The National Banner, Volume 9, Number 33, Ligonier, Noble County, 10 December 1874 — Page 1

—za L . @ £ : - ATy 5 4 Che Fational LBanuey . Pubhshed by, SJOMN B. STOLL, lIGONIER, NOBLECOUNTY,IND. CERMS OF SUBSCRIPTION : ¢ reictip i MAVBREO .oL e e Lk 82,00 . ¥ Thispaperispublishedonthecashprinciple; itsproprictor believingthatitis justasright for him ‘o demand advance pay, as it is for City publishers, ¥~ Anyperson sendifig aclub'oflo, accomparied w;iesh the cash, wilh)e entitledtoacopy of he'papd r.foroneyear free ofcharge.

deei R R S e S CITIZIENS’ BANIK, -Bi { s 5 IGONIER, : JINDIANA. BEPOSITS received supject to check without no- - Bee, 2 ; ’ ‘ i LDV ANCES made on approved collaterals. MGNEY joaned ou loag Oy short time, ! YOTES discounted at-redsonableirates. yRDERS for first-class securitier'éxécnted on commission, Iyt L (ENTS for the purchaséand sale of Real Estate. lAISURANCE POLICLYS written infirst-classcom-“panies, ; ja E£XCHANGE bought and sold, and drafts drawn on all the principal cities of Europe. i AR EATS, for the Inman line, 1 e f Hamburg Line. PASSAGE TICKETS sold on allthe principal seapurts of Euro‘pe. AERXUHANTS. Farmery' and Mechanics’ accounts solicited, aud all business transacted on liberal’ terms, ' i STRAUS BROTHERS. Ligonier, Ind , Oct. 23d, 1872.-26

- X > ¥ v 'Lake Shore & Mich.South’n R. R, fom -and after Nov. 15th, 1874, trains will leave Lo n o seslons as tollows: - i . . GOING EAST: L : Sp.N.Y.Fzx. Atle. Bz. Accom, Chicago. . . 850 am. ... 586 pm.. . ; E?k"h?trl sevaswmelgoß pm. o 9.50 fy 0o am Gosdhen, oo o b 0800 00010 10 cevs 928 Miltershasg. - ttaB. - L HlO9B ... 546 liponier. iooo i @5 o, 1042 s 0: 003 Wawaka . S 1081 00 615 Brimfiedd .o a 3 S oplo3 sl et Rendaliyville oy 805 0.0 1118 iaabaY s Arvive atToledds2s = .... 240am,...1025 WGOING WEST : . Doledo.avoiia AR om TBB pru. .0 500 pin Kendallville ... 320 pm. ..03 1B am, ... B4Y Brimfield v.. ... 18420 i s eS OT Waneka, o 0 W 8 80 0 4340 - (. 010 Livonier .0 . 800 Je 34 i 92 j Millersburg. ... 1415 .. 1410 e 900 Goshen (... . 483 -0, 498 ...*(mw Blkhart. .. 0485 . £to . 11035 Arriveat Chicago 9 20 eSBO 5. 65D am Trains do not stop. g ; fxzpressleaver daily both ways. i : : CHAS. PAINE, Gea’lSupt.,Cleveland. 4. M. KNEPPER, 4gent,Ligonier. ¢ ey e Pitisbarg, Ft. . & Chicago R. R. .. From and after Judy 28, 1874, - GOING WEST. - o~ oNely Nob - Noi, No.u oL Pastle. Mail. Pac Ex. NightEx, Pittabarg... ... 900 am 6 oOoam 9:4oam 2 00pm Rochester. iiv jisssis T 200 m 10:59am 8 lipm A11iance....... 5:32am 11 00am I:3opm 5 57pm 0rgvid1e......0 7:l2am 12 52pm 3:lspm ¥ 40pm Mansfield..... 9:2oam 3 15pm 5226 pm 9 4ipm Crestlize.. Ar. 9:soam 3 50pm 6:oopm 10 10pm Crestline. . .Lv 10 10an 5 00am 6 25pm 10 20pm F0re5t........11.83aMm’ 6 82am 8 15pm 11 52pm Lims. ... ... 012 30pm “R8:00am 9 30pm 12 50am Fi Wawype..... 2 50pm 10 40am 12 -15 am 8 15am Pivmouth..... aopm 1 26pm 3 obam § 40am CHirame .. .ease B 20pm 5:25pm 6:soam -9120 am - : . GOING EAST. T No 4, Na 2, No 6, Nos. i Night Ex. Fgst Ex. Pac Kx. Mail, CHICAZO, .. ....10:20pm 9 90am -5 35pm 5 15am Plymouth. ... 2 26am 1210 pm 9 10pm 9 2am F{ Wagne.... 5 50am -2 45pm 11 45pm 12 30pm | LA, ...iv .4 8 00am 4 35pm 1 52am 2 55pm Porest ... ..... 9 17am & 34pm 3 Olam 4 10pm Crestline . cAT.dL 10am 7 00pm- 4 40am 5 50pm Crestline .. Lw.ll 20am 7 20pm 4 Soam ' 6 05am Mansfield .....11 Slam 7 50pm 5 20am 6 40am Grrville..o..o. 1 46pm 9 £2pm 7 12am 9 Osam’ Aiianee....... 340 pm 11 20pm 9 00am 11 20am #ochester.. .. 2 08pM <..... .-} [2am 2 10pm Pittsharg. ... 7 05pm 2 2Wam 12 15pm 3 36pm N 1, daily, except Monday; Nos 2 4,5, 7 and g, daily except Sunday: Nos. 3 and 6 daily,

