Indiana State Sentinel, Volume 23, Number 48, Indianapolis, Marion County, 7 July 1874 — Page 2

THE INDIANA. STATE SENTINEL. TUESDAY JULY 7, 1874.

IN ARIZOXA.A , Joaquin Miller Id tue July Overland How broken plunged the deep descent Kuw barren, donate nd rent Uy fcarUiuaet-K-k Uie land lay aeaa. Ukesoiri proud Sim? la old time slain. An ugly skeleton, it gleamed !la burning and-; 1 tbiry rain . Of tierce volcanoes here had sown - Its ashrat. Kumt and b!nk a-d Beamed , With thunderstrokes and strown Vlthnn'ier. Y a, so overthrown. That wilder men than we have Bald, ln seeing tnis, with gathered breath, "We come on the coutlnes of death . And yet here lay, in ashes lay, Bt-skde this dead and dried up sea

This wide white desert sea oi anu. This land that Beemel to know no lams. While great round wheels ground inourarauy A city older than that gray ' And grass grown towe , ballded when Confusion caned the tongues of men. And groaning wheels plowed here and there. Flowed dep in earth and broke anew Old broken idol-, and laid bare Old bits of vessels th t had grown As countless agents cycled through imbedded into common stone. The while we move c"ow to the pea. The still white shining sea of saod. Ho grand with ail its grandeur goo, - Borne one would stoop, eye curiously, from the ground, turn quick In hand, Thin bits of pictured potteryToss these aside, and bo pa s on. We wonnd below a sudden bluff That lifted from its sea-voiced base A wall, with characters cut rough And deep by rome long perished race: And here tränke beasts, unnamed, unknown, Stood dimly limned against the stone. B-low, before and far away, There reached the white arm of a bay A broad bay, turned to sand and stone, Where hip.s had rode and breakers roued When 'inevah was yet unnamed. And Nirarod's hunting-fields unknown. Ikneath. a silent city lay That in his majesty had shamed The wolf-nursed conquerer of old. Some serpents slid from out the grans That grew in tuft by shattered stone, Then hid below some broken mass Of ruins older than tbeKast, That time had eaten as a bone Is eaten by some savage beast. Great dnil-eved rattlesnakes they lay All loathsome, yellow-skinned, and blept ivtled tight as pine knots in the sun. With flat heads through the center run: Then ktruck out sharp then rattling crept Hat bellied down the dusty way. Two pink-eyed hawks, wide-winged and gray, Screamed savagely, then circled high. And screaming still in mad dismay, Grew dim and died against the sky. The grasses failed, and then a mass Of dry. red cactus ruled the land ; The sun rose rose right above, and fell As falling molten from the skies, And no winged thing was seen to pass. Then stunted sage let loose In sand. Rieht loud with odors; then some trees, Iw built and black as sharpers of hell. Where white owls sat with bent bills hooked Keneath their wings, awaiting night ; Then great striped lizards, with eyes bright As jet, shot 'hrongh the brown, thin grass. Made gray with dust of alkali, Then s:oi ped, then looked, then lifted b'.gh Oil crooked legs and looked and looked. GENERAL NOTES. Provilence is discussing the propriety of erecting a new first-class hotel. Berry Amos, who was recently murdered in Baltimore, met with the same fate as his father, who was assassinated some years ago. The Bunker Ilill Monument association ha3 taken time and Mr. Robert C. Winthrop by the forelock and engaged the latter gentleman to deliver a