Indiana State Sentinel, Volume 23, Number 49, Indianapolis, Marion County, 21 July 1874 — Page 4

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THE INDIANA STATE SENTINEL TUESDAY, JULY 21, 1874.

TUESDAY, JULY 21.

The democratic legislature of 1S71 levied a state tax of five cents on tbe hundred dol lar. At the close of the democratic admin istrmtion iu 1S72, tbe state treasurer held in hU poesiou the sum of $763,000 surplus. The extra session of tbe Republican legisla tare which wa cdled 1872, expended the public money at such a rate that by the time cf adjournment l be treasurer had only rr onn on hand to turn over to " F his successor. Tbe republican legiala tura at ita rezular session of 1373 fixed the tax rate at fifteen cents on the dollar and increased the assessed valuation of property at the same time in order ito make a wide sweep. Not only has the enor mous atnouut collected beeu expended, but the state has also been compelled to borrow about $700.0J0 at 8 per cent, interest. There is now, it is sid, a great amount of money In the treasury which might be used wl h advantage to pay off tbe temporary loan, but the belief in the doctrine, that a state del tin a stae blessing, seems very popu lar with the administration party of In diana The attempt to lay this doubl in crease of taxation, and increase of indebtedriess, at the door of a democratic legislature which closed its labors three years ago, is an exhibition of cheerful impudcnee that re fuses to be daunted under the most disheartening circumstance. At the American Brewers' Congress, held some time since in Boston, the president. Mr. Henry Clousen, made certain state ments of facts in regard to tbe business that have an important bearing on tbe discussion of the temperance question. During the twelve months ending June 30, 1S73, the amount of fermented liquors brewed in the United States was 8,910,823 barrels. He stated that $39,910.823 were invested in beer breweries; f 16,707,793 in malt houses: 44,554,120 in barley lands; fl,6O3,'J0O in bop lands, making a grand total Of J152.776.C96. There were 11,133 persons employed in breweries, 3,666 in malt houses, in the culture and production of barley 33,953, and in raising hops 8,026, making a total of 56.7S3 persons engaged directly in this industry without counting the coopers, artisans and people engaged in transports tion and handling beer before it reaches the hands of the retailers. It is within bounds to say that a quarter oi a million of people derive their support from this business, not speaking of the retailers. All the above figures would be increased 10 per cent, in the statistics of a year later, ending June 30, 1874, without doubt. Up to this date, the ose and con sumption of beer is on the increase in a greater ratio than that of tbe population In these facts there is, at least, a suggestion tbat tbe suppression ot the nse ot beer is not in a hopeful way at present. It is, in short, a wholly unreasona ble undertaking. Would it not be judicious therefore, for those who are opposed to drunkenness and evila resulting from the use or whisky to narrow tbe field of ct conflict and reduce the the array of their opponents by the number ot those who use beer only? They may hold that beer drinking is a vice and that it leads to liquors, but no one can be so blind as to deny that beer is the lesser evil it it be an evil at all. It will come to this in the end, that the distinction will have to be made batween fermented beverages and distilled liquors, or else the efforts for temperance wlh meet with continued discomfiture and fail ot achieving anything whatever. It would seem that the temperance people should consider tbe facts of the station and act accordingly. It might be better to attempt less and accom plish the object sought In the restraint of arunKn dissipation, than by assailing everything under the doctrine of prohibition, to elf act nothing. IIm Bale la the ffonth. Notwithstanding the general conviction spreading among the people that the system of reconstruction as carried out by the republican party has been one cf fi aud and oppression, there are indications that the partisans of tbe administration intend to go to the country once more on the same old Issue of sectional animosity. Alter forming state governments with the purpose ef strengthening the party instead ot ruling the people, after maintaining in some states a minority in numbers and in others a minority in wealth and intelligence in control of public affairs, after setting adventurers to administer Justice and thieves to watch the treasures of the commonwealth, after kindling jealousy and bate between races, after paralyzing every material interest and drying up the sources of confidence tbe sycophants of the administration have the effrontery to come forward and charge the victims of their misrule with responsibility for the evils which they have been powerless to avert. The republican party baa heretofore calculated with certainty upon the sectional prejudice remaining after the war, but its members are adopting the policy Of malice and bigotry for the last time. They will find it a losing game this year. Already the wisest politicians among them have given warning of the fearful state to which the South has been brought, and declared tbat no party can hope lor popular support which assumes tbe burden of the Louisiana usurpation or the South Carolina robbery. For several years a veil has hung over Southern affairs, bat the newspapers have sent their emissaries all through the stales recently in rebellion and the true history of reconstruction has been dragged into the daylight of northern public opinion. The ugly facta are now exposed and the American people only require tbat their attention should be drawn to them to insure a storm of indignation which will clear the unhealthy air. In the great work of searching out and bringing forward the misdemeanors of the -tools of the administration, the lead In pPr tne repobllcan par

