Democratic Sentinel, Volume 1, Number 35, Rensselaer, Jasper County, 12 October 1877 — Page 1

w A DEMOCRATIC NEWSPAPER PUBLISHED EVERY FRIDAY, gaocLU- y Ha JAMES W. McEWEN. TERMS OF SUBSCRIPTION. One copy three months M tw~Advertising rates on application

NEWS OF THE WEEK.

THE WAI IM THE BAST. Reports of the battle fought on the 2d and 3d of October between the Turks and Russians, near the Armenian frontier, show that it was the most destructive engagement of the War in that quarter. The forces of the Grand Duke Michael surprised and captured an important fortihH work on Um right flank of Mukntar s position, and endeavored to push forward and establish themselves on the road between Mukhtai’s army and Kars. The obstinacy of the resistance at the point tot assailed gave the Turks Ume to got arms, and a. d«k , ix'.rate struggle followed, lasting all resulting in the repulse of the Russians at all points except that of the first attack. At the close of too engagement to Russians held the post they had captured, bat appear to have found it untenable, for their own reports admit that it was abandoned. They also toßfem a loss of 3,000 killed and wounded, claiming that the Turkish loss was equally heavy. From all accounts at this writing it must be set down as a drawn battle. A Berlin dispatch says : “The Russians officially acknowledge the loss of 62,000 men up to Sept. 27.” The character of the recent fighting near Kars begins to be better understood. The Russians suffered a check, but the Turks gained no decisive result. The result seems to be something like Plevna or Schipka—desperate fighting, enormous losses, and no gain to either of the combatants. Moukhtar Pasha, in a dispatch dated the 7th inst., reports the retirement of the Russians to the position they occupied before the recent advance on his linos. He claims that his losses in the recent battles were about 2,000, while he inflicted a loss of 10,000 on the enemy.... A dispatch from Bucharest says “there arealready two feet of snow in Schipka pass. Troops are obliged to sit in frozen trenches, ankle deep in mud.” Russia is mobilizing another army corps for Bulgaria.

GENERAL FOREIGN NEWS.

The latest estimate of the mortality from the famine in India places the number of persons who have starved to death at three-quarters of a million. The French republicans are relieved of their apprehensions of a Bonapartist uprising. Napoleon the Little has left Belgium, and all is quiet on the frontier. The Midland railroad of England has been defrauded in a gigantic manner by some of its officers. Several of the delinquents have been arrested. Madame Titiens, the famous opera singer, is dead. The situation in the famine districts India continues to improve. The steamer Pandora is being refitted in England for another start for the Polar regions.

DOMESTIC INTELLIGENCE.

William 0. Gilman, a New York broker of hitherto good reputation, has committed forgeries to the extent of over $200,000 and fled to parts unknown. McKeesport, Pa., has been visited by a disastrous conflagration. The Pittsbru’gh car and locomotive works and a large number of stores, shops and dwellings were burned, involving a loss of about $150,000. The battle of Germantown, f*a., was fought on the 4th of October, 1777, Gen. Washington being defeated with the loss of 1,000 men, the British losing 600. The 100th anniversary of the eveut has just been celebrated with great spirit by the people of Germantown and the surrounding country. Tbe Allegheny (Pa.) savings bank, the oldest bank in the city, has gone where the woodbine twiiudh. About„s6oo,ooo are due depositors. A savings bank at Harwich,Mass., has also collapsed. Vanderbilt has ordered an advance of 5 per cent, in the wages of all the men in the employ of tlie Now York Central Railroad Company whose salaries are less than $2,000 per annum.

Four men were drowned in Boston harbor, last week, by the capsizing of their boat. A storm of unusual violence swept over portions of Pennsylvania, New York and Delaware on the night of the 4th in st., causing many serious wash-outs on railroads. An excursion train Was wrecked near Phoenixville, Pa., killinf twelve'persons and wounding fifty. A passenger train was precipitated into the Delaware river, at Frenchtown, N. J., by which live persons lost their lives. Ton schooners wore sunk by the fury of the storm in the harbor of Lowes, Del. The steamer Massachusetts, from Providence for New York, was blown ashore on Long Island and will probably prove a total wreck ; all the passengers fortunately escaped. The loss by the gale in the city of Brooklyn, N. Y., is estimated at SIOO,OOO. The insurance agency of Alliger Bros., of New York, is largely in default to an English company. The amount of the shortage is estimated as high as $160,000. ( arrived in New York from the coast of Newfoundland. It is an enormous devil-fish, measuring forty feet and six inches between extremities, from the point of one of its aims to the end <4, to Ui|, aft havmg a body ten feet in XX » fa fa.™*, far far K<™ tok

The recent disaster on the Pickering Valley railroad, near Phoenixville, Pa., was one of the worst affairs of the kind we have been called upon to for Mime time. . The train, consisting of two passenger coaches and a milk-car, dattied denvft a lOfc feet deep. In aa instant the work of destraction was done. ’ '^e t ftgifte plunged headlong down to the bottt>ta <>i < 0 ditdt. ihstaniy killing the engineer and fireman. A passenger coach came next, shot across the opening, broke the foremost end, and fell upon the wrecked engine. The cars then-piled in gne upon another, and jn the terrible darkness of' 16 KOene followed was more than pen can picture. Eleven persons ; vere ‘ts kmed ’ and * West. A fire on Meridian and Louisiana streets, Indianapolis, last week,destroyed property valued at $75,000. George B. Clark, a prominent real-estate dealer es Chicago, has failed. Liabilities, $800,000; assets, one gold watch worth SIOO, *nd household goods valued at SSO. Bv the explosion in Bollman t O’Hara’s dintfiterv, in Bt. Louis, Frederick W. Bollman, one of the proprietors, and Austin Shay, an employe, were killed. *«« instantly killed, and one by th ° * Ohio. The-. J? “J?®' engine at Studontown, mangled, kUled were horribl y ■ heing picked up at» dis-

The Democratic sentinel.

JAS. W. McEWEN, Editor.