{:x. Rapids & Ind. and Cine., Rich. & Ft. Wayne R. R, ¢ - exait. Tipe Card. Daily, except Sundays, To , take efect Auqust 9th, 1874, Ol NORTH. Express. Express. Accom. Wichmond ..01.00.,. 1020 pm 1025 am 4 00pm [ Newporl. oo deliieiec iID BL 1950 0 4AR G Wonchester L oileic ]B7 4¢ 11 a 0 ¢ sig i Rilzayille. coiinsssneyaißotam 1151 536 Patiad o ltcldiii oLBIR Y 12 18 pm 605 2! PocalliJeadoesivsneiiss 141 8¢ 127 t i Fort Wasne, Dot o 0 300 am 2 40pih Kemdsilville Sol 0y 990 #0 §of v* Stapes Co ol Gt dis D4ly 520 Vickabirg. oo ol 6L gL : RAalamarho. ciioac il h 9 ste o 1500 i Montesth .. io 00l dgh st 757 ¢ randßapids: ... .a. 930 ¢ 992 ¢ Grand Rapids._.... ..d. 956 G 040 ¢ 230 Hows¥@ Gy, oo o 1B 1144 1140 ¢ Up. Big Rapid 5........ 100 pm 100 ax - 600 * | Reed Cily .00 0 o 18312 18T " 64 Clam Lake .o oo 890 320 90| Wallon ... iviofvpipliorg gt 493 ¢ 928 Traverse Oity. .. .. 00 606 % 12050 m 1045 ¢ Petosbew .. ... i .iaii: 9203 T osam - GUINGSOUTH. Express Accom. Express Petoskey il il dam R 20 pm Craverse Cily i cdiic. 8490 % 500 am Waltost ... ... Lo loao Y 614 192 90 am Clam Lake. .. 00l o eelt 80 % TBO AR Reed City.. Lo co o 1802 bm 856°% 393 Y Up. Bizßapian. 1.. 398" 998 . 400" Howard Gty ooiiz 0 230 10307 510 ** Graad Rapids . ~...a.. 425 1240 pm 710 (rand Rapids...cood.. 435" 80t Monteith, LOOOO 004 Y 883 ¢ Kalasmagob, ..o 00, 700" 045 ‘* Vickehary tol o 0783 9 10 1614 Btarglhe oL 0 iRy 1A Reondallville . 00 0058 12 3=pm FortWasne. .l el2oiam Rl e Pevatar i Sl s 08 Sle Portland.. .. 0 0 298 ¢ G4oam 4210 Ridpeiile 0 ddo ¢ 00 gy Woimoßester 0 U 0 380 % 732 5010 Sewporl oL oy D 8271 ¢ 820 0 55d Richmond Sl .)i 800 850 't 6307 Exprese from Walton to Petoskey will run on “ondays, Wednesdays and Fridays only; fom Petoskey 1o Walton on Tuesdays, Thursdays and ={tardays only. AH other trains run daily, SunLivs excepted. F. R. MYERS. ! .Gen, Passenger and Ticket Ag't. iickigan Lake Shore Rail Road. : -1 Teains ron daily excepbt Sunday. ‘ondensed thine card, taking efeet Nov. 3d, 'T3. GOIRG NORTH, I T AN GOING BOUTI, Expry | Mall STATIONS. Expr. Mail. s'pm S 10am..Kalamazoo. il 20 am 645 pm 132 2 BBy L NERtelth. - 1027 ' 556 ; SAo 9uR s L Alßeßn . 050 591" ‘ 615 1 MSR e tmmiaiton. . 910 000438 l pav- AL B e aland .oL 8840 ' 408 ¢ 748 % 12 WipmGrand Haven, 741 ‘306 | oS T ARG R CNERRe o 700 t 909 s s I g | ‘ F.R. MYERS, l | Qenergitassencerand Ticket Agent EMORT WAYNE, MUNCIE AND CINCINNATI i RAILRCAD.—* Muncie Route.,” Condenzed - time card, taking effect Sept. 6, 1874, : | . GOTNG 30UTH. o Mail & Aec. Night Fr. Did's Ex, ' SRS ase s : 549 pm 1000 m jfarand Rapids... 12 25 10 89 i ERAW L d 4..‘;}()' . { cHplt e Rl ol 040 7 2vam | i wayne. ..o 10 O%gm 2 00am 1 40pm D=sian. oo Ll A 0 a 0 - 2 92 Binffion, . ooooioiliag S 8 18 2 50 Reystane ... qoiill 30 L g 0 Monipieler oo 00011 46 3 300 farthad oo Laco 18 10pm 105 356 Haton | ...08 S 0 80 ER Tk ; Nuancie ... .0l 00 4 43 £ 63 ; Mclowans...... .o 1 15 e Neweastle (.0..... 200 Cambridge City... 2 36 e } Beesons ... iini i 200 Al Connersville...... 3 10 Indianapolic....c. ... .05 GHO lomisviße . otauinill -1 00pm 11 25 Cincingatlt. ........820 ... . ] . GOING NORTH. i : : C& T Mwil Night £, Mune, Ace. Cancingati....e.. ai 45am i Louisville. ... . 3 00pm- v 11 25pm Indianapolis..... ) T 50 73 40am Connersville....(lo 25 . ey : 8ee50n5...... <., 1040 - Cambridge City. 11 00 Lo Newcastle.......ll 45 - sy McC0wan5.......12 20pm D Mancie........i. 02 32 0% > 545 - Baton. oot X O : 6 25 Hartford ....... 120 11 10 BDle Montpielier..... 1 43 i T 24 Keystone........ 1 82 T 35 Blaffton .. ... . R 1D 12 05am R 15 0u55ian...........2 487 | . 850 Fort Wayne..... 3 25 115 9 45 Jack50n.........12 20am 502 . 3 40pm Saginaw. ... 0. 118 8 30 . Grand Rapids... 5 45am . 4 15pm 915 Detroft ........ 830 S 8 00am . .6 30 No. 3, night express, will run daily except Mondays. All other trains daily except Sundays. Throngh sleeping cars on night trains between ‘ Indianapolis and lgetroit. ranning via Muncte, F't. | Wayne and Jackson. : | W.W. WORTHINGTON, Gen. Sup’t. Ronrer'RiLiie, Gen'l Ticket Agent. ' & - - . Cincinnati, Wabash & Mich. R. R. Time Table No. 10, taking effect Sunday, Nov. : - Rd, 1874: - e aoiztsovra. STATIONS. GoING NORTH. . - No.Z . No.A No.ll No, 3 . #lspmi2oom a..... Wabash,. .1710 am 120 pm 329 * 1050 am .Nor.Manchestet, 750 ** 214 * 305 * 1010 = ....SilverLake....B2s ¢ 305 * 45 % S LA, . 912 10 ¢ 207 835 * .....lneebm&g.....sa‘z MR o ‘ISS TR L coamillord. ... 04T 530 ¢ 139 * 710 ** ....New Paris...lol3 ** 538 * 125 “ ¢3O ** ..dp.Gosben ar..1080 ** 603 ¢ 130 % ..ar.Goshen,dp..lo3s ** . : 12 55+ NIRRT, o, 1055 ¢t - " Tyaingrun by Columbus time. : R A.G. WELLS, Sup’t. . Gy W. CARR, . e & . : ; Physician and Surgeon . LIGONIER, -- - - - - IND,, ermdm calls intrustedto him. Office and residence on 4th Street, T STOP AT THE e INDALLVILLE, | m Elana NEW COMMODIOUS THRE "STORY BRICK LTI o IR % i Hotel, only te rods rom the L. . & .5. 1. Only ﬂ%n ey bi A oS e i s "‘;-‘; . K mef) B ihi e