j has borne an

honorable

! share With the South Carolina letters of I the New York Times as a bisis of attack, no man need hesitate to move against the

present management of the unfortunate states where tbe carpet-bagger and the scalawag yet retain their authority. This great crime of the administration against the South is one that will need to be frequently held up to public abhorrence, and the editorial columns of the Sentinel will never cease to rirjg with denunciation so long as the misrule in South Carolina and the tryanny in Louisiana continue. In answer to the old slander that the unrest, insecurity and bankruptcy prevailing ir some of the southern states are due solely to the former rebels, this powerful argument maybe adduced. The states which recovered first from the control of the general government, and assumed into their own hands the control of their own affairs, are comparatively prosperous. Tennessee, Virginia and Georgia are rapidly acquiring the independence, and with it the security and prosperity of noithern states. This has not been because they were ruled by a majority of white men merely, bat because they were ruled by men ot intelligence and property, whose interests were identified with tbe welfare of ibe common wealth. The party oi outside adventurers, whose Interest it was to plunder the state, failed to secure the support of an ele ment strong enough to put them In power, and the central government was left without a chance to use a loyal colony as a means cf torture to a disloyal people. According to theories of vindictive partisans who maintain the total depravity of south rutrs these Btates ought to present pictures cf every kind of wrong, oppression and misery. It might be expected that tbe negroes would be trodden under foot in tbem, tbe field untitled and tbe publio mon eys squandered. But, strange to say, it is in the states still under tbe radical control, like Louisiana and South Carolina, that race hostility and universal destitution are to be found. In the former, the neglected levees have broken away and the people have had to bez for alms through tbe length and breadth ol tbe land. A newspaper has been suppressed in a principal city of the state under a flimsy pretense, and tne whole state government has been overturned by the order of a corrupt jude who, according to the judiciary committee of congress, had no authority to interfere in the premises. Imagine fur a moment the displacement of all the officers chosen by tbe people of this commonwealth at the wllfof a United States official, who rises at midnight in answer to the call ot political associates to decide the fate of a state oy a judicial order. There are already White and Black Leagues organized in that home of radical government, both of which profess the opinion that a war oi races is inevitable; and the whole matter may be summed up with the statement that in Louisi ana there is to be found neither public liberty, social security, nor individual prosperity. In South Carolina there have been fewer of tbe elements of strife and disorder, because the radical party have had such a decided preponderance that no con ten tion was possible. The whole people conscious that they were out voted, instead of appealing to violence, as they would naturally do were they the bloodthirsty villains painted by the party pres., have submitted to their fate quietly. The result has been tbe reign of plunder, ending in bankruptcy. All business interests are prostrated, plantations once among the most productive in the county are belti sold for taxes, capital is leaving the country. Tbe State itself could not, according to the present governor, borrow a dollar in any market of the world. The correspondent of the Courier Journal gives the following details in regard to the rascalities of a single administration, thatot B. K. Scott, extending from 1S6S to 1872. The figures will be appreciated when it is remembered that Moses, and not Scott, is considered the champion villain in the recent history of the State: When Scott came into office as stated above, the täte funded debt was In round numbers Sö,ux).uuu. When he left It, it was In round numbers ltf,000,0UU (it was nearly 17,u0uuw). The amount of taxes was about 1.2u),0- per annum, or In the four years of bis administration. fl,.suo,OUU Deduct the five million old debt from blxteen and we have eleven. To this eleven add the four million eiht hundred thou sand, and we have fifteen million eight hundred thousand, whica Is the apparent caah that passed through Hcott's hands whilst he wan the governor of South Carolina. The other credit he deserves is the interest he paid on the puDiic uentana tne legmmite expenses of the Laie government. He paid the iuierest on the five lull liou lor three years, which, at six per cent., would be tuuu.uoo; say fl.ouyiuo. The expense of the täte government betöre his advent amounted to (MUO.uuo per an du in ; for four years i,tiu,iiO. Add to the amount he paid Interest and what should have been the expenses of the state government together, and we have !,6uu,-! uuu. lJeducl tins from the amount he had in I band. Slö.MiO.UUO. and it leaven, as the irrons amount Molen by Scott and his confederates, thirteen million two hundred thousand dollars, and this, Id the brief space of four years, llow Iouk it would have taken them to have stolen out the whole state can be easily caclu ia:ea. Not a mile of railroad or canal or a public improvement of any kind remains to the state in lieu pf such an expenditure. A tract of land in Hell's Home Swamp is the only value received by the unfortunate commonwealth. As a contrast to the misery which has desolated South Carolina and Louisiana, the happiness and prosperity of Georgia may be instanced. Under date of July 9, a letter writer describes tbe situa tion of the crops as in the highest degree satisfactory. The corn and cotton are flour ishing and an abuudant yield it expected. Order and content prevail. The explanation may be quoted at length: - In Oeorela the nero has handed in hts chlDS and drawn out of tbe game of politics. Ills rinci pal reason for iris is that it dldn t pay. He is eveiy where hard at work, making meat and bread for hlrolf and family, and when called upon to rauy to tne support of the radical party, n doean t rauy worth a button, unl as there Is a free barbecue all around. Order, but not tbe order of Warsawel gns everywhere over tbe state. It la b ved upon conndence reposed ltythe native white man by the legro. And the white race have everywhere learned tbat by treating the colored people fairly, and dealing with them uprightly, they can control any amountof labor they require, and that they are far aapeiior to any oCaer class they will ever likely Induce to com to thit climate. It la not a kingdom founded by violence, not tbe love of a slave, but one of mutual self-interest that has tanght these people to live together in amity a j.ti pace, and to npnrn oatalde discordant apples of discord which impertinent lntermeadlers would toss among them. The lemon of all this isthat if the whole people of the south deserved punishment at the hands of the government, it was folly to choose tbat form of punishment which made