VOLUME 1.

tance of over 1,000 yards from the of the explosion. | I <1 Ji /. I J The brigands of the Black Hills continue their pastime of robbing coaches. A coach on the Sydney route and one on the Laramie road were robbed last week. Advices from Silver City, in Lower New Mexico, report a serioua outbreak among tne Apache Indians. They attacked a settlement of whites, killing twentyiflve. 31 The Grand Jury of the United States District Court at St. Paul have indicted a large number of persons for stealing timber from Uncle Sam. A sanguinarv engagement waa fought in the Bear 1’ aw mountains on-the UOthnlt., between GonJ Miles’ fcwce*-and the Neu Fferchweavagcf. under Chief Joseph. Gen. Miles sends the following brief account of this bloody battle to Gen. Terry, commanding the Department of Dakota : “We met and surprised the eamp at 8 o'clock, capturing the larger part of their herd, about 600 horses, mutes and ponies. The engagement was quite severe, and the inclosed is a list of our killed and wounded. The Indians lost seventeen killed, including Looking-Glass and Joseph’s brother, three other chiefs, and forty wounded. Joseph gave me his solemn pledge yesterday that he would surrender, but did not, and they are evidently waiting for aid from other Indians. They say that the Sioux are coming to their- aid. They are closely invested in some deep ravines and kept under fire t To take them by assault would cost many lives. I may wear them out and eventually compel them to give up. They fight with more desperation than any Indians I have ever met. I believe there is communication between his camp and Sitting Bull, and I have used every effort to prevent a junction. I intend to send my wounded to the Missouri and the captured stock to the Yellowstone.” Gen. Miles lost twenty-three killed and forty-four wounded. Among .the killed are Oapt. Owen Hale and Lieut. Joseph W. Biddle, of the Seventh Cavalry, and seven Sergeants. The wounded include Capts. Miles Mayion and E. S. Godfrey, of the Seventh Cavalry, and Lieuts. G. W. Baird and Henry Romeyn, of the Fifth Infantry. “ Laughing Sam ” and “ The Kid,” two notorious bandits that have for some time infested the Black Hills liighways, are in jail at Omaha. Houtli. A dispatch from Louisville, Ky., states that Hon. Cassius M. Clay shot and killed a negro man named Perry White. There was no witness of the shooting. The Coroner’s jury, on Clay’s testimony, rendered a verdict of justifiable homicide. Colored Congressman Small, of South Carolina, has been indicted for bribery by a Columbia Grand Jury. The Mayor of the fever-stricken city of Fernandina, Fla., has addressed a piteous appeal to the people of the Northern cities for aid.

WASHINGTON NOTES.

The Secretary of War in his annual report will recommend that the army be increased to 40,000, The English battalion system will also The final conference with the Indian delegation took place at the Executive Mansion on Monday. Spotted Tail remarked that he would like a supply of short-horned cattle, Catholic priests, overcoats, saw and grist mills, agricultural implements, seeds, and five or six stores, so liis people could “buy cheaper at one than at another.” Mr. Hayes referred them to the Interior Department for such things as the appropriations would warrant. He also informed them that it was considered too late in the season to remove the agencies, and advised the chiefs to gather their people as near to the present supply points as possible. In the spring, ho said, the agencies would be removed to the mouth of White river. A swindle, consistmg of the overpayment of an Illinois firm or mail contractors to the amount of $20,000, has been discovered in the Postoffice Department. Work at the Government Printing Office is almost entirely suspended, only two presses being in operation. President Hayes has issued a proclamation, placing all the unsold public lands in the State of Arkansas in the market.

NATIONAL FINANCES.

The National Banks. —The following is a statement of the operations of the national bank redemption agency for the month of September, compared with the ’corresponding period last year: NatioDal-bankJnotes disposed of during the month, notes fit for circulation assorted and returned to banks of issue. .$11,925,400 Notes unfit for circulation assorted and delivered to Comptroller of Currency for destruction and replacement with new notes 2,950,800 Notes of failed, liquidating and reducing banks deposited in treasury, i 811,500 Total for September, 1877. .$15,087,700 Total for September, 1876 18,455,500 Decrease 2 >767,800 Coinage of the Mints.— The coinage at the mints of the United States for the month of September was as follows : Double eag1e5....54,492,200 Tra< e dollars 1,677,000 Half dollars 408,400 Quarter dollars, 349,600 Dimes. 129,000 ,$7,056,200 statement for Oct. 1, herewith appended, shows a reduction of the national indebtedness for September of $3,882,524 ; Six per cent bonds $799,293,600 Five per cent bonds . Il our and half per cent, bonds. 200,000 000 Four per cent, bonds 10,000*000 Total coin bonds . $1,71^580,550

Lawfu! money debts U. 000,000 Matured debt.,. jy 334 320 :7.::;::;; Total without interests 156,873,796 ToS mteest Ts 2, T0t0 J27,128,816 KMte.'iitiflireaaury—coin. Cash in treasury—currency Currency held for wemption of frac- ’ ’ ‘ tional currency 8 835 468 Special deposits held for redemption ’ ’ of certificates,pf deposit,--, 43,110,000 aE 1 185,303,928 Less estimated amount' due itrtlitary establishments, for which no appropriations have been made 7.000,000 Total ■s Debt less cash in treasury.s“£osl 587 524’ .tessase?Bonds issued to Pacific Railroad Com- ’ ’ panies, interest payable in lawful money; principal outstanding 64 628 512 Interest accrued and not yet paid 969 352 Interest paid by United States 85 957'629 Interwst repaid by transportation of ’ ’ by the unitea 8 ’ 76 °’ 682 - 27,206,977 POLITICAL POINTS. tinn^t X neßota oonven!tv !i ™ &nd F>t "P «>e foltowing ticket: William L. Banning, who was before nominated by the Labor Conventions; Lieutenant Governor Dr A. A. Ames; Attorney Genetti, John R Jones; Secretary of State, P. T.’ LindholmTreasurer, John F. Meagher ; Con>

RENSSELAER, JASPER COUNTY, INDIANA, FRIDAY, OCTOBER 12, 1877.