| ,’iﬁf{;‘&“ v,, L;Jo . ; T 6;".{. | » | 4 | ’‘‘ng f ’ -i. : . ' !i !|L 1 g ﬂ/ lﬂna | \ an] : ! 0 "k‘s”"‘ 7(& 7 : : : ;s \-/ : : i 7 Sl : ; e _ oo o ee e

'"Vol. O.

THE REMINGTON Wopicq el e B oe f e s S N §e A o rla A S b ro i [ Bk, BRN I f h;".‘.‘-‘,,gsv' AT g 1 PR R el FEEE NEW lill’ll()"ii!) 5 - REMINGTON EWING MACHENE ‘5 i‘l “ b 1 { )R & | 40 : | AWARDED . r 0 I l :l) : 1) The “Medal for Progress,” '. AT VIENNA, 1873, . = leu’ I 111;111:51' OrpER OF “MEDAL” AWARDED AT, THE © EXPosiTion, : No Sewing Macline Received a Highery .S e -

AFEW GOUBD REASONS

. Be—+A New Ipvention Tuorovauuy Teerep aud secured by Letters Patent.

. 2.Makes a perfect Look srircn, slike on hoth Sigles, on all kinds n_f'{jooch_e. L o i B.—Runs Liaur, Smooru, Noisuresg and Rarin —best combination of qualities, | : ‘ i *"“«l.—Dm'.,\m,v.—lx’uusjm: years without x‘v;;:\iré. 5. Will do all varietics of u.'m"k and funey stitch{ng in a snperior manner, ! :

6.—Ts most easily managed by the operator.— Length of stitch may be altered while ruhuing, and machine can be threaded without passing the thread through holes. : G =OB

7.—-'l)c:<ign Simple, Ingenious, Elegant, forming the stitch without the use of Cog Wheel Gears, Rotary Cams or Léver Arms, Ilas the Antomutic Drop Feed, which insures unifi)rm length of stitch at any lapecd. Mas our new Thread Controller, which :11‘.<)ws"“c;1.«y movement of pecdle-bar and prevents injury to threads s

8. ~Constraction most carefnl and finished.. Tt is manufactured by the most skillful -arnd experienced mechanics, at the celebrated Remington Armoyr, Ilion, N. Y. Clicago Ofjiice, 285 .\'tu‘{l',h'l;rr'rl‘. L : 25-29mos=1oripté - 2 3 3 G i . l:. d:qp‘i‘:llilg | Attorney-at-Law & Notary Publie, fEfendallivilled, Epiana. Office in the Seeley Block, west side Main Street. JANMES M. DENNY, ' Attorney and Counseller at Law. Office 1n the Court House, : ALBION S il o o NP 84b

ALEBURT BANKFA, oy Justice of the Peace & Conveyancer. . ‘LIGONIIER, INDIANA. . Special attention given to conveyancing and collections., Deeds, Bonds and Mortgages drawn up, and all legnl huginess attended to promptly and accurately. Office over Straus & Meagher’s store, = May 151873 15-8-8 D, W. GRELN, - . - ( ni 3 . A’l { ; : f Justiceof thePeace & Lollectim Agt, Office—Second Story, Laudon's Brick Block, LIGONIIIR, IZ.\"])!Al\"A.‘, 9 CONCORD & CATAWBA WINE, - We gell Mr. L. SHEETS Wines. + . Pure — Nothing but the Juice of the Grape. ol ! ; . SACK BROTHERS. Ligonier, July 3, '71.-tf ] : TEEGARDEN HOUSE, , ,Lapoite, Indiana. - V. W AXERELL. @ @0 ¢ I’_‘"’!'l'ict.('\r, Liaporte, April 5, 1871. | : SO N Mg . DEALERIN MONUMENTS, Vaults, Tombstones, AND PUILBING BTONES

[ EIGONIER IND. -« April 12, 18%1.-50 : . 5 b el L B g s eAI e s 1868, ¥ ,“‘y’ . ‘\T : ‘\% B 1874 s EYE AND HAR., ©

DR, C A AaMEB BRI,

(LATE OF cm’m\l}o’l,‘) e OCULIST and AURIST, 41 GOSHMION, INDIANS.

. W. CRUR, : Physician and Surgeon, LIGONIRRY, « & INDIANA. (‘)ﬂiuu, first door norih of Jacobs & Gdldsmith’s Store, on Cavin street. where I may be found at all hours, extept when absent on professional busine=B, ! 4 . Mayl2th, 1874,

.. ¢. PALMITER, 3 3 wro : 3 < Surgeon and FPhysician, ; Office at Residence. Bigonicer, = « = « Emdiana. . A MOYER, (Successor to W. L. Andrews,) o N 2l SURGEON DENTIST, KENDALLVILLE, INDIANA. - [, IQUID Nitrous Oxide Gasadministered for the 4 painless extraction of teeth.. Kll work warranted, Examinations free. gz Ofiice, Second Story, Mitchiell Block: 8-14-1 y . 8. DI, TEAL, : !;ﬁ:" z=m Corner of Mitehell and State Sts., ‘;‘?one block east of Post Office, room LYY Y Y Pover thie Kendallyille Fruit House, Kendallville, Indiana: 375%™ Al work warranted. ;. Kendallville, day ), 1874,

B, E. ENEISELY,

. . 1 ATTORNEY AT LAW, LIGONIER: =0 - - JTNDIANA. & Office on secwul floor of Landon’s Block. 7-2 : o e e, ; T A CARD. A Clergyman. while residing in South America, as missionary, discovered a safe and simple remedy for the Cure of Nerveus Weakness, Early Deay, Disease of the Urinary and Seminal Organs, and the whole train or disorders brought onby banefal and vicious habits. Great sumbers have been cured by this noble remedy. Prompted by a desire to benefit the afflicted and unfortunate, I will send the receipt for preparing and using this medicivi{e,lin a sealed envelope, to any one who ueeds it, Free of Charge. Address, * JOSEPH 1. INMAN, , Station D, Bible House, . 8-50-Iy. ; v, New York City.

