agaiu, but in
vain, the object of these repeated on
slaughts being to divert attentiou
from the main body that was advanc
ing in the opposite direction.
IN TI1F. HEAT OF THE FRAY
Osman Pasha placed himself at the
head of his troops, and pressed for
ward as far as Oponescli, situated
about three miles frcm Plevna, with
every hope of breaking through the
Russian lines but before he could do
so he was met ly the Russo-ltou
manian reserves. Oponesch lie? on
the right of the high road that bor
ders the Vid, and a largo reserve
force had beeu posted thero in expec
tation that Osman Pasha nouid at
tempt to retreat on Widdin. This
force was well supported by artil
lery that had been placcd on the
heights in front of Dolni-Etropol.
It was iu the plain between Oponesch
and Doni-Etropol that Osman Pasha
and his brave followers met
WITH THEIR DISASTER
Tho Russian guus swept down
whole companies, and the ground
was soon covered with the dead and
dying. Here, too, Osman himself
was badly wounded in the foot and
fell scuselcss from his horse, receiv
ing further injuries from his fall.
Seeing their commander hors'. du
combat, and possibly supposing him
to have been killed, the Turks began
(A ikaif ftpn«* TVTV^
sians had already entered Pierna.
Victory was in their hauds..
TEN THOrSANn DEAD ANI WOUNDED
TURKS
lay on tho field. Not a vestige of
provisions was anywhere to be found.
The civil population had hardly
enough food for the day, and the am
bulance bad barely accommodation
for a few hundred wounded.
Tho Russian Roumanian losses arc
considerable, but the figure is not yet
known.
To this account of the fall of Plevna
I must add a few words, destined to
throw some light on this all-impor
taut event. I am told, on undisputa
ble authority, that shortly after the
last repulso of the assailants Prince
Bismarck expressed the opinion that
the next attack would probably be
more successful, as the Russians
WOULD RECEIVE (iOOD ADVICE.
A bundle of documents supposed to
be tbe plau for the siege ol' Plevna,
has since then reached the Russian
headquarters from Berlin, ami there
is not an officer in the Russian and
Roumanian armies who does not be
lieve that Todleben's plan of attack
was based upon the good advice to
which Prince Bismarck referred.
ANOTI1ER BATTLE.
CONSTANTINOPLE,
Dec.
13.—A
re­
port prevailed, last night, that anoth
er great battle had been fought be
tween Metchka and Rustrhuk. Re
sult unknown. Official reports at
Turkish headquarters only mention
an affair with six Russian battalions.
The fall of Plevna is still unknown
to Turks generally so that it is im
possible to estimate its effect upon
the population. No overtures for
mediation have been made to any
foreign embassies.
Chakir Pasha, appointed to replace
Mehpmet Ali, has resigned his com
mand on account of ill health.
INSURRECTION IN CRETE.
LONDON,
Dec.
14.—An
insurrrec-
tion has broken out in tho province
of Amyre, Crete. Tho Turkish fami
lies and inhabitants of other provinc
es have sought refuge in the fortress.
The Governor of Crete ha9 sent troops
to suppress the insurrection.
MACMAHON'S MESSACE.
LONDON,
Dec.
14.—A
LONIION,
LONDON,
dispatch from
Paris says a message from the Presi
dent will bo communicated to the
Chamber of Deputies by l)e Marcere,
Minister ot the Interior, aud to thj
Senate by Du Kavre, President of the
Council. The message is short and
will givo every satisfaction to the
majority. The wholo budget for
1878
will be voted before the Cham
ber separates. Great aud general
satisfaction prevails at this termina
tion of the crisis.
Dec. 11.—A correspondent
at Plevna telegraphs: "Grand Duke
Nicholas told me that Osman Pasha
reported his force at 27,000 at the
same time the Grand Duke seemed
doubtful If there were so many.
About sixty cannon and many hun
dred wagons are among the trophies,
Osman l'asha had three weeks pro
visions still ou hand aud ten days pro
visions ill his transport train for the
whole army. The immediate cause
of his abandoning his entrenchments
was the breaking out of an epidemic
among the troops. There wero 10 or
50 dead bodies a day in Plevna
There were uo men available to
bury them and tho mortality was in
creasing with 800 sick and wounded
in hospital.