crimes by which the inauguration of Tilden waß. prevfintedpL.’ JffjCTfTOK DyAJ**? o " found it necessary to adopt a Democratic policy of local self-government, and abandon the device for perpefaiaßng the sectional divisions; accusing the Republican party of acting hr to publfc debt wabte in coin, in d. monettemg Sker, in passing the Resumption act, in collecting enormous unnecessary revenues since 1865, and in protective and prohibitive tariff legislation; declaring gold and silver the only constitutional legal tender; that resumption should come as soon as the business interests' of the country will permit; and demanding tbo-restoration of the silver dollar of the proposition to give women the right of suffrage. The Democrats of New York, in convention at Albany last week, nominated Allen O. Beach for Secretary of State, F. P. Olcott for Comptroller, James Madlin for Treasurer, Augustus Schoonmaker for Attorney General, Horatio Seymour, Jr., for State Engineer, and adopted the following platform: The people having, in the last Presidential contest, elected by an overwhelming popular and clear electoral majority the Democratic candidates for President aud Vice President, and the will es the nation thus constitutionally declared having been wickedly and boldly nullified by means of the grossest usurpations and frauds of Returning Boards, protected and adopted, if not instigated, by the party in possemion of the Government, and rendered practicable by a threatening array of military force; Resolved, That at the first convention of Democrats of this State held since the consummation of this great crime it is not only just and fit, but it is the plain duty, in the interest of constitutional government and in vindication and preservation of the sacred right of the majority to choose their rulers, to denounce with the warmest indignation this stupendous wrong, and we do hereby denounce, condemn, and hold it up to universal execration. Second —That this duty of setting the mark of infamy upon this transaction, and preventing any quick forgetfulness or easy condonation of it from raising a tempting precedent for future outrages, rests especially and peculiarly upon the Democratic party of this State, one of whose most illustrious leaders was the President actually chosen by the nation. Third— That the late House of Representatives deserve the thanks of all patriots and lovers of liberty for their just refusal in the exercise of the most ancient and valuable privilege belonging to representatives of the people in all constitutional governments to appropriate money for the support of soldiers to be used in illegal and despotic oppression of citizens in any portion of the republic. Fourth— That the present national administration, by its withdrawal of troops from the South, and its cessation from mischievous, unconstitutional, and oppressive interference with the internal affairs of the States, has in that respect reversed the vicious •precedents of the Republican party, followed the course marked out by the Federal constitution, and to which the Democrate stand pledged, and it is therefore entitled in that particular to the approval of all good citizens. Fifth— The Democratic party of New York reaffirm the following principles set forth in their platform adopted in 1874, now thrice by and silver the only legal tender; no currency inconvertible with coin ; steady steps toward specie payments; no step backward ; honest payment of the public debt in coin ; sacred preservation of the public faith ; revenue reform ; a tariff for revenue only; no Government partnership with protected monopolies; home rule; to limit and localize most jealously the powers intrusted to public servants, municipal, State and Federal; no centralization; equal and exact justice to all men ; no partial tegistion. ‘ Sixth — That we are opposed to the granting of subsidies by the Government to corporations or individuals for the construction of railroads or other internal improvements as unnecessary, boyond the scope of Federal power, and inevitably producing corruption. Seventh —That we congratulate the whole people of tills State that, notwithstanding the suffering to which the laboring classes have been for years subjected, in spite of their failure to obtain remunerative employment, and the bitter privations which have been imposed on them thereby, they have endured these calamities for the most part with patience, without disorder or violation of the public peace, and we declare that it is through the benefleefit operation of equal and just laws, favoring no class at the expense of another, a stern refusal on the part of legislative bodies to yield to the schemes of grasping monopolies, and the decrease of public expenditures and taxation to the lowest practicable point, that the laboring classes of the country (with whom the Democratic party has always styongfy and intelligently sympathized) arc mainly to find effectual and permanent relief. Eighth— That we favor a uniform Mid equitable excise law. Ninth— That we demand more complete protection for the savings of the industrial classes by stricter supervision and control'Of savings banks.

MISCELLANEOUS GLEANINGS.

Trouble with Mexico is brewing, and grave apprehensions are felt at Washington that it will not be tong delayed. > Some days ago Lieut. Bullis, with two companies, crossed the Rio Grande from Fort Clark in pursuit or a band of Mexican cattle-thieves. A dispatch of the 2d inst. announces that Col. Shafter had also crossed the river “ with 600 men and two Gatling guns to extricate Lieut. Bullis from his position.” News received from the Sitting Bull commisthe report that Joseph is endeavoring to reach Canadian territory by the shortest route, and as soon as possible. Advices frdm Fort Clark announce the return ! of Shafter and, Bulbs’ commands from the Mexican side «f the Hto Grande. The expedition was unsuccessful, owing to the fact that the Indians had been warned of Bullis’ pursuit and escaped. Twelve horses and two mules which had been stolen from the American side of the river were recaptured. A small body of Mexican cavalry kept upon their trail and in Bight of the command during their march from San Diego river to the Rio Gmnde, but made no offensive demonstration. The National Congress of the Protestant Episcopal church is in session in Boston. The telegraph announces the death, at Newark, N. J., of Archbishop Bayley, of the Catholic diocese of Baltimore. Gov. Hampton, of South Carolina, has made a requisition upon Chief Justice Cartter, of the Supreme Court of the District of Columbia, for United States Senator Patterson. The contest for the base-ball championship of the United States has resulted in favor of the Boston club, which won thirty-one games and tost seventeen. The Louisville club occupies second position, with twenty-eight gntnnn won and twenty tost; the Brooklyn cfab third position, with twenty-four games won and twenty-four tost; the St Louis fourth, with nineteen won and twenty-nine lost; while the Chicago club, which easily won the champion pennant last year, brings up the rear with eighteen games won and thirty lost. He— “How serenely beautiful is the sky to-night. Heaven’s lamps are all alight. And the milky way—’’ She— Bure enough! the way the milk has heen gour for the last week is too bad.” ThOubject is immediately changed,

to Correct Principles.”

FRENCH FINANCE.