centennial oration the 17th of June, 1875. The Vienna city architect ha3 obtained permission to construct a stove in the principal cemetery for cremation purposes, and an old ladv has given 30,000 florins for the construction ot others. The people ot Manchester, England, are still agitated over the subject ot a new cathedral. The most advanced plan presented yet is one which combines the facade of York with the octagon of Ely. Eighteen children were recently poisoned in Spitalfields, England, but none with fatal results, from eating some red stuff which had teen found among the ruins of a confectioner's shop. They supposed it to be sweetmeats. The Louisiana Democratic State Central Committee met yesterday, lor the purpose of organizing for the campaign. In view of tbe possible passage of the civil rights bill, the democrats all over the state are forming 'white leagues" against the colored men. , A special telegram to the Cologne Gazette states that Mr. Bancroft Davis was strongly recommended by Mr. Bancroft as his successor as United States minister In Berlin, because Mr. Bancroft Davis entertains the Mine views with regard to Germany as Mr. Bancroft. The suffocation of the dogs at the Thlrtyseventh street pound, New York, was a disastrous failure on Saturday. Fifly-eight dogs were placed in the tank, and two hours after many were still alive. These were finally killed by clubbing and drowning. The Troy Whig says an effert is being made in that city to raise ?10.000 towards organizing a stock company with a capital of 000,000, for the purpose ef buying one of the Baxter steam canal boats, naming it The City of Troy, and using it in the interest of Trojans. At Terrebonne parish, Louisiana, the grand jury recentlj made a presentation, in which they stated that they had examined certain papers, and found the accounts correct. Twelve ot the sixteen jurors were unable to write, and made their mark to this valuable certificate. At Huntingdon, Tennessee, on the 19ih u.U., the Rev. Charles MoOre, a great light among the negroes, declared at a colored . mass-meeting that he did not favor the ciyilrights bill ; he said he did not want mixed schools, but would prefer that each race have its own teachers and schools. Buffalo bunting is likely to b dangerous sport thiä summer. The Kiowas, Arapahoes, and Cheyennes have gone on the war path, their sole grievance being that white men, who bave not the instinct of sportsmen or the tenderness ot Indians, have been slaughtering the buffalo in mere wantonness. The Philadelphia Orangemen, or American Protestant Association, propose to give a grand celebration oq the 12th of July,, and preparations are being made for the largest turn out ol the kind ever seen in the country. Invitations hare been sent to all the lodges in the United States and Canada. Last week, W. M. Twee l'g mansion and stables on Fifth avenue were transfered to B. F. Fairchild, auctioneer, and by the latter sold to E. II. Landon, of Nöw Haven, referee in real estate suits in the supreme court. Pries reported, 160,000 for the mansion; and -0,000 for the stables, subject to neary incumbrance. The truth of the old adage that blood will tell never received more triumphant confirm ation than in this year's Derby and Oaks Although bred wide apart from each other ly their owners, George Frederick and Apology are full brother and sister in blood, besides being tf tne same color and of similar