. TR Y B 7 : 3| WEEKLY ENQUIRER, A Paper for the People, a Friend of the Farmer and Induastrial (Tlg\‘za.qcﬂ, A Beautiful L NEW CHROMO : L - ENTMLED o ‘Perry’s Victory? erry’s Victory! Given to every %2 ©O ‘Subsecriber. This picture represents Com. Oliver H. Perry in the act of passinlé from oneship to another in a small open boat, during the heat of battle, exposed to the fire of the enemy.

It Measures 16 by 22} Inches,

Is Ezu‘tis«tical]y finished in thirteen col ; undoubtedly the most deslr&ahle ctu-or;x,ooéeelt‘l gg'ei: edasa preminm. Single copies of it sell at $3.00. We have at a great outlay secured the exclusive control and sale of it, and therefore are enabled to present it to our patrons as above, | Editorinls, Humorons, Agricalture, ; - Poetry,. Correspondence, Telegraphice | And Geneval News, All v%ive evidence of the care and pains taken to supply its readers with all the news and a variety of reading that cannot fail to interest each and “every one member of the household:’ Subseribe ‘through our agents or gend direct to ue, We desire an agent at evexéy Post, Office, and where none are yet appointed, let some of our friends apply for the agency. ADDRESS - FARAN & McLEAN, Publishers, n~25-3m. = Cineinnati, 0.

LIGONIER, INDIANA, THURSDAY, DECEMBER 10, 1874,

Rail Road Monopoly and Nation- : al Finance. - ;

STIRRING LETTER FROM HON. JOSEPH K. EDGERTON TO A STEUBEN ) COUNTY GRANGER.

ﬂ[(rat-r'rly Arguments in Favor ofd Speedy . Return to Specie Payments. o ~© ANGOLA, IND.,, DEC. 1, 74 Epll6l BANNER—Dear Sir: Will you have the kindness to give the enclosed letter of the Hon. Joseph K. Edgerton an insertion in.your paper ? We consider his views on the railroad question, very able;’ they are in cordial harmony with the views of cur Order. But on the financial question we differ from him very materially. . = Yours, &c,; i * 0. A. CROCKETT, District Deputy. P. H,

' Fr. WAYNE,IND., N0v.16,’74. 0. A. CrROCKETT, Esq., Angola,lnd.

' DPear Str:—Your favor of the 10th inst. is received, in which you say that you have heard my name favorably spoken of in connection with the United States Senate, and that well knowing my opposition to RAILROAD MoMOPOLY, you wotild like t 6 know my views on the question of NATIONAL FINANGCE. = o -

“While I thank you for your friendly letter, I Leg leave to say that whatever mention may have been made of myself as a ecandidate for the United, states Senate, has been without my ]~:n<»'\\'lo<lge or instigation in any way, and I am not conscious of any political distinetion or publie service to warrant such a use of my name.: The place is worthy of the ambition of any citizen, but it is one too honorable to Dbereained ‘by solicitation or intrigue. My desire is to see it filled by a Democrat worthy of it, as well for known public service, as {from capacity and integrity, and fidelity to true democratic principles. - o ' Your letter indicates that you hold an official position among the Patrons of llusbandry or Grangers of your county. I am not full‘y.i informed of their 1)oli£ici11 »theorieé, or purposes, nor of your precise purpose in enquiry ing for my political views, nor -is it material to my object in thisletter. I might theréfore properly excuse myself from stating my views, but as your letter is friendly and: courteous, and I have no polities to conceal, I will answer it.in the same “spirit, giving you my opinions as a private citizen on the subjects you allude to. " You will take them' at their value, whatever that may be. . .

I am opposed not only to RAILROAD MONOPOLY, but to ALL MONOPOLY, for the reason that monopoly is selfish, grasping, exclusive, and in derogation of common right, anud therefore essentially anti-Democratice. Capital diffused among the people is public 'we:,xlth and strength, but capital concentrated in féew hands is a dangerous’ power. It can always more than protect itself, but it is sm"onger and more dangerous when,owned and controlled by able and covetous or ambitious men, it is invested with chartered and monopolizing powers. Liberty can never be too watchful of the aggrandizement of incorporated wealth, wielding govern me_fitgxl orsovereign powers with difect Irefe.l'ence to private gain. L Monopoly is:as old as commerce, and from the very.origin of the term and of the! thing in history, until now, it has been a “ecrafty device” and “the canker of all trading.” England and the United States were made to know what a monopoly is, or may become,— the oneby its experience with the East India Company ; the other by the Uiﬁté ed States Bank, of General Jackson’s day, and laser by the' aggressions of railroad corporations. A corpotation is not of necessity a monopoly, nor are Ameriean corporationé, railroad or otherwise, very often by express terms of any law or charter, vested with monopolizing powers. The essential idea of monopoly is exclusiveness.. The monopolist aims to take all for himself. Itis however not difficult to find in some ol‘.t!he States, Pennsylvania especially, whieh has been termed “the motlier of Monopolies,” corporate charters with powers expressly granted, ample enough, if the financial ability or capital was comme«flsum-te with the, _grant of power, to monopolize the business of the world.