them subordinate to the negroes. Such an arrangement is unnatural and can not continue. We have entrusted tbem with universal suffrage. We mast not hold them in eternal tutelage.

Tbe Npeeela. When Governor Hendricks stepped out before the convention at the Academy of Music yesterday, he was greeted by a hearty salutation from tbe great audience assembled. To a stranger, the leading democrat of tbe state and tbe foremost candidate for the presidency, appeared as a man of fair proportions, finely shaped head, open, benevolent countenance, soft voice and quiet manner. He spoke slowly and carefully, as if weighing every word he uttered, or rather, as if recalling tbe words be had already chosen for the expression of his thoughts. There seemed to be a sort of nervousness or constraint oyer him unusual with a man so long in publio life, and he did not fling himself into the spirit of the occasion until near the close of his addreaa. Tbe speech was one of those which is not delivered to tbe few hundred people within tbe wallt of a hall, but to the wider audience of tbe whole country. It is an utterance meant less for immediate effect than for ita appearance on the record. The styleisvery simple and clear and the governor's oratory is of that kiud which seems to aim rather at the judgment than the passions of his hearers. The argument of the inability of the administration to do any fair,honest work as proved and illustrated by the failure ot the attempt at popular government in the District of Columbia was admirably handled and the retort on the chairman of tbe republican convention was neatly followed up by tbe pointed enumeration oi the democratic governors throughout the union which told with a ringing effect. The points in the speech most anxiously listened to. were the discussions of the financial and temperance questions. It must be confessed that the governor's views on the former subject are not easily understood, owing to the fact that two or three inconsistent phrases have crept into the clauses of a sound and able argument. Some study has failed to remove the conviction that there is an incongruity between his pronounced adherence to a bard-money policy as one "not now nor hereafter to be abandoned," and his acknowledgement that we must continue to maintain a paper currency, the amount of which shall be determined by the business interests oi the country. How is it possible to make aBy progress toward specie payment under such a rule? Nay, more, how is it possible to put any such rule into operation at all? Who shall decide when inflation is necessary and when contraction is required? Who can say at what point a reckless spirit of speculation will set in and supersede le gitimate business? It is time tor the advo cates of this plan of issuing money to suit the exigencies of the country to state tbe exact sum required, set soru limit to its future fluctuation, and regulato the swaying of the tide. The circulation is not a thing that congress can meddle with every win ter. It was bad enough to have tbe standard of values violently warped when the legal tender act was passed at the beginning of the war. It will be bad enough to have it dis torted by the resumption of specie payment, whenever that takes place. Bat a continual variation would render the fool and the wise man equal in speculation, and turn the fruits of industry to ashes. Governor Hendricks appears, and it is well to criticise so prominent and conscientious a man with due moderation, to have yielded a trifle too far to the current of popular opinion on this subject. His real views, divested of all dis guises, seem to ba in favor of retaining the present circulation and securing specie by increased production and exportation. It is true that we have bartered our gold .for cannon, ammunition, wines, brandies, silks and satins, and have put paper money to do its work as a medium ot exchange; and the inevitable ltw of nature is that, if we want to get it back again, we must pay for it by our productions. In this view the governor's appeal for in fusing new vitality into tbe industries of tbe South is a timely one, as increased production is necessary to prosperity. But will it, without a determined purpose on the part of the people and wise