:tamp and substance,

THE CURRENCY, HON, M. C. KERR.

ENDORSED BY THE TITIRD DISTRICT. VIEWS OF A TRIED PCBLIC SERVANT WHAT IS NEEBED HOW TO BRING ABOUT REFORMS. The speech of Hon. M. C. Kerr at Seymour is given ia full by the Courier-Journal, and is an able discussion of the issues of the day. The following comment on the currency question i3the back-bone of the speech: The moss Titally important subject of prac tical statesmanship iiow demanding solution in our country is the currency. It is not a question of the payment of bonds ; it ia not a sectional question; it is not a question which should arouse passion : it can never be settled wisely xeept under the guidance of reason, without unfraternal bitterness, and upon the principles indicated by the universal experience of commercial nations. The vast importance of its right settlement no man can estimate, for the currency of a country directly and most materially affects almost every interest of the nation and the people, every eöort of labor, every reward ot toil, the success of every enterprise, and the maintenance of both private and public morals. In all respects, this great subject was always fully understood and appreciated by all the fathers ana iounaers oi oar insu tutions. and bv almost all our rulers to 1W1 This is most impressively and honorably true of that great party in wbose came we are assenfbled here to-day, because, during its long, wise, prosperous and glorious gov ernment of our country, it never for a year nr a dav. in peace or war. in prosperity or adversitv. suffered the currency to be torn from its only safe and sure anchorage in the principles or tue -constitution, tne ac cepted currency of the world's commerce, the solid enduring and per petual basis of gold and silver. There never was, and never can be,a good national enrrenev that does not rest upon the sure foundation of intrinsic value, of money whose value is fixed by the labor it costs to produce it; of money created under the injunction "that in the sweat of thy face sbalt thou eat bread." Full of these convictions, wise in the then past experience ot the world, and faithful to duty, our forefathers imbedded these principles in our constitution, and cherished the fond hope that they had thereby forever secured their posterity against an irredeemable paper currency. Thev declared in the constitution that "no state shall make anything but gold and sil ver coin a tender in payment of debts." That is our constitutional basis, and it precisely coincides with the conclusions of universal experience, and oi science, and of sound morality and natural law. And that wise prohibition, in its true intent, spirit and purpose, applies as well to congress as to the states. And so, prior to 1S61, it was construed by the common judgment of the country, by Jefferson, Madison, Jackson, Webster, Clay and all other great statesmen and rulers. So it should be construed now, and must be in the future before any finan cial safety can be fully re-established. So it would be now but for the bad statesmanship and great wrong of the'repub.ican party. EXPERIENCE OF FOREIGN NATIONS. ' For twelve years our country and people have floundered on under the evils and burdens of an irredeemable and depreciated currency. This is discreditable to American statesmanship. Great Britain, with a population of only 19,000,009, struggling under a national debt, of over 4,5000,000, restored specie paymeut in 1821, iu le?s than six years after the last gun was fired on the battie field of Waterloo, which closed her eighteen years of bloody war with France and other nations ol the continent. France, in about three years after the conclusion oi the Franco-Prussian war. under national defeat aud humiliation, with her institutions greatly unsettled, suffering from the heavy losses of the bloody and disastrous war, with a dismembered territory, and a population of only 37,000,000, staggering uuder the bardms of a frightful public debt of 3,500,000, has restored