The Reasons of Its Great Success. Lessons for the United States Drawn from the Recent Experience of Europe. Tariffs, Banking, Cnrrency, and Ball* ion—A Letter from Judge Kelley. To the Editor of the Philadelphia Times : In grateful compliance with your request I avail myself of the earliest leisure to reply more precisely than I could without reference to official papers to your questions as to the causes of the wonderful power of France as shown in her payment, in anticipation of the time named by her conqueror, of the enormous inflicted upon her, and the maintenance of the industries of the people during the war and the succeeding interval, which has been one of such terrible financial depression to Germany, the recipient of the fine, and to Great Britain and tbe United States. Any discussion of French finance would be delusive which did not keep steadily in view the fact tot under all changes of dynasty and forms of government since the days of Colbert the labor of France has been protected by the most elaborate and ingenious tariff and system of prohibitions ever devised, and that, until the making of the first commercial treaty with England in 1860, the importation of immense numbers of articles of foreign manufacture was prohibited, and that many of the prohibitions which were until then applicable to all nations still exist in her general tariff, which regulates importations from non-treaty nations. Thus the importation of ’American cutlery is prohibited by the law of December, 1796, which has not been disturbed during the long interim ; and, while’our raw cotton is admitted free as material for manufacture, our cotton yarns and fabrics are excluded by a prohibition established in 1809. Another primary fact iu this connection must also be remembered—the patronage of art by the French Government The diffusion of a love of art and the knowledge of its laws among the producing classes secures a market for French fabrics and wares when the home and foreign markets of other nations are shrinking, as those of Germany, England and the United States now are, and have been for the last three years. While these suffering nations offer substantial commodities—heavy cottons, weighty woolen goods, etc. —France commands markets for her lighter commodities by the genius, taste and skill with which a smaller amount of material is wrought into equal superficial quantities, and so embellished as to commend them to the admiration of the world. This blending of art with utility not only secures-France universal markets, but enables her to sell imponderable things, such as genius, taste, art and skill, which may be carried to the most distant commercial countries without such freight charges as burden the heavier goods produced elsewhere. Thus much as an essential preliminary. THE BASIS OF FBENCH FINANCE. The distinguishing characteristic of to financial policy of the French Government is found in the fact that it assumes the duty of preventing alternate periods of inflation and that” to" or other exigency has caused au issue of irredeemable paper, it has invested such issue with the character of legal tender—made it available for all purposes to which money could bo applied in France, whether the transactions were between citizens or between citizens and the Government or vice versa, and has taken meamirento|preveiit the withdrawal of the paper until a continuous balance of trad chad brought into to country metallic monev enough to supply the channels temporarily filled by the paper money with which the exigenoy had been met. Colbert taught the French people and Napoleon emphasized the lessons of Colbert, that it is labor that supports government and society, and that to arrest the employment of productive industry is to impoverish the public treasury aiid produce discontent and possible disorder among the people. And I hesitate uqt to say that had this lesson been borne in mipd by our Government—had our paper money been, as the House of Representatives when providing for the issue of the greenback insisted that it should be, received by the Government in payment of all dues, and had there been no attempt to retire any part of the paper which had been invested with the character of legal tender until a metallic substitute had been purchased by the export of our surplus commodities, we shoiila never have been without the free use of gold and silver at a rate of premium no greater than that which has prevailed in France, where it never exceeded 2% per cent., and that but for a brief period, and that the question of the resumption of specie payments would have been one of as little consequence to the American people as it now is to the French people who use gold, silver, and irredeemable bank notes interchangeably. Indeed, it is a fact that, while the Government will « not permit the bank to close the operation by which its notes were made legal tender, the bank will npt, without a compensatory premium, receive any considerable amount of gold or silver in exchange for its notes, because it holds an excess of bullion, and there is a tax of $1.50 on SI,OOO of its circulation. We pay our banks 4, notes which to Government furnishes them. France, even in to greatest of her exigencies, maintains her power over the money of the country by demanding a slight tax upon circulation whenever she authorizes the bank to issue notes irredeemable, as our national-bank notes are, and pays the bank but 1 .per cent, on the amount of such notes loaned it when first issued.

Great Britain and the United States adopt another and opposite financial policy. They restrict the volume of legal-tender money to the narrowest possible limits available as a basis for bank circulation and compel the enterprising and producing classes to pay tribute to capitalists, foreign or native, for credit upon /o <gwd«ct -France through banks at Such rates of discount as mav prevail. s g fj - THE GERMAN SYSTEM. Germany, prior to the war, was as free from commercial and financial crises as France had er flnanc i»l system was kindred to that °f France. Her circulation consisted of money which was silver and of bank paper. The great volume of paper met with in circulation was notes of small denominations, many of them for less than $1 American money. But after the war she discarded both silver and small bank notes and ordained a gold currency, established the Imperial Bank and prohibited the issue of any bank notes for less than the equivalent of A’s or $25, and the mere attempt, ineffectual as yet, to carry out this scheme, has reduced both Government and people to a condition contrasting painfully with that which they exhibited for years before this mad expenment was undertaken. I now proceed to exhibit some of the facts from which these conclusions have been deduced. After tiie French Revolution of 1848, on the night of the 15th of March, the republic, bv decree, made the notes of the Bank to France a legal tender, limiting the increase of $350,000,000 and reducing the denomination of the notes to 10G francs, or S2O. One of the great difficulties mentioned ih the official report of the transaction and, its effects was to print these 100-franc notefl fast enough for the public consumption, though in ten days the ™?™LA 88Ued “ U^ 8 form liad reached 80,000,000 francs; and, m a very able article in toe London Timos on the 16th of February, and one that would inevitably lead to the destruction of the\ commerce and industries of .Trance, saia: “ M. D’Argout resolved to make every effort to keep alive> what may be termed the circulation of the life-blood of the comipunitv Monev was to be found to meet not only the demands on the bank, but the necessities, both public and W ® v ®fy rank to society, it was essential to enable the manufacturers to work, lest their workmen, driven to desperation,’ should fling themselves among the most violent enemies of public order. It was essential to provide money for the food for Paris, for the pay of the troops, and f°r the daily support