There are manifest advantages in many respects in corporations. They ‘ may combine and make efficient capital and intelligent enterprise and effort, and 'divide risks for useful public ends, beyond the ability of individ- 3 uals. Hence it is that our greatest public works have heen nccoplplishéd’} by corpdrutions; but the argument for | corporations on this ground would be stronger if some of the greatest (land grantrailroad companies, for example) ‘had not received enormous subsidies from the State and ' Federal governments. Whether of their own will and strength, such companies could or would have done what the government has by subsidies in land and credit aided them to do, may well be doubted. But corporations are not necessarily public evils, nor public enemies; it is the abuse rather than the honest and proper use of corporate franchises, that has made them so. lam therefore ot opposed to corporations properly limited and guarded and made subservient to public ends, as I believe they can ba,-i’_by honest and wise legislation, and a capable and honest judiciary. , : i ~ The evil the public is now suffering from corporations, and especially rail‘road corporations,—and the term mo- - nopoly is made the synonym and scapeL goat of all such evils—has arisen in part from too Wheral concessions of

power and too liberal grants of public ; subsidies; but more from the aggress- | ive usurpations of corporations them- E selves. In its anxiety to develop the | country and obtain railroads, the gov+ | ernment, by inordinate concessions of [ power and indulgence of abuses, has | permitted public servants, vested with x corporate franchises, to become the | dictators and masters if not oppress- | ors of the public. There are few travs ‘ eled men+ whose experience' has not i shown them some railroads on which travelers are treated more like serfs j than citizens, and where extortion is | the rule rather than the exception.— i The anti-Democratic idea of consolidation and concentration of power, ‘ which has worked radical and danger- ?, ous changes in our political system, { has worked its way not only into rail- i road charters and the laws affecting railroads, but into the judicial deci- | sions which construe their powers.— | It may truly be said that the Legisla- | tures and the judiciary in the United , States have been too much the allies, | if not the dgents of corporations.— i Hence powers not granted have been | boldly nsurped. Rights have been as- ! sumdd by implication and constructive | recognition, legislative and judieial, | which find no warrant in a sound pub- f lic poliey, nog‘ in' any clearly written ] statute, nor in any correct principle of | judicial construction. For exa'mple,% upon what fair construction of the | railroad laws of:lndiana have many | hundreds of milesiof railroads within this State been leased to corporations not created by nor known to the statutes of the State? Upon what authority does a corporation, created express1y and solely to b’ui]d ‘and operate one railroad, take to itself authority to build or operate one or a half dozen more, and by leases and contracts bevond its corporate powers add road to . road, until competition is virtually destroyed, and the railroad system of the . State, or of many States, becomes a narrow oligarchy ruled by a foreign board of directors, or am autocracy whereof some non-resident master of fifty railroads, perchance, is the auto crab? : . l

The remedy for all this is,primarily,an intelligent, conservative public opinion; which will concede nothing to corporations beyond what is clearly ex“pressed in their charters, and mecessary to the public uses for which they .are created, and which in future eharters or grants of power, will not only clearly define all granted powers, but make all revocable by the public will —thus putting an end, in new creations of corporations, to the pernicious ‘theory of the perpetual obligation of a charter, as a -c¢ontract beyond the sovereign power of the State to repeal or alter, even for the most urgent of public reasons. Such a public opinimf‘” “will hold corporations to a strict legal responsibility and firmly demand for the public welfare all that is its due. The applicatim{ to corporate' charters and laws of the pri_né_iple of strict construction of delegatéd powers will be a safe guard against much of corporate usurpation. = | _ 2y :

"Fhe public opinion now recognized by both political parties ofrthe country, that the monapoly of public lands by railrad companies, shall not be ex- | tended by-any new grants, is _lii(e]y to stop the growth of that gigantic evil. Ehe mitgni,hule:ofkit‘is apparent in the - figures of the aggregate of the grants. JFtoni September 3, 1850,°the date of the first grant for-the Illinois Central Railroad, to March 3, 1871, the date of the last congressional grant, the government of the United States had granted to States and railroad compa‘hies, as subsidies, about’ 214,000,000 of acres, or about 330,000 square miles of public domain, an area equal to that ~of the six New England States, with .New York, New Jersey, Pennsylvania; Ohio, Indiana and Illinois combined, or abelt of thirteen miles wide around the entire globe. Making due allowahce for the falling short of any of the 1 grants frofn the assumed quantity,the ‘ area of territory subject to them is yes | enormous and startling; it is the area | of an Empire. The fact illustrates the extravagant tendency of American en- ‘ i terprise and the wild recklessness and | improvidence, if not corruption, of - American legislation. We are prone to overdo what, if done in moderation, might be well enough—thus daily illustrating the wisdom of the maxim of Cleobulus of Lindus, one of the reputed sages of Greece, “Modem’tion' 8 best.” g But it is safe to say that no public man is likely to be fool hardy enough, in the next few years at least, to propose any additional grants or loans of public credit as subsidies to corporations for building railroads. The subject of National Finance involves the problem of how best to deal : withya vast and unduly expanded system of credit and paper money. Our country’s debt, public and private, has become too large for our capital or present means of payment. The coin in the country is inadequate to maintain at par ‘with itself the United States and National Bank currency circulating as money. Denreciated paper has taken the place of coin. To maintain our national and personal honor and credit, without repudiating our debts, or adding unnecessarily by any remedial process to the exisfing disitrgss of the people, is what we want to do. All compulsory measures against holders Qf’government’obligations, de}'ogatory to the tenor and true intents of those obligations, would be. virtual repudiation, which nothing but necessity can justify. ‘The amelioration of our condition must be the mutual and concurrent work of the government, the people and the public creditors. Tam not presumingenough

to say of anything I may offer on this subject, “Here is the way—l have found it.” The solution of the probI\em involves too many contingencies, and too many unknown quantities, for any man to claim that he is master of it. - I shall therefore attempt to do no more than to indicate:my general view of the subject, and the principles that apply to it.- :

1. There is no difference in the morals and economy of national finance and private finance. Honesty and prudence are essential to both. If it be unwise or dishonesf. for an individual to contract debts without means or prospect of pziyment, or to spend more than he earns, it is equally so for a State or a nation. = If it be dishonest for a man to repudiate a just debt, it is equally so for a Government. The moral -obfigation of the precept, “pay that thou owest,” is commensurate with the life and ability of the debtor or his est:lte, and with a nation it can never end. .