specie payments and made her currency equal to gold and silver. Germany did not suffer any suspension of specie payments to take place during her recent war. Wise and honest statesmanship could have restored ours years age. The pi tot points In our present financial situation are the facts that our currency is now depreciated, and that the precious metals have ceased to be a circulating medium, anti hare chiefly left our country. It is unquestionably true that the extent of the actual depreciation of our currency is greater than the difference between it and gold. The purchasing power of an inconvertable currency is the true test of its nearness to coin. The present nominal depreciation is 12 per cent., but a restoration ot specie payments, brought about gradually and without shock, would increase the purchasing power of our ourrency at least 25 to 40 per cent. This would result from the Jact that under a currency equivalent to coin, the cost of production reaches its lowest point, tne power or banks, corporations, speculators, stockjobbers and gamblers to tamper with the currency also reaches its lowest point, the standard of value becomes fixed and honest, and the tricks oi traders and dealers in adding extra profits at every turn to protect themselves against the uncertain and fluctuating value of the paper currency lose their excuso, and the result is, and this is the experience ot our own country and of every otner nation. that the people, the honest industries, and especially the tillers ot the soil and those who live by the wages ot daily labor, and the poor, become more prosperous, more content,are better rewarded, better paid rela tively. they can obtain more of the necessaries and comforts of life for what they earn, and are infinitely less at the mercy of capita), money manipulators and gamblers of everv sort. HOW THE PRODUCER IS 8W INDLED. The facts never to be forgotten are that our currency is now depreciated, and tnat, thereore, of necessity, prices are inflated, by the added and inevitable eflects of dishouest and oppressive tariffs imposed for protection" not revenue prices are still further inflated, and by the joint effect of these causes coin is driven from the coun try and from all the common uses of the people; for it is the experience of mankind and the law ol money, that when commodities are high, and the currency is inconvertible, the coin is exported to the countries where prices are low: the poorer and less valuable currency always drives out the bet ter; and that every addition to an already depreciated currency has the inexorable effect ot increasing the depreciation of the whole in proportion to the addition, and of inflating prices correspondingly, and more money is thereby required to carry on the same amount of business, and it costs more money to live, and every man who lives on the interest ef his money, in order to live as well, must raise his rate of interest in proportion to the depreciation ot value or purchasing power of money, and this is verified by experience for a century pasc. The inflation of prices at home naturally invites cheaper merchandise from Abroad, increases importations, which must be paid for in specie. Thus, while a protective tariff and a depreciated currency exclude the products of American manufacture from foreign markets, they encourage increased importations of the cheaper manufactures of other nations. Therefore, during the last fiscal year there were exported of the products of

Amtrican handicraft: less.TO.000.000 out of a total exportation of over 649,006,000, because the inflating effect of a depreciated currency and of high protective tariff is left in its fullest power upon euch products. But during the same year we imported of the cheaper products of foreign handicraft at least 5,000,000, out of a total importation of over $084,000.000. That is a sad showing for the bounty-fed -protectionists of oar country ar.er twelve years of the mostexhorbitant Drotective duties ever enacted by