of the atelier# nafioaaux. A failure on any one point would have led to ft frisb convulsion.’ n ' ■ , _ •• ci As illustrative of the truth that it is labor and not coin that maintains society and governmental Leite another brief passage from the necessity of paying away the rejnnapt of itp, coin than it made every exertion to increase jfs metallic rest About forty millionsof silfebwere purchased abroad at a high price. Mor© than one hundred millions .were made pvpr in dollars to the Treasury and Executive Departments in Paris. In ail, taking into account the branch banks, five hundred and six millions of five-franc pieces have been thrown by the bank into tbe country since March, and currency was thus supplied to all the channels of the social system. Had the Government-refused, as cars did, to receive the notes which it had made legal tender among the people, gold and silver would have gone to such a premium that the bank, instead <A buying specie, would hay© sold it, as ~our banks did, whereby some of them were enabled to declare dividends of 100 percent.; but as paper, silver and gold were at par with each other, to bank could buy bills of exchange on foreign countries from French merchants, and thus procure the specie with which it should soon resume cash payments. But the recent experience of France, as to which you more particularly invited an expression of my views, is even more striking than the foregoing. THE WAR AND ITS RESULTS. The war between France and Germany was declared July 19, 1870, and was terminated by the treaty of May 10, 1871. In April, 1870, the circulation of the Bank of France was $288,. 750,000, and it held of specie and bullion $261,550,000. In August the Government required it to suspend specie payments, and by the same decree made its notes a legal tender. The first statement published after peace had been restored showed a circulation of $442,000,000, with $110,000,000 of specie. In consideration of the suspension of specie payments and to use of its notes as legal tender, the bank loaned the Government $306,000,000, at 1 per cent, interest, and agreed to pay the tax above referred to on its entire circulation. When, in August, 1870, the French armies had been defeated and consternation had seized upon the people of Paris, the Bank of France and the other credit institutions of that city entered into co-operation and determined as a matter absolutely necessary to the maintenance of society to advance to the people within a fortnight 180,000,000 francs, ($36,000,000). and it is a matter of history that not a single failure of moment took place in France pending the use and liquidation of these loans. If you ask to whom these immense advances were made, I answer, in the language of the late Thomas Balch, Esq., whose long residence in Paris made him familiar with the financial magnates of Europe : “To merchants, manufacturers, shopkeepers, artisans and mechanics ; to any citizens, indeed, whose books showed that their business during a sufficiently long period had been fairly prosperous, and whose industry and integrity were established, and of course much importance was attached to this latter fact. Many of the advances to artisans and mechanics were made without indorsement or collateral at all; on no other security, indeed, than a fair business and an honest name. The effects of this extraordinary operation were of commensurate, public importance. In the midst of the most frightful and accumulated military and political calamities in the gradual environment of the French capital by the German hosta the trade and labor of France were preserved and even stimulated ; and it was altogether owing to this patriotic and most sagacious audacity that, in a period of special and terrible trial, no noteworthy commercial or industrial failure occurred, and that France was afterward enabled to provide for the payment, Without serious difficulty, of an indemnity intended permanently to crush her, and which excited by worWf^' 1 ' 10 asfotaisliment of to whole The decree of legal tender (cours force) fixed the maximum of the issue of the bank at $480,000,000. It was, however, increased by the law of Dec. 29, 1871, to $560,000,000, and finally by the law of July 15, 1872, to $640,000,000. What effect had’khe issue of this vast amount of paper money on the premium on gold ? Did it, in accordance with the theory of Secretary Sherman and the British economists our freetraders and bul'ionists so delight to honor, expel the precious metals from France ? Or did it show that their wisdom is folly, and that their so-called science, -which John Stuart Mill truly said was “a science based on assumptions,” is no science at aIJ, but a mere mesh-work of human reason based on false and delusive assumptions ? Fortunately the facts of history speak on this point with no uncertain sound. In November, 1871, when a large payment on accourit of the war fine, which, as you Know, amounted, with interest and charges, to sl,100,000,090, in addition to the surrender of the magnificent provinces of Alsace and Loraine and toil’ wealthy and industrious people to Germany, was due, to premium on gold rose to its highest point, per cent., at which, to the French people, exorbitant rate it remained for but a few days, and when the irredeemable circulation had subsequently been increased from $460,000,000 to $490,000,000 the premium fell to 1 per cent., and in October, 1873, when the volume of notes had actually reached $614,000,000, the premium was merely nominal, and was only demanded on large sums. Legal tender, gold, silver anl paper money were then circulating in common and at par with each other. As I have said, the war fine amounted to $1,100,009,000. The total cost of the war to France has been officially estimated at $2,000,000,000, and the direct loss to agriculture at $800,000,000; yet the last payment on account of the war fine was made on the sth of September, 1873, or in two years and four months after the conclusion of the treaty of peace. Does history present any such striking illustration as this of the harmony of the interests of a state and its people ? Tne advance of the banks to the manufacturers in August, 1870, enabled them to maintain their industries and by paying living wages to place the whole people in a position to uot only respond to the demands of to Government for taxes, but to meet its call for two loans, one for $550,900,000 and the other for $827,000,000, the tenders in response to the latter call amounting to the fabulous sum of $8,600,000,000, or four times the amount of the national debt of the United States.

THE TRANSFER OF BULLION. But, omitting many facts that would be pregnant and instructive, I must, in view of your limitation as to space, hasten to a conclusion. The German empire entered upon wjl&t, a., fatal experiment tig receive the buUton theu _ geld by France and that Which she? might earn in the time stipulated for the payment of the fine, she detatimued to establish a gold currency, demonetize silver, and to exclude small notes from circulation. The highest estimate I have seen anywhere of the loss of the precious metals by France in the payment of the war fine is $240,000,000, but that this estimate is excessive is shown by French and other official figures. The French Government shipped SIOO,000,000 of specie and bullion directly to the German Government. Yet the tables of the two countries, and they are confirmed by the British tables of exports and imports of specie, show that France tost from her intercourse with Germany from Jan. 1, 1871, to Dec. 31, 1874, but $140,000,000 in gold and silver. This is the statement of M. Leon Say, made during the time he was Finance Minister, which he continued to be till MacMahon changed his Cabinet. Great Britain took temporarily some of the French rentes, as she has during the present depression taken our 5, 4% and 4 per cent, bonds, to be held as certificates of deposit on call. Between Jan. 1,1871, and Dec. 31, 1874, the dates just referred to, she sent $110,000,000 more of gold and silver to Germany than she drew from her. Assuming, which there is no good reason for doing, that all this went on French account, and it appears that Germany rcceivod but $250,000,000 of cash from-Frwice inpaymeiS thereof. The truth is that France being, for the reasons stated in my introductory remarks, the creditor of all commercial nations, paid Germany in bills drawn against foreign debtors by the French people, or, in other words, Germany was paid in foreign merchandise, the imports of which in excess of exports from Jan. 1,1870, to Dec. 31, 1874, having been, according to the Bavarian Vaterland, $1,132,000,000. Many of the earliest of these bills were drawn against German merchants and bankers, and served to transfer money which had been in circulation in Germany to the imperial treasury, and thus withdraw-itfrom.commercial use. Thus the industrial and financial sagacity of the French Government enabled France to revenge herself yef man y By the methods with which it settled the unconscionable war fine imposed upon her. AN INSTRUCTIVE STUDY. The legal and actual condition of the Bank of France at this time furnishes an instructive |