2. Whatever may be our opinion of the causes of our publiq debt, or of the wisdom of the fact or form of its creation, it exists, the fruit of civil war, and the faith of the people, thro’ their constituted representatives, has been %)ledged to its redemption. = The moral sense of the world demands the maintainance of public faith. 3. The act of the Governmeht in making Treasury Notes, or United States Notes, so called, “alegal tender” without providing for the redemption of the notes themselves in coin, so as to make the value of the note.equal to that of coin, has no constitutional or possible justification, except as a necessity of war,and it is scareely tenable even on that ground. With the cessation of the ‘warp both the “‘ necessity and justification of making intonvertible or irredeemable paper money “a legal tender,” ceased. The war was virtually ended in April, 1865; but after the President’s proclamation of August 20, 1866, affirming the termnination of war, and the restoration of Tederal authority in all the States, no legal tender notes, not convertible into gold, should ever have been issued, and all such notes outstanding should have been called in as soon as possible and the regime of coin payments restored. » o

4, Gold and silver coin arve the acknowledged money or measure of value of the eivilized world. . The Federal Constitution, in its ineeption, recognized this fact, and ‘the United States cannot, as a constitutionally limited government, nor upon any sound principle of political economy, reverse the judgment of the world on this fundamental fact. Equality of paper money with gold and silver coin, and an equilibrium of imports of gold, with exports of gold and othér commodities of commerce or exchange, indicate fimancial health and a sound and not re(}undunt currency; irredeemable paper money, or money deprecigted as compared with coin, and" an outflow of gold to foreign coustries, or its withdrawal from cireulation as money, indicate impaired, credit, financial derangement or disease, and when the depreciation of paper is large, and goes beyond the point of ordinary commercial exchange, it indicates bankruptey or insolvency. : :

5. The war debt of the United States does not represent publie wealth, but public loss, the destruetion and consumption of war. It shows the magnitude of the vacuum caused by the war. The sum of it measures the size of the “hole in'the ground,” as an eminent English professor of political economy has lately aptly expressed the idea of our lost values. The values consumed and now represented by this debt, can only be replaced by the creation or production of new’ wealth. Until then the volume of the public debt is not capital, but expresses the sum of its loss. ~ The country is not 50 much. the richer, but so much the poorér for it. To the individual holder of the governmenﬁ obligution, J‘ it is a representation of wealth, for it is the evidence of so much of his wealth parted with to the Government and consumed by It, 'and which its futurerevenue is bound to repay to him. It is an indemnity to him, at the publie eost, (for ‘his individual contribution to the public necessity which caused the debt. The money lender is protected at the expense of the taxpayer. In this respect the loan is unlike a tax paid, which represents a direct loss to the individual without hope of rem uneration. . : In January, 1790, Alexander Hamilton, then Seeretary of the Treasury, presented to Congress his celebrated report, with his plan for supporting public credit, in which the idea was presented to the American mind,.and it has been the germ of the more recent ﬁn_ancinl' dogma, that a national debt is a national blessing. Mr. Hamilton in this report had a pulpose to accomplish, in which all patriotic men concurred, that was, the restoration of public credit by a provision for the war debt of the Revolution. “It was the price of public liberty,” and its sacred obligations rested upon [ 5 : the heart'and conscience of every citizen. Whether Mr. Hamilton’s plan, which was substantially adopted by Congress in the act of August, 1700, was the best, is one about which political economists will differ, but it effected its purpose. In regard to his *reasoning upon thisrsq})ject, it is to be borne in mind that Mr. Hamilton was an admirer of the British Constitution and a lover and advocate of ‘strong government, and his aim in his report was to make a public debt of $75,000,000 or $80,000.000 appear as pleasant as pogs_ﬂﬂe t;ni the then im-

poverished Americhn people; but even then his argument was gtarded by a “fundamental maxim?” which we of this day cannot too faithfully respect. He said: “Persuaded as the “Secretary is,that the proper funding “of the present debt will-render it a “national blessing, yet he is so far “from acceding to the position, in the “latitude in which it is sometimes “laid down, that ‘public debts are pub“lic benefits;’ a position inviting to “ prodigality, and liable to dangerous “abuse, that he ardently wishes to see “it ‘incorporated, as a fundamental “maxim, in the system of fmblic cred“it of the United Stfpt,es, that the cre“ation of debt should always be ac“companied with the means of extin“guishment.! This he regards as the “true secret for rendering public cred“itimmortal.” L aa o - About 1791 Sir Robei“t- Peel, an English Tory, a cotton spinner and calico printer, and rich banker and ,Jbondholder of England, father of the eminent statesman Sir Robert Peel, published a- pamphlet entitled, “The National Debt a National Blessing.” In 1865 Jay Cooke, an American banker, in order to help his rich job of: funding the national «debt, pub]ished through his ﬁ»nahci;ﬂ writer, Sainuel Wilkeson, a.pamphlet with the same title. Whatever arguments may be urged in favor of public debt, there is no process of reasoning not fallacious, except upon the theory that burdens are blessings, which can prove .a national debt a national- blessing, or . other than a national burden = The politiecal economy ﬁllzxt assumes to prove that a man's debts are his vles§ing, rests on a (1811133011 and not on a truth. « Taxation follows debt as naturally as night follows the day, and if taxation is not a burden and a loss to the tax-payer, what is? On this point the voice of mankind, ever honestin its cry of pain, is {the‘ voice of truth. s : ;

6. Thetcarrying of our debt and its gradual and final redemption under a wise policy of reduction, are not beyond the resources of the country. Nature is prodigal to us. We haye the extent and -variety of territory, soil and climate, the minerals, the intelligent population, and the strength and skill of labor, and labor-saving machines, and the natural and artiticial means of transportation; and we have also-the political institutions and moral elements and appliances, to give thé highest efliciency to the production of wealth. In the abjlity and willingness of the people to produce by labor the memls"\gherewit’h to carry, and finally to pay off the public debt, exists the guarantee of its safety. The beginning and sure drope of financial relief are in honésty and econiomy of publid expenditure, and activity of production. The'pr&lucts of labor in tangible values are alone adequate to pay debt. ‘ 7. In view of the magnitude of our public debt, and of the necessity and task of economy and industry for many'yezu's to provide for the interest, and reduce, if not fully pay, the principal, the goverm'nental extravagance and corruption in expenditure, and private extravagancein the expensesof luxurious living, are not only our national folly, but our nationalkerime and shame. Itlittle becomesthe American people,freshfrom the_horrors and waste of eivil war, and staggering under a national debt of over $2,200,000,000, to waste their substance in luxurious and riotousliving. Our primary duty,as individuals and as a people, now is to work and be frugal, and to be honest and pay what we owe., We want thrift. - : , 8. When to the amount of the Federal debt, we add the aggregates of over 350,000,000 of State debt, and about $550,000,000 more of municipal debt of towns, ecities and counties, much of it war debt, and mueh, of it debt in aid of railroads not constructed, or if constructed not remunera: tive, and . therefore representing loss, not capital; and in addition to all this. add the individual debt of the eountry; the argument for economy and prod_ﬁction is vastly increased in force.