any government In the interests of its favored classes. On, the other hand, in that year, there was exported from our country, of the unprotected staple products ofAmer ican agriculture, over $140,000,000. These vast products, more than any others of the country, are beyond the reach of benefit from inflation or protection, by depreciated currency or high tariffs. It is a law of commerce that the prices of the great staples of a country, both at home and abroad, are determined in the foreign markets where the surpluaes are sold. The prices of American cotton, tobacco, wheat and other staples are all fixed in those markets under the operation of this law, and not in our home markets. The currency of these loreign markets is gold and silver. Thus some of the greatest interests of our country have their values measured by the standard of gold and silver, while others are measured by the standard of irredeemable and depreciated paper. Thereby the farmers are robbed. They sell their great staples on the basis of gold and buy on the basis of depreciated paper. They generally sell at wholesale prices, and buy at retail prices, so that, even if their products are ever enhanced to any amouut, those of the protected manufacturer are advanced from two to lour times as much by the influence of currency and tariff inflation. Above all men in our country, therefore, the agricul turists are supremely interested to have a currency as good as the beBt, based on coin, so that thev mar buv and sell by the same standard, at home and abroad, and that all the citizens shall be treated alike. TEACHINGS OF THE FATHERS. I am driven, therefore, by the experience ol the past, the teachings and examples of the lathers, and the inexorable laws of finance, trade and commerce to believe that any Inflation of an Irredeemable currency is an honest remedy for nothing, and can only render a restoration of true currency more difficult and more remote. Inflation only makes cheap money cheaper, and prices measured by it higher, and creates a constantly recurring demand for more money. Mr. Webster said many years ago, and what he said is as true to-day as it was then, that "Of all the deyices invented by the wit of man to fertilize the rich man's fields with the sweat of the poor man's brow, irredeemable paper money is the most effectual. ' In 1S31 Thomas II. Benton, a great statesman and incorruptible democrat, said: "lr 1 were going to establish a working man's partv, it should be on the basis of hard money a hard monev Party against a paper party. Paper money tends to aggravate the inequalities of fortunes, to make the rich richer, and the poor poorer, to multiply nabobs and pau pers." It is the fixed and irreversible judgment of mankind tha: the currencvof commerce shall be gold and silver. It will accept no inferior currency. No great nation can do so without incalculable loss at home, constant disadvantage, iu its commercial competition with other nations, and the sacrifice of the most valuable opportunities for prosperous and profitable international trade. Oar rank as a commercial nation will be inferior, our commerce be eripplt'd, our cost of production too high and our domestic values inflated, until we can regain for ourselves the currency of commerce. You may convert every boud the country owes into greenbacks, make the governments generous lender to all comers, flood th9 country with promises as numerom as the autumn leaves, and, afte"r all, your paper currency, like all other values, must submit to be tested by the standard of cold and silver. There is no escape from the law. It pervades the land and the sea wherever commerce has a pathway and civilization has organized exchanges. It is not in the power of government by thö inflation of the currency to increase values, but only prices are thereby increased. Quarrel with those laws if you will, but you cannot eh an go pr suspend them. , NO ROYAL ROAD TO CAPITAL. , Capital cannot ' be made by running a printing press. There is no royal road to its creation honest labor is the only talisman that can lead to enduring capital and w ealth. If the country could make the people rich by the aid of a printing press, then it ought to be done speedily, for it would be a cruel government that would refuse on such terms to enrich its people. The foolish experiment has been many times tried in the history of nations, but always with certain failure, disaster and ruin. Thomas Jefferson uttered the judgment of experience, reason, and science when he said "the truth is that capital may be produced by Industry and ac cumulated by economy; but jugglers only will propose to create it by legerdemain tricks with paper." If the currency were at once greatly inflated, who wonld get it? Would they who most need it? Certainly not, unless they have something to sell that somebody wants to bny who has received some of the money. To the mass of mankind this would seldom happen. Yet all men to some extent must coutinue to buy, and all such underinflation would be compelled to pay more for what they want, without any equivalent compensation. And, you may ask, is nobody benefited by inflation? And I answer, from the profoundest conviction, that nobody gains any honest advantage by inflation. Yet some do gain by it, many would be made rich, some no doubt millionaires, but gener ally at the expense of other people and of lustice. The class most enriched by great in nation would be the dealers in all kinds of speculative bonds, dishonest or worthless stocks, and trashy securitesl, tne most unmentorous class of men in our country,, and the very men who are most clamorous tor inflation, tne reckless speculators and gamblers of Wall street. The class next most benefited would be the great manufacturers of the country, who have large accumulations of their products on hand and for sale, because they wtuld at once add to their prices in proportiorto the inflation of the currency, and thereby they might be enriched, but at the expense'of the consumers of their products. The third class to be benefited, but in a less degree, are the owners and dealers in speculative real estate located in or in the vicinity of the growing cities of the country, who, by the aid of inflated currency, would be able to keep up and advance their prices, but to the injury of the people who desire to obtain and hold such property for permanent enjoyment. The great classes last and least benefited by currency inflation are the farmers, the chief owners of the land, the producers of the great agricultural staples of the country, and the vast numbers who live by the wages ol daily labor. It ha- been the unvarying experience of our country, and of every other commercial nsc.on, that the values of agricultural staples and the wages of labor are always less enhanced, le3S beneficially affected, and more tardily affected at all, by any inflation of the currency, or by any inflation in prices caused by high or protective tariffs than any other values. All other values are always much more enhanced than these by such Influences, and therefore always to the injury of these great classes. Their interests are never so safe, or