Dec. 14.—A telegram from
Kr/.oroum says in pursuance of or
ders from Lord Derby, tho British
Consul left yesterday morning with
all the archives of tho consulate.—
Four fourteen centimetre siege guns
have been brought by the liiissians
from Karsto llarsan Kaleh and an
attack upon Erzeroum is momentar
ily expected.
General Tcrgukassoll
from
A
s division
Bavazid is threatening
Van.
Turkish headquarterscorrc-."'u
dent telegraphs that the depar'iire of
the British onsul is regar./ud by the
Turks as foroshadoivi''g a British
declaration of war sy-iinsi Russia.
.'VAIES
TURKEY.
SEItVIA
Dcc 14.—A proclcma-
BELOR^'K.
tion of'lie
Servian government has
just hcen received announcing that
tho Servian army has bcou ordered to
cross the Turkish frontier. Turkish
troops arc concentrating on tho Ser
vian frontier.
THE NEW FRENCH CJURM**
I FAJUS,
Deo.
14,—-The
Dnihure Min-
Dsllrered bj Carrier, pnwatttjBnkL*
$oimiER 3$ OB
COMPLETE WITH IIW TYPE ARB PRESSES.
PRINTING OF ALL KINDS,
From a VlRltliiEC&nt ton Mammoth I'mter ex
ecatc.j In UooU Btllc. Eutern prices tad
wrok
dnpllcated.
istrv is gazetted to-day in tho consti
sutlonal journals. ])cs Debates, Soli
el, aud Di Neuviemc Side entirely
approve of the now eabinet and con
gratulate tho country upon tho ter
mination of tho crisis. The Repub
'"/MC Frnncaise and Rappcl, admit
that tho cabinet is composed of mod
erate hut sincere Republicans, but
point out that it, must ho judged by
its works and insists on guarantees,
The Pepubliipic Fraar.nisc «ays wc
have been deceived so often, wo must
be oxcu9cd for not immediately dis
arming some organs of the Right,
and express pity for President Mac
Mahon on account of the unfortunate
position in which he is now placcd.
Ozenne, Minister of Commerce
Fayo, Minister of Public Instruction
and Admiral Roussen, Minister of
Marine of the llochelbemcl cabinet,
will resume their former positions as
head-- of departments.
CONGRESSIONAL
SENATE. V?
WASHINGTON", Dec. 12.
Edmunds submitted a resolution
authorizing the select committoe to
take into consideration tho state of
law rospecting the ascertaining and
declaring of the result of elections for
President and Vice-President of the
United States, and to also consider
and report upon the best manner of
ejecting these officers a«d the dura
tion of their terms of otllce. Agreed
to.
At the expiration of tho morning
hour the consideration was resumed
of unfinished business and the reso
lution of Matthews declaring the
right of tho government to pay its
bonds in silver, and Chaffee submit
ted the following as a substitute:
"That all bonds of the United
States, issued or authorized to be is
sued, under said acts of Congress
heictofore recited aro payable, prin
cipal and interest, at the option of
government, in coin of gold and sil
ver, of the standard ralue when such
bonds were issuod and to restore to
its coinage such silver coin as a legal
tender coe|Viai with gold coin is not in
violation of public faith nor in dero
gation of the rights of public credit
ors." Ordered printed.
Morgan spoke in favor of the res
olution of Matthews and Christiancy
in opposition, when tho Senate by a
vote of yeas 11, nays 21. went into,
executive session.
norsE.
Immediately after the reading of
the journal, Morrison said he noticed
the Speaker yesterday appointed sev
eral members to different committees
in the place of other members excus
ed. He desired to know when these
members had been excused.
The Speaker said he had asked per
mission to fill certain vacancies.
Morrison replied that, was not his
question the House had never ex
cused those gentlemen from serving
on committees, nor could a member
excuse himself.
Tho Speaker answered, it had been
the uniform practice to excuse gentle
tlcmen who did not wish to serre
The matter here stopped.
Stephens introduced a bill repeal
ing the iron clad oath, which has to
bo taken by applicants for pensions.
Referred.
Harris, chairman elections commit
tee, called np the Colorado contested
case. Tho majority report signed
by the democratic members, declar
ing Patterson entitled to a seat, and
the minority report, signed by His
cock, Wait and Thornburg, declaring
Bel ford duly elected were read.