9. The results of our enormous debt-and of the overtrading whieh has been its consequence and concomitant, are the suspension of speeie p:tyn’lenits, the withdrawal of coin from general circulation and its conversion into merchandise, in which the government of the United States is the chief dealer, the creation of _a National Bankrupt law, and of National Banks of cireulation, inordinate and ruinous rates of interest; in short, the inauguration of an era, now more than a decade in duration, of inconvertible and therefore depreciated ‘paper money, and ‘of consequently unsettled and constantly fluctuating values.— When the panic of September, 1873, commenced, the country was on the top wave of a vastly extended credit system. Its true remedy was not more inflation, but contraction. Neither the Government, nor the business men of the country, had thé sagacity to see or provide for the true remedy. ILike a balloon inflated beyond its capacity, the frail and unstable fabric of paper credit was crowded more and more with expansive forces, until the laws of trade, the resistless logic of facts, made what should have been gradual and healthy contraction —an explosion and a col}a})se:’: In my judgment this inflated credit and paper money system, now in' a state of collapse, will not lbe improved by inflating it again in the same way. A debt cannot be paid by adding to it, nor a disease cured by aggravating, rather than removing its causes. . . 10. The first step auxiliary to econ-

No. 33.

37 et T R T ee T e eRL SR e A RIS omy and production, and without these all else is futile, is for the Government to begin the restoration of confidence and a sound curreney, by honoring its own promises to pay, by paying them when jlegally,“dué and demanded, not in depreciated paper, but in coin. = When eonvetible into coin, United States notes, and bank notes, will be equal to coin, and not before, and when they,reach?’é_hat point, all values will settle to the'coin standard. This is not the work of aday, but no- work of any day is ever finished until it is begun. -It is time for the United States to begin to pay its notes in coin, or if not to begin now and at once, then to name the day and prepare Jor it. Certainty of time will restore faith. Capital will awaken from its lethargy and come forth from its hiding places and find and gi\9e.enll_)yloyment, thus aid_jng itself and labmf, and all business interests will be health‘fully adjusted -to the new order of things. Our people are 1;10-11@51:},‘ and! patient, and patriotic. They may -be deluded by false theories of visionary o’l‘ selfish men, but they mean well.— ‘They will help their Government -always when it deserves it. ’Aml’if, i’_n-_-stead of making its appeal to bankers and other money lenders, for loans at enormous rates - and on ‘their own terms, in the crises of the -war, the Government had raised largely by direet tax what it raised by loan, the people would have responded, as they did with their lives, and hundl,}edé of millions of money would have beep saved, and a burden of many years’ duration have beonza\'oided.f Yot :

The country to wlich we mostnearly approach in the characteristies of our people, in our politicalinstitutions and our financial policy is our mother. country, England. Whatever .of old time prejudice may exist against it, and whatever may be its fault of Gov- | ernment, and it has ‘many, England is nevertheless a country of great experiences, great resources, and great statesmen, and we may well profit by what they teach us.” On the 27th of | February, 1797, under the pressure of a national emergency in ‘war, an order in council was issued by the British Ministry, prohibiting the Directors.of the Bank of England from paying their notes in cash until the sense of 4 Parliament had been taken on thesubject. Parliament soon after met, and after much discussion it was agreed to continue the restrietion till six months zlfter‘ the signature of :h_ ,d_e}ﬁniitive treaty of peace, the measure thus pal-. pably resting on an assumed or m;ﬂ necessity of war.. Such was-the cautious beginning of the policy of inconvertible paper money in Eh'gﬂui}d,-aﬁ;} : yet from real’ or supposed necessity, the policy was continued for a quarter of & century, and in 1814 the maximum of depreciation of bank notes “was reached at twenty-five per eent. It was an era in, England of financial fluctuations. and commercial uncertainty and distress. l‘lie,iliiti'a._t_i\je of its termination was taken in 1810, when the Bullion Committee of Parhament, with Franecis Horner asﬁchairman, was.appointed to consider the subject of the depreciation of the currency. The work-and discussions of this' committee éan_ﬁinued for many years. On the death of Mr. Ilgrnerin 1817 Sir Robert Peel succeeded him as’ chairman of<the Bullion Cominittee, and in 1819-an act'of Parliament, com-’ monly called iSir Robert Peel’s Act, was passed providing for the return tospecie payments in'lB23. The Legislative decree that the thing should be | done at a definite time, was half the work, for the puhlic will and interest at once ce-operated with the Legislature, and on the st of May, 1821, the bank of England resumed 'spe'cie"pay_-' meunts. The then statesmen of England, and no greater have ever graced its annals, dealt with this great question : with the cuution_ and slowness characteristic of the ‘]}l:‘it:isha Nation, but they did deal with it intelligently and practically, and: ’\_'\jhi‘le.'\\je,_ may. profit by their l‘esson,_we have no need’ to hasten quite so slowly, With paper mone_v. now at but tén or twelyve per cent. depreeiation, the time of bringing it to par is very near, the public will concurring, as it should, to that end. . 11. Under its constitutional power to coin mone«y and regulate 'the value thei‘eof, and of foreigu coin, zm'd__t.,l_re'dé-’ nial of this power to the States, it is the duty of Congress to provide a safe circulating medium of money at all times adequate to the business wants of the. .country. lis volume will of necessity | vary at diffve_‘xje'l 16 times. ‘;Thi‘si ci;ﬁcﬁ_-‘ culating medi\;ni must at all times be | coin’ or its equivalent. . The natural laws of production and trade will regulate its amount, and shape all needful legislation, but any governmental ‘policy which drives coin from cixiculaf-‘ lation and couverts i% into merchandise{ or é};pels it from. the éountry to’v such an extent as to destroy the convertibility of paper money info coin, and its consequent.equality in value with coin, is a policy against the clear teachings of experience, and oppesed to the public: welfare. . With proper. “guarantees of equality with cgi,u;ﬁ‘-’tpq conveniences and advantages of Pnity od States notes as part of our eireulat ing medium are apparent to @ll, and th saying to the Government Ry thelr .use in preference to the presentexpensive National Bank, note currency i also evident. Tt seems to me therefore expedient _af, an early fixed day tb abrogate. the Nutional Bank gystem, and: provide for the calling-in of all ‘outstanding United Statek notes, with aview b the I§3wlﬂ#°ﬁg§§il § efoiip Chan e dtis (8500 payable fin. coin... . Withithe Govern= ment bound teo redeem itsmotés'in coin.