study for those of our statesmen who are endeavoring to bring about a resumpbon of specie payments by to contracting oar legal-tender-paper as to further reduce tne priooof wages and commodities, which are already belw hardpan, or prices which ruled in the days or 1859-60, when our bankpajjer wasjsnppesed to be convertible into epecie oltadAnaqa. The Bank at Ncagce an exeess of gold, ji?tv%TkaiT,Nt is said, she holds $100,000,000 es silver, which, like gold, Is legal tender ; yet the law wiU not permit her to resume specie payments until January 1, 1878. she now does, and has for nearly two vears, paid in gold or silver sums of 1,000 francs or Jess, and, to escape to tax on circulation, would have resumed more than a year ago had the Government consented. As this statement mar seejn incredible to those who are not familiar with the facts, it may be well to state that to latest returns of specie held, and they are but three weeks old, coming down to Aug. 30, show tot the Bank of EnglarJdfroMs $125,146,000, the Bank of Germany $133,845,000, the Bank of France Thus it appears tot, allowing $100,000,000 of the bullion in the Bank of France to consist of silver, and assuming, what is very far from the fact, that none of the bullion in the Banks of England and Germany is silver, it is shown that the Bank of France has, by the aid of irredeemable paper by which the industries of France were kept active, accumulated nearly $100,000,000 of gold more than the united stock of to banks of England and Germany. Tn view of these facts may not the stricken nle of the United States wisely order a halt e work of contraction, and, following the example of France, demand the repeal of the Resumption act, the remonotteation of silver, and the maintenance of the existing volume of our legal-tender paper money, which measures will enable them to go to work at honest wages and to earn the gold and silver with which, in due time, we can if desirable resume specie nayments ? Yours very truly, William D. Kelley.

TRADE AND INDUSTRY.

Lumberman in Clinton, lowa, are shipping lumber to Texas. Australia has been shipping to England smoked and dried legs of mutton. Tww currant crop of Europe has been reduced 20,000 tons by the recent heavy rains. The United States annually ships over 100,000 boxes of clothes-pins to England. A colony of 100 or more persons is announced as about to start from Pittsburgh for settlement in Arkansas. The sixty-one banks of Boston, with a capital of $54,200,000, paid dividends Oct. 1, to the amount of $1,524,500. It is estimated that turbine water wheels have, since their invention, saved the country over $300,000,000 in the one single item of fuel. Pittsburgh has 73 glass factories, 33 iron rolling mills, 8 steel rolling mills, 7 white lead factories and 29 refineries, and the coal mines tributary to this market number 158. Prominent lumbermen, who are generally very accurate in their estimates, state that no more than 150,000,000 feet os logs will be cut on the Upper Mississippi and its tributaries next winter. Only thirty miles more of iron to be laid to complete the Minneapolis and St. Louis railway to Albert Le.a, and thiiß nncn n direct and cyntinuons rail communication between Minneapolis and St. Louis. After all wc heard of the partial failure of the wheat crop in California, it seems that the yield is about as great as ever. Iu several places a great deal more. Prices, too, arc “hardening,” and farmers are jubilant. The wheat product of the leading countries of Europe. Russia produces 1,606,000,000 bushels, Germany 742,500,000, France 687,500,000, Austria 550,000,000 bushels. The United States produces 1,881,760,925 bushels.

Charles Francis Adams, Jr. , is made responsible for the statement that S4O, 000,000 would cover the expense of constructing the New York Central road, which represents a paper value of $104,000,000, and he calls the $64,000,000 “water.” From the oil region comes the unwelcome news that competition in petroleum has again been throttled, and that the unctuous monopolists will soon lock their yoke firmly upon millions of necks not yet free from the galls of the last extortion. Our foreign as well as our domestic trade and commerce is now on the increase. Our exports thus far during the present year exceed by $51,000,000 those for the corresponding time last year, and the imports thus far this year exceed those of the same time last year by $24J000,000. These are very encouraging figures. From the annual report of the National Cotton Exchange it appears that the total crop for the year 1876-77 was 4,474,069 bales, at about 468| pounds to the bale. While 3,232,253 bales were exported in 1875-76, only 3,028,136 went abroad in 1876-77. The home consumption of cotton has been very steadily on the increase since 1869 70.

The London Times prints a long communication from a correspondent, evidently well posted, encouraging English investors to put their money into the securities of American railroads. He believes that this country •will be the leader in the new era of prosperity, and f.hut. z>rtf»anruip'n£bt iiidirtirmja nurchases of the now depressed stocks orbonds will yield handsome profits. These were forty-seven failures reported in New York in September, to gether with a large number of assignments and adjudications in bankruptcy. The aggregate liabilities were $3,700, - 000. The number of failures is the largest of any month this year, and an increase of 20 per cent, over August The gross liabilities were 67 per cent, greater than in August. The amount of coin held by the* principal banks in Europe, according to the latest returns, is as follows, as compared with what they had on hand a year before. The statements are for August of each year. Calling the pound $5, and the dollar 5 francs, we have the following change within the year : Bank of Franco $442,483,000 $42^200,000 Bank of England 125,146,600 Bank of Germanyl33,B4s,ooo 131,205 000 Bank of Austria 68,310,000 68 300 000 Bank of Netherlands.... 62,335,000 65 130$00 Bank of Belgium 12480,000 ‘26,416,000 ■••3851,599,000 $888,877,000 Ihis shows a loss during the year by the chief European banks of about $86,778.000, France only having gained any considerable sum. It should be added however, that a part of the store of coin or bullion in these banks is silver,. though the amount is not known. Somebody writes to a Chicago newspaper to complain because the President of one of the plundered savings banks closed it a* soon as he did, and says: & They say he could have held out from six to seven minutes longer, as the bank hac $62, to say nothing of the odd 27 cents, which might have prolonged its existence a quarter of a minute longer after the $62 had been exhausted. ’

$1.50 ver Annum.