so well protected, as under a currency equal to and convertible into gold and silver, which is the only currency that robs nobody. CURRENCY .AND POPULATION AND WEALTH. It is a delusion that currency should increase ' in ' the same ratio as' population or wealth. The note circulation of all Great Britain for over fifty years has only varied in mount between ?1S0,000,000 and ?210,000,000. - Yet her population, and especially

her wealth, have been "vastly augmented. Our own increase in population from 1850 to 1S& was 35 per cent., and In wealth 123 per cent.,' but in total paper and coin currency only 36 per cent. And yet the decade was one of the most prosperous in our historv. Our increase of population from 1809 to 1870 was 22? per ceiut., and in wealth only 87 per cent., but in total paper and coin currency (estimating both to have amounted In 1870 to ?00,OOQ,000) the increase was over eighty per cent., and in paper currency alone it was 317 per cent. This ia an increase without precedent in amount, aad it is in advance of ail decent proportion to the increase in wealth and population, and is only justified by the extraordinary national con ditions in tne midst or wnicn it was made. It has borne as such reckless and utterly unstatesmanship tampering with the finances always will a bitter harvest of inflation, industrial expansion, hazardous enterprise and speculation, unfunded credit, stock-jobbing schemes, vast aggregation ol wealth in speculative corporations, all sorts of wic'ied efforts te make fortunes in a day or by the turn of a hand, the formation ot selfish, and infamous combinations to corrupt legislatures, congresses, courts and individuals, and purchase oppressive and hateful law.- giving legal sanction to monopolies, bounties and robberies of the people, and filling the country with immorality, dishonesty, official unfaithfulness and corruption, and general demoralization beyond all com parison with any previous condition in our country. WHAT IS NEEDED. What our people need is not more money, but most emphatically better money; not mere promises,but more capital,more things of intrinsic value, more of the products of labor, more of savings of economy; Jess taxations, less extravagence in expenditures, and less excessive exactions of all kinds, less haste to grow rich, and more personal frugality; more business conducted on the basis of capital, and less on credit. It is capital that creates the most legitimate de mand for currency, because currency is only useful as a medium of exchange, and to iacihtate the rapid exchange of the com modities produced by active capital. There is-to-day unquestionably a very unusual want of capital iu our country not of mere paper money and therefore production is not active or prosperous, consumption isiest raiiied and reduced, and it logically results from thtse conditions, that there is now a vast amount of idle loauable currency ia the country awaiting satisfactory borrowers and investments, more than there has been in five years past. And the needed and rational remedy is, therefore, not more paper money, but more actual capital and Detter money, Iu my judgment, the country needs no mote credit currency than it has. It ia always t? be borne in mind that auother law of commercial growth and development and of ourrency is that the more advanced and perfect the leading commercial nations be come in the appliances and machinery for conducting the vast operations of commerce, the less currency is needed relatively to the amount of business and population. Bills of exchange, notos, checks, certiöed drafts and clearing-house vouchers discharge many of the functions of money, and vastly reduce the quantity otherwise indispensable, FINANCIAL CRISIS. Our recent crisis came not as the result of an insufficient amount of irredeemable pa per currency. ' It is one of the evil missions of such money to encourage undue expansion in trade, prodigal expenditures in society-, and to repel the precious and profitable virtue of economy from the daily habits of men and women and corporations. It b-?gets fatal extravagance, and often brings disaster in the very midst of abundance. These commercial storms come wijh faithful regularity, afcer moderate intervals, to all commercial nation?. They come with contemptuous indifference to the amount of tbo currency. The currency, in coins and bank notes, may be as abundant as the light of the sun, and still they come. If there were no currency, but bank notes, or none .but greenback, or none but gold and silver, or , none bqt copper or1 brass or tin, they would still come. , It i3. infinitely wh? and proper then to . inquire why . they, coma. And this inquiry stands at the threshold of iutelligent action. The history oi commerce lor a century past is full of light on this supject. It . triumphantly sustains the conclusions and the testimony of the ablest fiscal writers of this or the past age. that these crisis are scarcely ever caused by the insufficiency of the currency, whether or coin or paper, They have their root and origin in the indi vidual conduct ot men, greatly lnnuenced at times, and often most injuriously, by the commercial policy of government. It is less the lack of money in the country than it is tne gross disproportion between debts and actual values that brings personal embar rassment. Men owe more than they have values of any kind with which to buy money, ihey owe too much and own too little. Every crisis in our country in this century came in tne midst or tne largest abundance or paper money. In 1S17 our currency and all the values of the countiy were confessedly inflated and excessive. Our coin bore too low a propor tion to our papertnoney. Besides our com mercial and industrial relations were greatly affected and disturbed by preceding years oi war ana commercial restrictions, in 137 me entire amount or our currency, paper, gold and silver was greater than ever before. ueing 7,v.ju,uuo, ana averaged ?14 per capita, ine spirit or headlong enterprise in inaiviauais, corporations and states was without a paarilel in our previous exoeri ence. The exaltation in hopes as well as in prices was simply wild and frightful. Hence came disaster. In 1857 the aggregate ot our paper; gold and silver currencies again surpassed any previous year, and averaged ?16 78 per capita, the total volume being $474,300,000. The disasters of that year were chiefly the results of grossly excessive credits, aa are those of the present time. After each of these crises there was a considerable reduction or contraction in the volume of the currency, continuing for several years. In the paroxysm of each crisis there was a suspension of specie payment. But after each, and with varying promptness, there was a return to specie payment. IHK PRESENT CURUKXCY. To-day our total credit currency is about $800,000,000, and our coin only $140,000,000. In this age of high commercial development this is a vast volume of currency. But it has one fatal defect; there is too much credit currency and too little , coin ; there 13 too much depreciated and'di3counted paper, and too litUa of the currency of commerce. The latter alone, in spite of the hopes, or pride, or faith, or efforts, or laws of any particular people, will be the accepted measure and test of values. This brings me to inquire: Can we now restore specie payments? It ought to be done, and the fiscal policy of the country should be turned in that direction as soon as possible, consistently with the best interests of the people. That object should be kept in constant view as one of supreme moment to the country and the people. But can it be accomplished now? In obedience to the convictions of my Judgment, I answer em