legislation on the part of the government, bring back gold? What guarantee is there that tbe people will not continue to i at port luxuries as they now do? To suppos that the precious metals can circulate side by aide with inconvertible paper is to assume falsity of one of the most firmly established principles of political economy, that a cheap currency drives out a dear one. Twenty per cent inc taseinour productions would make us mon able to buy gold, but would it makes us m-i e willing to do so? That is expecting a great deal of self denial. Cer tainly the hope in the enterprise and vigor of the land in productive industry is a more reasonable one than the expectation of a new era of economy and frugality. Tbe other delicate question to be touched upon, was admirably handled. Governor Hendricks stated his views on temperance legislation with a definiteness tbat is rarely used In dealing with if. There can be little reason to doubt that bis judgment of prohibition and local option as measures that bad been tried and found wanting was correct. Without the support of public sentiment they are less effective for tbe cause they are intended to serve than al stringent license law with the overwhelming majority of the community behind it. Tbe clear statement made by the speaker of the points to be insisted upon, auch as rais ing the character of liquor dealers by enforcing the heaviest license, preserving order by the early closing of saloons and restraining dissipation by preventing the sale of liquors to minors told with good effect. These doctrines are not new to the readers of the Sentinel, and have been urged in these columns. Theauggestion of Mr. Hendricks in regard to distinguishing between the more and less dangerous liquors also proposes a sound, sensible and moderate mt'-insfo good results In temperance. The treatment of this issue was complete aqd satafactory.

Tbe Platform. Tbe resolutions adopted by tbe convention are to some extent in the nature of compromise. The universal opinion of the delegates, however, seemed to be that nothing better could have been attained under tbe circumstances, and a sentiment of harmony resulted from their endorsement which looks like the promise of a determined and enthusiastic campaign. In the following free handed review the good points are, perhapa, too lightlv passed over, as the temptation to note what seems worthy, of criticism is stronger than the desire to prahe. The platform opens with an acknowledgment that there was a difference of opinion among the members of the committee on resolutions, and a statement in eCect that rather than have a minority reort presented to the convention, tbe majority conceded ceitaln points. The result is the introduction of one or two piebald and incongruous resolutions which slightly spoil the effect of what might otherwise have been a brave and consistent declaration of principles. Majorities on sucb occasions should recollect the fact tbat it becomes the minority to give way. Tbe indictment of tbe administration with which the platform proceeds, is a pointed enumeration of the well-known rascalities of the party in power, and will be pronounced a true bill by every candid man who reads it. It would not Le throwing a perfume on the violet, by any means, to add a word of indignant comment to tbe story of fraud and misgovernment. Tbe credentials offered by the democratic party are certainly time-honored guarantees of good character. Strict construction, tariff for revenue, a free press, equal rights before the law, home rule aud economical government are good qualifications. "The coin is current, dost thou bear it in thy pouch T" The first five resolutions cover the financial issues and constitute the debatable land over which the contending sentiments in the convention struggled. The first and second call up tbe old issue of the payment of 5:20 bonds in gold, which was unhappily killed and buried long ago. Few men can doubt but that the passage of the law of March, 1869, was a sort of swindle. Yet alter it has been in operation five years, . and now that innocent parties will be affected by its repeal, it seems hard to press such an issue. Such doctrine was once denounced with great effect as repudiation ; but the inflation pa