demand, there would seem et’gbe no PIE Y . SE SSEZT V.. 3 ¥ : %gg\j’eétion, q;n bx'pediemf,v -at least, to making such notes, so long as they Are Dam; With.coin, & legl sender, exe &% W ‘Government dues. 'l‘hér:‘,- ~f’ ;mw of Sum.)ly of specie Must not he cub'offy nor its reserve of specie reduced, helow an amount sufficient for all probable wants for redemption of Government notes. -=4 : il s

~12. The cxoneration of capital in--vested in Government loans from its due share of all publi¢ burdens, is an - unjust diserimination in favor of one class of propertyor capital against another, and in so far as t'his discr‘iqline ation can be removed by new contracts, or without violation of public faith or constitutional right, it should be removed. If therebeany objection, | theoretical or otherwise, to tz}xﬁng tlLe ‘principal invested in public loans, there can be none to taxing the income increase or interest derived from the loan, aqd thie policy which burdens income moderately and equifably is less objectionable than that which unequally and therefore inequitably burs dens land or other property by direct and specific taxation. o 13. Much has been said on the subject of repudiation of the public debt, and. the demoeratic party has been and - still is charged by its opponents with entertaining that doctrine. Whatever color for such & charge may havebeen given by the terms of any democratic platform, State or National, which has been of late years put forth by leiﬁic- ' ians assuming to be party leaders, the charge itself, like the exploded one of complicity, with treason or secession, . is untrue so far as relates to the democratic party as an organization representing, as it now does, a majority of the American people. ‘ln the national conventions of 1872 the Democrat-. ic, the Republican, and the Liberal Republican parties, all concurred in an explicit’ declaration against repudiation, thus clearly I‘ecogil‘izing’ the true public opinion on that subject.— Democrats are not Repudiationists in any proper sense of the texzm. The- - of a public debt; like its * creation; must never occur,excfept as an act of public necessity and safety. The welfare of the people, in its'broadest and truest sense, should ever be the law of the e¢reation and payment of debt. 'FThe magnitude of our public : debt has long created apprehensionsof its final partial, if not total, l'epud;ia; tion, an apprehension based on the experience of the world, - One hundred years ago, Ada.m‘Smith,‘ the greatest of political economists, said: “When 'National debts have “once'been accumulated toacertain de“gree, there is scarce, I believe, asingle “inétan‘(‘:e of their having been fairly “and completely paid. The liberation “of the public revenue, if it has ever “been brought about at all, hds always “Dbeen brought about by a bankruptey ; “sometimes by an avowed one, though “frequently by a pretended payment.”’ And he adds: . :

“The raising of the denominationof “the coin has been the most universal “expedient by,which a real public “bankriptey has been disguised under “the appearance of a pretended pay“fent.” ey e It seéms to me that; practically, the payment of a public debt in another promise t pay, not convertible into coin at the option of the holder, and therefore depreciated, as compared ‘with coin, is'equivalent “to the rdising of the denowination of the coin,” to be used in the payment of antecedent debt, in regard to: which I adopt the language of the same great writer already quoted: ¢“Thehonor of a state “is surely very poorly provided for, “when, in order to cover the disg‘race “of a real bankruptey, it has recourse “to a juggling trick of this kind, sc cas“ily seen through, and at the same time “s 0 extremely pernicious.” . 't .- - Regarding the first and secoud resolutions of the aniocmtic “State Con- - vention of 15th July last as open to the criticism of proposing “a pretendcd payment” of the public debt, I do not approve them, nor do I believe that they express the intelligent opinion of theDemocracy of Indiana or of theUnited States. When, if ever, the public welfare shall demand a compromise of the public debt with public creditors, . either by a change of ‘its form, a veduction of prineipal, or of its interest, let it be made fuh'ly, openly'and"with full understanding, and in so far as possible, with mutual consent. : Whatever of uncertainty there may have been as to the intent and effect of the 5-20 bonds as to their mode of payment, the act of Congress of Mareh 18th, 1869, entitled, “an act to strengthen public credit,” has dechured | a legislative e¢onstruction of such bonds, and made them payable in coin, and pledged the public faith to that construction, anll to the payment also of 1} 11§ted States Notes in coin, and neither poliey nor : Imnpr justify that this’ construection be again unsettled. Not 'thé least of the sins of the present Federal Administration is the fact, that fornearly six yearsof its uncontrolled .’po“)er',- it has wholly failed to redeem’ its own faith, soleminiy pledged to the people Ly thaj aet. |

Such are in substance, and ‘generally, my views upon Monopoly aingd National Finance. .1 - ; : I am hopeful that the duty of administerin g the Federal and State TOVernments will ere 16hg devolve upon : statesmen of democratic principies.— Therecent elections ¢l¢_§lll()sttl';¢{!€l that the people are willing‘ {0 trust the dem~ocratic party with publie power. 1t is a sacred 'bru‘st, ‘l(aul:sl:i(‘l3ix;g» 11‘}&,,?11,13’, ix_igh abltity, but High “and pure pur‘poses.’ 1 hate faith in deinoeratie ‘prineiplés when corréctly understood and honorably eartied out, as e lope ' of better governiient Ih'{lis long mis ‘governed conntyy, and in se far as | democratic. luﬂﬁtrn stratipin’ stall eon- 1 Htormt to the views | dd shaed, Mch e m condetions ad werl us optgons, il iy Gk approval. u'zui ; £mg§m§? it , imy q:‘m!**}k ; LT dprtt K. EDGEETON., ‘cane Lanterns at Eldred’s DruggStore,