phatically no. It cannot be done now. It is not financially, nor indeed physically, possible. The cein Is not in the country. It could not be speedily procured and brought here in sufficient quantity without producing financial convulsions in everv civiH.d

nation. A mere declaration of resumption would be simply disastrous folly. In ltJO we had at - least 1200,000,000 in coin. Since then there has been imported into our country at least 200,000,000, and produced from our mines not less than $700,000,000 more. We have therefore owned during the last twelve years over 1,100,000 000 in the precious metals. Now we have the poor pittance of 8l40.0O0.0vo in onr country. The rest has gone to abide in and bless countries where it is more widy appreciated. We must, therefore, as a condition precedent to safe and enduring resumption, adopt some policy that will enable us to attract to, retain in, and disseminate thronghout our country about $200,000,000 additional supply of the precious metals. This is no impossible task. It is practicable, but only by the aid of the steady guidance of clear and farreaching statesmanship. COn? AS A BASIS. It should be remembered that resumption needs more coin to inaugurate it than to maintain it afterward. Once re-established on such a basis as inspires popular faith and confidence in its maintenance, a less amount of coin will suffice to maintain it. Human experience has not enabled any person or authority to pronounce ex-cathredra the exact relation that ought to exist for safety and convertibilltv between th the coin currencies of any country. I believe the true test to be the 11 mit of A nAnn. try's capacity .under wise and stringent laws, bu mainiaiu tne constant convertibility of lis currencies. Any country may be said to need and mav advantnTcnnclv um oa m,iv. currency o.' all kinds as its authorized insti tutions issue upon ample securities and keep convertible at all times into gold and silver. Our owa experience in the past and the experience of the leading commercial nations for a hundred years, furnish us no better or surer test. The practical application of this principle furnishes at once a test of amount pnda means ol elasticity or prompt exptsion to suit the demands of busness. DISTRIBUTION OF THE CURRENCY. It is not a question of distribution oi currency; that can only be wisely made under the sole guidance of the natural lawsol business, trade and commerce. . Congress can no more distribute the money of the country according to population than it can the property of the people, or the rains that fall upon the earth, or regulate the profession of the equinoxes. Nearly all the currency of Great Britain is issued by the Bank of England, in London, and that of France bv the Bank ot France, in Paris, and that of Germany chiefly by the Bank of Prussia, in Berlin, but the currency does not remain in those cities. It goes on, on the contrary,- by a law as inexorable as that of gravitation.wherever the business, the productive capital, the exchanges of the country require it. Almost its only use is as an instrument of exchange. Exchanges are most numerous and extensive where capital is most abundant.productive and active. The channels and abiding places of currency are therefore never determined by law ol congress, but always by the self created laws of money, trade, production, business. If the United States had but one bank, and that were located in this modest city of Seymour, and had sole authority to issue the currency of the country, that fact would not enrich .Seymour, or our district, or Indiana, or the West, or impoverish the East, because the currency would inevitably go where the laws to which I refer would take it. Congress can no more distribute the paper currency of the country than it could the gold and silver, and the latter is an absurdity never attempted or demanded. Congress may by law extend to a few individuals the ad vantages of the present monopoly, but not to the people generally. What the people want is a currency that monopoly can not control. FREE BAXKIXO. Much is said of free banking, and if it could establish the true basis it would result ia incalculable benefit to the people. Eut the only sate, rational and unalterable condition of free .bankine should be that every bank shall at all times maintain the convertibility of its notes into gold or silver on demand, aud this duty -should i be enforced by rigid law, and the Interests of the people closely guarded. Such a system of banking and currency would be beneficent indeed, and would practically aid in the useful and natural distribution of the currency; and would also secure so much of practical elasticity as is possible in any good and sound currency In view of these elementarv principles ahy legislative pledge of immediate resumption would be a mere vaiu and emptv boast. Something eise mast be done to prepare the way. Radical changes both in law and policy are indispensable as a basis for improvement. These changes should be made to take effect gradually and firmly, without shock, or surprise, or Injustice. The national banking law, a3 it now ex. I3ts, is a law forever to prevent the resumption of specie payment. And such also is the legal tender act, which never was better than atrickof unconstitutional legislation to give respectability a bad currency and make it a more eflective instrument of robbery. The national bank requires no redemption by the banks of their notes, except by payment in other notes as much dishonored and depreciated as theirs. This is an empty form, and a mockery of the true idea of convertibility. Then let Congress declare by deliberate enacmeni that, at the end of some definite and reasonable time, the legal tender act shall cease to be the law, and enact that every national bank shall cease its notes on demand in coin, and that each failure thereafter to redeem a demand shall be deemed an act of bankruptcy, and that. in the meantime, every bank shall begin and gradually carry on the accumulation of a sufficient coin reserve in its vaults, prepaatory to the actual commencement of redemption. In this way a beginning at least may be made in the work of preperation. Prior to 1871 no bank in the country dreamed of escaping from or neglecting the vital condition ot its being. Why should they now? Have they not been permitted to disregard, and to make profit by disregarding,in this important matter, the essential principles of safe and honest banking long enough? Their legalized exemption from the true laws of finance has already continued too long. Their munificent franchises have been profitable beyond precedent in the past. The rewards for all their boasted services.to the country have been most generous. They ought now be willing to be just, and to make good their promises to pay, after full ample time lor preparation. The people of this country ought not to suffer dishonor and less to their currency perpetually merely to magnify the profits and prolong the hurtful privileges of a mighty brotherhood of corporations. But it would be better and mere just to the people if cc ngress would declare the absolute repeal of the national banking laws, to take effect at a fixed and certain period hereafter, and of the legal-tender act, and thereby give back to the states the regulation of banking within their respective limits. The banks now national would then seek refuge and reorganization under the laws of the states. And the states would enact their laws in the light ol the valuable although expensive experience of the country since lötil, and especially under the wise and supreme command of the constitution of the United States, that "no state shall make any

thing but gold and silver coin "a tender of payment of debt." Then the way to sure and enduring resumption would be opened. On this mOt fortnnatA And nhilnsonViical