triots can hardly express any wholesome horror on tbe subject now unless on the same principle that "the dead woman was afraid of her that was flayed." The third resolution favors a greenback currency, to be substituted for the present issue of na tional bank notes the object of which scheme is to save about $20.000,000 yearly interest on government bonds now held as the basis ot the bank circulation. The fourth and fifth resolutions advocate specie payment, tid yet avow the heresy of legislating the cur rency up and down with the demands of business. Are the two theories consistent? The sixth and seventh resolutions are in opposition to the doctrines of the civil rights bill. The matter is one in regard to which nature has made two or three laws that it will be very difficult to override. Social fellowship is a thing that depends upon mutual liking. Admittance to first class hotels and theaters ought to depend simply on the good character and cleanliness of the guest or spectator together with his ability to pav his bills. There is a tendency for birds of a leather to flock together in nature and the social disposition ot man has developed that tendency and strengthened it in every direction. It may be safely entrusted with the arrangement ot the different races in America. The eighth resolution treats of the liquor question and adopts the license system of dealing with the evils of intemperance. Interpreted by the words of Gv. Hendricks' speech, it is a sound and sensible resolution, which will meet with the hearty approval of conservative men. The ninth resolution is a safe declaration on the railroad question. The tenth and eleventh are strongly in favor of retrenchment in state taxation and expenditure.while the twelfth limits the power of local boards to create indebtedness. The twelfth bits the blot in one of the great evils oi our political life. It declares that public officers ought not to have control of the public moneys which come into their possession. Mre defalcations have arisen within tbe last few years from the investment of public funds for private gain than from all other causes combined. Tbe temptation to fraud is great, but might be resisted. The temptation to risk the. people's money in schemes where profits will constitute an immense fortune, few can lesist. Besides, the mere item of interest often induces officers to delay payments at proper times for the sake of the increase of tbe money tbat sticks to their fingers in passing through their hands. In the state of New York last year a desperate effort was made to take away from county treasurers this control of public funds, and so powerful were the influences of corruption at work that tbe reform was defeated in the face of several successive embezzlements within a single season. No more crying abuse is awaiting removal. The fourteenth, fifteenth, sixteenth and seventeenth resolutions contain declarations against subsidies against tbe office of county school superintendent, in favor of co-operate associations and in gratitude to the sol diers and sailors of tbe country. A Pat per Currency. The introduction of paper money depends mainly upon the consideration tbat caused the adoption of gold, namely convenience. It is a currency more easily bandied, more readily counted and more safely transported than gold. Bills of exchange and notes grew up almost of necessity along with an extensive system of commerce. It baa tbe further recommendation of being cheaper than the precious metals, ita purchasing power depending neither on its intrinsic value nor its market alue as paper, but upon the credit

of the maker. The labor of getting a gold dollar out of the mine is much beyond what it costs to make a hundred dollar greenback. In just to far as a paper currency takes the place of gold, it may be regarded as clear gain to the community, for the gold, superceded in its function of transacting exchanges.will be turned to other account. The tendency is for the cheaper and more convenient currency to drive out the more costly one. It will remain as good as gold so long as there is absolute confidence in the Issuer and a wise prudence in the amount issued. This idea of credit is so bound np with it that Herbert Spencer goes so far aa to say that in a community of rogues nothing but gold would circulate; in a community of honest men, nothing but paper; and in a community of honest men and rogues mingling in their transactions, a mixed currency of paper and gold. The ordinary form of mixed currency is tree banking with the notes of issue redeemable in gold. Tbe check upon an over-Issue and tbe test of credit are both provided for in the convertibility of the paper into gold. Such a currency is open to receive and lend assistance through the money market of the world. It has also the requisite adaptability for performing the exchanges of the community as banks contract and inflate according to business necessities. Its great advantage lies in its cheapness, as no more than about one-third of the paper circulation is generally represented by a reserve of specie. Its drawbacks are its liability to counterfeiting and the limited confidence which the public puts in private individuals. An exclusively paper currency is brought about as tbe immediate consequence of suspending specie payment on bank bills and making notes a legal tender for debt. The iatter step if generally the result of a severe national crisis, and it is a significant . fact that a paper currency must be controlled and rest nit-ted by government, whose statutes assume tbe authority of the laws ot trade and regulate all financial concerns. Legal tender notes, and all those guaranteed by government bave this advantage, tbat tbe national faith is pledged to thjir redemptionThey are therefore good throughout the nation until an over-isssue depreciates them. The natural distrust and jealousy between different nations prevent the paper money of one government from ever becoming current through the world. Consequently the currency of a nation where gold has ceased to be a circulating medium is isolated. If it grows too weak to perform the exchanges it can get no outside help. If there be a superabundance, it cannot be exported. Tbe ebb and flow of trade in the market of tbe world cannot effect it. Moreover ia addition to this lack of sympathy with the