NUMBER 35.

THE GREAT FRAUD.

Extract prom * Recent Speech *-♦ by 'H«m. Heajy Payne, 1 Wr Ohio. e —i— u— The claim of Tilden’s counsel to go behind the certificates of the Governor and the Returning Board did not necessitate going behind the returns and entering upon an indiscriminate ted-illim-itable scrutiny of the polls. It demanded to go to the returns and ascertain whether those canvassing officers had honestly discharged their duties under the law. Several days were consumed by counsel and by members of the commission in abstruse and subtle technicalities arising out of the law of de facto, de fare, quo warranto, quasi judicial, and all other devices to cover up illegality and fraud and shut out the truth. Disgusted with this special pleading I ventured to remind the commission that what the public expected and demanded was the ascertainment of the true vote of Florida; that the evidence was at the door of the court-room. The Secretary of State of Florida was there with the original returns from the county canvassers, and all that we had to do was to have those returns brought into our presence, when, in the space of one hour, with the law in our hands, we could have verified the vote. The majority of the commission knew perfectly well that such verification would have shown a majority for Tilden of ninetyfive, and that was precisely the result they did not intend to reach. All of a sudden the majority of the commission, the immortal eighth became converted to the doctrine of State rights, and, under the miserable plea of State sovereignty, sanctioned an official certificate of a palpable falsehood, while such act was in direct conflict with and defiance of the enactment of the State Legislature, the solemn judgment of her highest courts, and the earnest protest of her executive authorities 1 The Governor, ex-members of the Legislature, members of Congress, and every minor State, county or township office returned and certified under the same spurious canvass, had abandoned their pretensions on the exposure of the fraud. The Supreme Court of the State (Republican), be it said to their credit and honor, had experienced no difficulty in finding a way to unearth fraud and defeat conspirators. It was reserved for a majority of this commission to lift up the carcass of the defunct canvass, which in its native State had failed to impart title to the most insignificant office, and, by investing it in the holy garments of a certificate signed by the members of a corrupt and dishonest Returning Board, give it power to deteruxino ttic Presidency of the United States. In the language of Justice Field, “If this be sound doctrine, it is the only instance in the world where fraud becomes enshrined and sanctified behind a certificate of authority.” Turn now to the case of Louisiana. Trace the outlines of that wicked and infamous conspiracy: The Federal bayonets ordered there by the War Department under the advice of the Attorney General, the State militia, the 1,000 Special Marshals, the colored constables, the miserable creatures constitut ing the Returning Board, the blank affidavits in the Custom House to be filled as ordered by Government officers ; then, to cap the climax, the saiHtly presence of that select band of high moral ideas gentlemen, all Republican office-holders or expectants of office under Hayes, selected by Grant on the recommendation of Chandler to go there and see that there was a fair count, but whose disinterested labors and ardent wishes failed to get even a Democrat appointed on the board, as the law required, or a Democratic clerk to assist in making up the count he required! Yet a canvass was made and a certificate given to the Hayes electors I Tilden’s 7,000 majority had disappeared, and the advisory visitors adjourned ! Now, when proof of all this was tendered to the commission, and other and abundant proof to show that the action of this board was utterly void because of the want of jurisdiction over cases not lawfully before them, and that such results had been reached by forgery, bribery and perjury, lo! this dreadful image of a santified certificate rises up before the commission, and the evidence is aliunde and must be rejected. Thus it was held, eight to seven, not only that the claims oi the Tilden electors shall have no hearing, but, what is more alarming and astounding, that the two houses of Congress, acting separately or together, have no power to inquire whether for irregularity, fraud, crime, intimidation and other causes the vote of a State so obtained should not be rejected—a right which has been repeatedly exercised, and twice in the case of this very State or luouisiana. I’or the exigencies of this election the false and fraudulent certificate is omnipotent. This shameful decision (excuse me if I use plain language) stands recorded in the journals of Congress, and, if permitted to stand there unchallenged and unreversed, it will form a most perilous precedent. The Presidency is a magnificent prize. Why may not other States be tempted in the future to organize Returning Boards as corrupt and base as those in Florida and Louisiana, and armed with this all-powerful certificate? Republicans ask, “ For what purpose do you agitate this question? Doyon propose to dispute or impeach the title of Mr. Hayes?” I answer, "No.” He is doing very well for a six-months’ con-

vert. He is endeavoring with the best intentions to execute the Democratic platform, as Mr. Tilden would have done. lit some respects he is accomplishing results sooner than Tilden could have accomplished them, especially in destroying the Republican party. In the Southern States it has vanished entirely, and we have already a solid South. The thirty-five votes gained by the abolition of slavery, thus far mainly controlled by carpet-baggers and freedmen, have snugly and happily turned over to the Democratic party. It was a bold step for “ President ” Hayes to take in casting off Packard and his fellows. It was a terrible reflection on his own title ; we propose to assist and co-operate in his efforts of reconciliation and reform, because it is the policy for which we as a party have been amtending since the close of the War, and because it is the true policy for the country. Butin the meantime we intend to wage a ceasless war against the decision of the Electoral Commission until its power for evil is destroyed, have in

70S I’HINTIKTG. mW & i Opb bQIOm WwWw PROMPTNESS A SPECIALTY. Anything, from a Dodger to * Price-List, or from * Pamphlet to * Poster, black or 01 fsn cy. SATIBFAOTIOK GUARANTEED.

history, an examjfllWor our grub our encouragement IrefeAo Olay's condemnatory resolntionjof 1883, charping Presraentu aekson wiw violating the constitution in his official action relating to the removal of the deposits. It was passed by a party was felt by the party ana the country as unjust and wicked. At once Col. Benton set the ball of agitation in motion. The resolution was everywhere denounced—in convention and through the press—and -the excitement wm kept up until 1837, when, the majority of the Senate having changed to the Democratic side, the resolution to expunge from the record was carried by a vote of 25 to 19; and, the record being brought into the Senate, the Secretary proceeded, in the open Senate, to draw a square of broad black fines around the recorded resolution and to write across its face in strong letters these words: “Expunged by order of the Senate.” In like manner the Democracy, on the stump, through the press, in oonnty, State and national conventions, on every possible occasion, in season and out of season, propose to impeach, challenge and assail the decision of the Electoral There shall be no peace to the wicked. We will agitate and agitate until, in the fullness of time—now, thank God, not very far distant, the Senate having changed its majority and the two houses in Democratic accord, assuredly on the second Wednesday of February, 1881, when assembled in joint convention to count in a Democratic President—the journals of ’76 shall be produced, and then and there the Clerk shall proceed to draw a square of broad black lines around the accursed record, and to write across its face, in letters strong and indelible, these words : " Expunged by order of the American people.” Then, and not till then, will the wound of the constitution be healed—this great wrong be avenged—the purity and sovereignty of the elective franchise vindicated, and the safety and perpetuity of the republic assured.