provision were based the safety and success and life-giving power of ouncurrency prior w me war. it is to me matter oi. p roiound regret that, at the close of the war. cone resa did not apply that prohibition to the cur-icui-jr oi me na;:onai dsdks. ano noid ltseii bound bv the Ksme prohibition Tb Supreme Court at one time adjudged that to V. n U A j . r . i . ' i . .uu uuijr ui me govern meni, out auerward. under other influences, it' overrnlfd that judgment. The people oi the country ought to renew it. If these reforms cannot be ftcconiDliahed. and the country must receive its currency from congress, then there should be a complete and perpetual divorce between the nn I !n 1 LI . . uawuuai uiauKs ana tne currency, ana congress should alone supply the latter to the hqu to mat end it sneuia suusmuue its Own hlll for tha nntinnal Via n V tintfla and put them into circulation in redemption ui uuuu?, ana tnereDy, as some compensawwu m mo peopie ior a caa currency, savo millions of dollars in taxation to pay interest on the public debt. THE STATE UNIVERSITY. OFFICIAL REPORT OF THE BOARD OF VISITORS. Bloom in'gtox, Isi., June 29, lüTI. To the rublic: In accordance with a custom of long stand ing the board of trustees of the Indiana State University appointed the undersigned a committee of visitation, on behalf of the people, for the inspectk u oi their institution. Our instructions were to make two visits, on? at any time during the year to suit our convenience, and the other at the close of the last term, and also to furnish a report to the trustees of the results of our observations. Having made a detailed report of our visitation to the faculty and trustees, we have also been requested to present a statement of the practical workings of the university to the people of the state We have made the visits, as requested by the trustees, and have instituted a careful scrutiny into the working oi the university. We congratulate the people ot the state that there is such a college at the head of our great common school system. Ii should be a source of satisfaction to every lover of popular education, that a place has been perfected whereby the primary schools ot the state have been brought into harmonious union with the state university, thereby onering to the children of the common wealth a continuous and complete course of culture. This arrangement is one ot great advantage to the lower schools as well es to the university. To the children of the former it oners the highest incentive to active exertion; to the latter it presents a wider field for usefulness in the increased number of youth that will come up from the schools, and in their more thorough preparation for collegiate study. It was feared that if any union were effected between the extremes of the common whool system, it must be made at the expense of the higher institution. Such fears have not been realized and need not be further entertained. No change has been made either in the quality, or in the amount of instruction afforded by the university. No abatement has been made in the number or in the amount of the studies, and the statistics of the institu;ion show that in the study of the ancient languages there is a larger per cent, of students engaged than ever before. There is another aspect in which the TRESEST CONDITION of the University may be viewed, compared with the past, that is extremely gratifying. Then, students of but one sex occupied the halls now the daughters of the people have an equal chance for culture with their brothers. The change has brought with it signal adx-antajres, not alo-ie to one sex but to both, liach has assisted the other. The manners and the morals of the young men have undergone a remarkable transformation; where rudeness and vulgarity were formerly the rule, now they are found to be the exception. Nor has the intellectual training of the students su tiered any loss by the introduction of the young women. A fair comparison will show that the young ladies are in no respect inferior to their brethren in all the qualities that go to make the scholar. Formerly, and it was not long ago, the number of students in attendance at an institution was about the only standard by which its success was measured. We are glad to be able to state that the University has passed the point when her usefulness can be mfasured in that way. While she strives to benefit every individual who comes to claim her services, she will not at: em pt to do it at the sacrifice of scholarship. At the beginning of the present year a large number of applicants were permitted to leave the instituiton because they were unwilling to have the faculty determine their standing and classification. We look upon this action of the faculty as eminently wise, and commend both faculty and trustees for their determination to make scholarship nd not numbers the evidence of excellence. Wd have seen the students in their recitation rooms, and we have been permitted to examine the papers that they prepared as tests of their training. From the evidences, we have been able to make a comparison of this year's work with that of former years, and it is gratifying to know that such a comparison proves the superior excellence of this year's work. The papers general' give evidence or good training neatness and accuracy are their prevailing characteristics, while the care bestowed upon composition, spelling and penmanship, shows the faithfulness of the faculty in looking after these important though frequently neglected subjects. The recent erection of a new building for the accommodation of the law school, the laboratory, and the museum of natural history, affords additional proof of the determination of the trustees to spare no pains or expense to render the institution one of the best in the country. In conclusion, we are exceedingly gratified to be able to say to the people of the state, that they have now an institution in every way worthy of their confidence and esteem a place to which their sons and daughters may be sent, with a reasonable assurance that they will receive that culture which the spirit of the age demands. Alex. M. Gow, W. A. Bell, John I . Morrison. Approved by the board of trustees, and ordered published. Wiixiam K. Edwards, President, pro tern. JlOBERT C. Foster, secretary. Gustaye Cour bet, the artist, who has been condemned to pay the cost ot reconstructing; the column of Vendome, wa3 one of the leading spirits in the commune after the capitulation of Paris in. 1S71, and more than any other man was responsible for the overthrow of the column. Iiis private fortune is inadequate to meet the penalty wbioh has been imposed upon him. The object of the sentence undoubtedly is to warrant the confiscation of what property he has. The Catholics in Wisconsin are dropping off to some extent from the granges. The bishop of Milwaukee has issued an order declaring the union of Catholics with the patrons of husbandry unnatural and agaicst -the laws of the church regulating its followers in respect of secret societies. It is stated that all the Catholic bishops in this countrv , are expected to follow this example an'l promulgate similar instructions ti their I ei . -v. nocks. - -

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