financial pulse of other nations, there is a lack of adaptability about paper money. There is a certain amouut of value required to conduct the business of a community, although no human wisdom can fix tbe limit accurately in any locality. The peculiarity of gold is that, as it represents a certain amount of labor a fixed sum of it will conduct exchanges equally well when production is doubled and when it is diminished by one half. In times of plentiful harvest a dollar in gold might be equal to two bushels of wheat and when the same labor produced but half a bushel, the purchasing power of tbe gold would be lessened by one-half. But as this labor test does not apply to paper money, its purchasing power dos not increase in eras of prosperity or increased production. As a consequence, there is a necessity for an inflation of the currency. Thus, suppose a country whose currency has bit exactly that happy amount required to conduct its business. In a season of sudden demand there is an addition of one-third made to it. When the pressure passes away there remains a circulation beyond the ordinary necessities of society. The result must be a dete rioration in the quality of the currency proportionate to tbe advance in the quantity. In other words, the purchasing power of a dollar sinks to two-thirds aud the next new demand necessitates a new issue, tobe followed by a new deterioration. It will be seen that after a succession of over-issues the amount of currency will grow so large that it cannot possibly be redeemed and so depreciated tbat the national faith ceases to be a guarantee. The result is the utter ruin of the currency, the breaking down of all indus tries and tbe bankruptcy of the government. Theoretically, tbe economists have demon strated, over and over again, tbat inflation must end in repudiation. To men careless of what theorists say, the teachings of history ought to afford a warning. France has gone through national bankruptcy more than once. She lived through the gigantic struggles of the great revolution on the issue of her assignats, but nothing could prevent their final debasement. This country inflated its continental currency until it become good for nothing but papering barber shops, although the contest which was carried on by means of it proved successful. Austria began her paper policy in 1762, and Is staggering slowly along to repudiation under a mass of currency a trifle less than our own. She has . resorted on more than one occasion to a trick which is Inevitable in the history ot every depreciated currency. After trying every arrangement for disguising tbe debt by changing its form, she adored the ingenious device of issuing redemption notes to take up the old legal tender at less than its face value. This is a sort ot Chinese system, each dynasty in tbat enlightened empire adopting the same plan with regard to the currency ol a former administration. From these considerations , it will be seen that the tendency of an irredeemable paper currency is towards continual inflation and continual depreciation. ' Apply tbe argument to our owu circulation. The value of our money depends primarily as before remarked on the faith of the government and so long as that is unimpaired there ia one strong guarantee. But It depends secondarily on the prudence of the people in restraining the issue within certain limits. Heretofore, no people sav the English have had tbe wisdom and grit to withstand temptation to over issue, and

whether we shall do equally well is a doubtful point. If the pressure for inflation succeeds this year it will be more difficult to resist it the next, and the third it will not be possible to turn back. There are now in tbe country $780,000,000 of legal tenders and tbe claim is made tbat it shall be the duty of the government whenever the business interests of tbe country seem to demand it, to furnish all the additional paper required. If this $786,000,000 were gold or convertible paper, the currency would accommodate itself to the work' of effecting the exchange. If less was needed tbe surplus would be drawn off. If more was needed it would flow in. Now who can tell whether more than the present circulation is necessary or not ? In 1S61, when . the business of the country North and South and West was in its most flourishing state, we got along with a circulation of f 2S9.700.0rt0. Is tbe exchanging power of the present circulation greater? It is claimed that foreign experience does not apply here and tbat the business of this country will grow up to any extent of circulation. The mournful fact is that the inflation ol the currency will go at a more rapid rate than the increase of business. It is clear that the real financial policy of the country is a return to specie payments as the only safe course. Such a return of course Involves a certain amount of shrinkage in values and consequent hardships. But this is the natural penalty for years of war expenditure, losses by fire and wasteful extravagance in living.whieh are the inevitable forerunners and consequences ot paper money. We must face the situation like men, and not shut our eyes on its unpleasant aspects. If we want to be honest, we must suffer to some extent. The policy of resumption should be firmly maintained by all wise men. As for the method, it will be a matter for after consideration. It should be slow and sure. As the New York Eveuing Post remarked it does not follow that because a man wants to descend from the roof he should jump to the ground in stead of walking down stairs. The policy of inflation will soon become simply tbat of the men who desire to get rid of the national burden by repudiation. As a prominent repudiationist recently remarked, it is in his view a step in the right direction. The issue will be: Do the majority of the American people prefer to go through bankruptcy and begin anew, rather than take measures to pay their debts, and encouater hard times?