A GREAT GIVE-AWAY.

The Hundreds of Millions of Acres of Land that Have Heen Wasted in Subsidies. [Fr<Jtn the New Yortr Sun.] The official figures of grants of lands to railroad companies obtained under the forms of law, without reference to acquisitions outside the law are astounding in the aggregate. An empire has been voted away, larger in area than Maine, New Hampshire, Vermont, Massachusetts, Rhode Island, Connecticut, New York, New Jersey, Pennsylvania, Delaware, Maryland, Ohio, and Indiana, if massed into one vast domain. The following table made up at the Interior Department bya Republican Sec • retary, tells the story of Republican legislation during the years of its exorbitant power ; NUitr.. Year. Corporation. Acres. 1862-70 Union Pacific, Central Pacific, and Kansas Pacific.... 35,000,000 1864-70 Northern Pacific.... 47,000,000 1866 Atlantic and Pacific. 42,000,000 1871 Southern Pacific.... 3,000,000 1862-64 Central Pacific 245,166 1871 Texas Pacific 13,400,006 1862-71 Wagon roads in the Northwest 4,(XX),000 Wisconsin.. 1866 Breakwater and ship canal 200,000 Michigan... 1865 Portage Lake ship canal 200,000 Michigan... 1868 Portage Lake ship canal 200,000 Michigan... 1866 La Bois ship canal... 100,000 Alabama.... 1871 S. Alabama railroad.. 576,000 Alabama.... 1869 Alabama and Chattanooga Railroad.... 897,920 Louisiana. . 1871 N. 0., Baton Rouge and Vicksburg R.R 1,600,000 Arkansas... 1866 Cairo and Fnlton.... 966,700 Arkansas... 1866 Memphis and Little Rock.. 365,539 Arkansas... 1866 Little Rock and Fort Smith..... 458,771 Arkansas... 1866 Iron Mountain B. B. 864,000 Missouri.... 1866 Cairo & Fulton R. B. 182,718 Missouri.... 1866 St. Louis and Iron Mountain 1,400,000 lowa 1866 Burlington and Missouri Biver 101,110 10wa..1864 Chicago and Bock Island 116,276 lowa 1864 Cedar Rapids and Missouri River.... 349,406 10wa....... 1864 McGregor and Mis- . souri River 1,536,000 lowa 1864 Sioux Oity and St. Paul 256,000 lowa 1864 Sioux City and Pacific 580,000 Michigan... 1866 Jackson, Lansing & Michigan (regraut) 1,052,469 Michigan... 1865 FHnt and Pere Marquette 686,828 Michigan... 1864 Grand Rapids and Indiana 531,200 Michigan... 1865 Bay de Noque and Marquette 128,000 Michigan... 1865 Marquette and Onontagbn 243,200 Michigan... 1862 Chicago and Northwestern 375,680 Michigan... 1865 Chicago and North western 188,800 Wisconsin .. 1864 West Wisconsin 675,000 Wisconsin.. 1864 St. Croix and Lake Superior 350,000 Wisconsin.. 1864 Bayfield branch 215,000 Wisconsin.. 1862 Chicago and Northwestern (regrant). 600, (XX) Wisconsin.. 1864 Portage and Superior 750,000 Minnesota.. 1865 St. Paul and Pacific. 500,000 Minnesota.. 1865 St. Paul and Pacific branch.//.. 725,000 Minnesota. 1865 Minnesota Central.. 290,000 Minnesota.. 1865 Winona and St. Peter 690,000 Minnesota.. 1864 St. Paul & Sioux City 150,000 Minnesota.. 1864-66 Lake Superior and Mississippi 800,000 Minnesota.. 1866 Minnesota Southern. 735,000 Minnesota.. 1866 Hastings and Dakota 350,000 Kansas.... 1868 Leavenworth, Lawrence fc Galveston 800 000 Kansas 1864 Atchison, Topeka and Santa Fe 1.200,060 Kansaslß64 Union Pacific,Southern branch. 500,000 Kansas..... 1866 St. Joseph and Denver 1,700,000 Kansas 1686 Fort Scott and Gulf. 17,000 Kansas 1866 Southern br’h Union Pacific 1,203,060 California.. 1866 Placerville and Sacramento... 200,000 California.. 1867 Central Pacific, Oregon branch. 1,540,000 California.. 1866 Stockton and Copper0p01i5.......... 320,000 Oregon 1870 Oregon and California. 1,660,060 Oregon 1865 Oregon Central... ... 1,200,000 Total acres not reserved for free homes, in round numbers 176,000,000 Total number acres in land grants, including prey’s years, in round numbers,. .1295,060,000

These are facta of record officially reported, and cannot be disputed. But this is not all, by any means. In two years, between July, 1862, and July, 1864, in the midst of flagrant war, Congress voted $65,000,000, by bonds payable in thirty years and bearing 6 per cent, interest in addition to the lands* and, according to the last report of the treasury, the balance of accumulated interest against the roads exceeded $25,000,000. So that the actual advance to six corporations from the treasury was more than $90,600,000 in cash. Lobd John Manners, the English Postmaster General, has appointed Miss Creswell, daughter of the late Postmaster at Gibralter, to her father’s post. The salary is $3,000 a year. Lord John believes in the Government appointment of women, and has appointed a large number of them to offices in the Postoffice and Telegraph Departments.