Cox, of Ohio, submitted another
report declaring thero had been no
valid election.
SENATE.
WASHINGTON,
SENATE. i
The vice-president presented a com
munication from the Sec'yofthe In
terior calling attention to the law in
regard to compensation for govern
ment advertising, and complaints
daily received as to the inadequacy
of such compensation. He suggests
that the law bo so amended as to al
low pay at the same rate for adverti
sing as papers received from private
individuals. Referred to committee
on Civil Service and Retrenchment.
Cameron, of Wis., called up House
joint resolution relating to reservoirs
to promote navigation of the Missis
sippi River. Passed.
Edmunds, by request, introduced a
bill to evtend the operations of the
act of February 28th, 1875, to provide
for settlement with certain railway
companies for one year. Referred.
After the morning hour considera
tion was resumed of Matthews' silrer
resolution. Herford favored it.
Life for
Life-
liOtTisvir.i.K.
-fl
i
a
$
-a
rf
Dec.
13.
Cameron, of Wis., presented the pe
tition of David T. Corbin, of South
Carolina, asking that his claim to a
scat from that State may be inquired
into and decide upon its merits. He
moved that, tin? petition lie npon the
table for tbe present and gave notice
lie would call it up hereafter and
move its reference to committee on
privileges aud elections. So order
ed.
At the expiration of the morning
hour consideration was resumed on
the resolution of Matthews to pay
bonds in silver Bayard opposed it.
Voorliees submitted the following
resolution and gave notice that he
would call it up Tuesday, Jan. 15,
187s, for the purpose of submitting
some remarks thereon.
"Resolved That it is of the highest
importance that the financial credit
of tho government be maintained and
in order to do so tho government it
self in nil its departments should in
good faith keep all its contracts and
obligations entered into with its own
cititeatk" .T
,, HOUSE. .*"
WASHINGTON,Dec.H.
A number of bills were introduced
and referred.
Singleton presented the report of
the conference committee on the de
ficiency appropriation bill. He ex
plained that the differences between
the two houses was $171,000 and the
committee of conference of the House
bad yielded $ 102,000 to tho demands
of the Senate committee.
Eden said the llouso had yielded
every thing to the demands of the
Senate and he therefore moved to lay
the report on the table.
The Speaker ruled the motion as not
in order.
Eden said it was very remarkable
that the appropriation committee
when it reported tho bill bad made a
mistake of a million dollars which
had since been added by the Senate.
Thero was another deficiency bill
looming np of 7'., millions, for dell
ciency in the Navy, most of which had
been created in detiance of law.
Conger hoped the report would be
adopted but was not sorry to see a
quarrel arising among the democrats
on the question of appropriating
money. lie defended the appropvte
tion for inland mail service. V'
Dcc. 11—Noar Liberty
Ken., Sunday night last, Thomas
Moore and lT. S. Special Bailill'Geo.
1). Kllis killed otic another. Moore
has been wanted by the authorities
for a year past by the authorities ou
an indictmcnt charging him with il
licit distilling. Ellis met him by
chancc Sunday night while riding
toward Liberty, Kv., with a man
named Dwyer. Ellis called him to
surrender, and Moore answered by
firing a bullet through his body.
Ellis returned the shot, Moore dis
appearing in the
hushes.
Next
raOli^f
niiifj his dead indy was found. i
A Brace of Embezzlers.
Nm Voiti:, Dcc. 12.—The law and
coi/ectlng
agency of Watson J. III!
.freth it Co., 2!1 Broadwav, has re-"
cently been assigned to Daniel Geuiil.
It has since been discovered that the
members of tbe linn arc embey./lers.
and that they have lied from tho city.
Their deficiency Is estimated at
$50,000, but somo of the creditors
think it will reach $100,000. Ilil
dreth was a prominent member of
the Church of Heavenly Rest, on 5th
Avenue. Tighc resides in Brooklyn,
and is a member of a leading Protest*
ant church there. .-vV
For Sate Cheap
A good, second-hand horse pow
er, upright biiler. Will be sold at a
bargain If application is made soon
at the Coram Oirat. d*v
v Aj'm

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