THE COLLEGE REGATTA. THE CROWD TALE'S POSITION WHEN FOCLED ALL CLAIMS OF FOCL DISALLOWED. New York, July 18. The Evening Post" of this city w ill publish in its first edition the following graphic d3scription of the race on Saratoga Lake : At 9:45 the first gun was heard, but owing to the confusion ot signals on previous days no one attempted to interpret its meaning. At 10:20 the second gun sounded and it was known that the crews were taking position but the distance was so great that it was almost impossible to see the shells at all from the stand, but with a glass they could just be made out. There was a kind of mirage making the boats appear to almost stand out of the water. All the spectators rose on their seat and the suspense was almost painful. A puff of smoke at 10:47 told tbat the signal lor the start bad been given and by the time the sound had reached tbe stands the flag was np and all knew that tbe contest had begun. All was guess work for tbe first ten minutes as the boats could not be distinguished. Then on tbe signal stand Columbia's flag was run up, with Uarvard's.Trinity'a and Princeton's in order and LOUD AND PROLONGED CHEERS rang out. Three minutes late the flags showed Yale in tbe advance, with Columbia and Harvard following. Tbe crews then became distinguishable seemingly in a bunch more than a mile down tbe lake. To return to he tart ing point ; at the signal all the boats got off in fine style. Harvard took the lead with Wesleyan second and Yale third, followed by Columbia, Trinity, Williams, Cornell and Princeton in the order named. Harvard rowed 34 strokes to the minute and kept it np. Yale rowed about 32 strokes to the minute. Williams was not faster but Trinity's stroke was very mu"h quicker. In the second mile Yale, ft was unanimously acknowledged, had the lead of all, and Harvard was second. Tbe Harvard boat then ran into the Yale bt, breaking the latter's rudder and dipping the boat so that the bow broke bis oar. Yale at once fell behind. The Harvard crew assert that the collision was Yale's fault, as she took Harvard's water. Captain Cook denies this, and tbe general testimony supports him. The feeling between the two crews is very bitter. While Harvard and Yale were tangled Columbia shot ahead. As tbe boats entered the finish the scene from tbe stand was very exciting. Columbia led all finally by more than a boat's length, with Harvard second anf Wesleyan, generally mistaken for Yale, third. Within a short distance of tbe stake boat the Wesleyan crew made a spurt aud drew ahead of Harvard, taking the second place. The others came in at different distances behind. The Wesleyan crew claims a foul on Columbia. The general result is m satisfactory. Saratoga, July 18. The iollowing is the official decision of the judges in the race today: Columbia 1st, Wesleyan 2d, Harvard 3d, Williams 4th, Cornell 5th, Dartmouth 6th, Princeton and Trinity doubtful, Yale 9th. On account of the resignation of tbe time keeper, communicated to the fudges immediately before the departure of the referee's boat for the starting point, no official time has been reported to them. Tbe following claims of foul made to the referee in accordance with rule xi. were decided, as follows : Harvard vs. Yale and Yale vs Harvard, claims disallowed in accordance with rule xiv ; . Yale's claim uot entertained as Yale violated rules vii. and viii. under whch the race was made. Wesleyan vs. Columbia, not sustained, as the steering of each boat was somewhat wild with no apparent attempt to foul. This decision is in accordance with rule xiv. Wm-Woor, Referee, Wb. II. Brockllesbt Rcftjs Anderson, Richard Cross, Parle r R Chandler, BR. Moore, Judges. Although no official time was given, Commodore B. F. Brady recorded the time of Columbia at 16:42, Wesleyan 16:50, Hard 16:54, Williams 17 :08i. 'Do bats ever fly in tbe daytime?" asked a teacher of bis class in natural history, "Yes, sir," said the boys, confidently. "What kind of bats?" exclaimed tbe astonished teacher. "Brickbats," yelled tbe triumphant boys.