Rensselaer Union, Volume 6, Number 2, Rensselaer, Jasper County, 2 October 1873 — Page 1

THE RENSSELAER MON, Published Every Thursday by ** HORACE E. JAMES, JOSHUA HEALEY, PROPRIETORS. Office, in Spitler’s Building, Opposite the Court House. Bnbscrlptlon, $2.00 n Year, In Advance. JOB WO RK Of every kiml execute,l to order in good style and at low rates.

Miscellaneous Heading. A SONG OF THE SOUL. i., I know the splendid jessamines can JH The air with perfume, and the breeze that brings The magic odor has a power to thrill The senses of the little bird that sings In yonder thicket, and to give a tone Of sorrow to bis sweet, melodious moan. I know the soft reflection of the stars Is tremulous along the inighiy stream; I know that naught above deters or mars The beauty of the mourning moon’s faint gleam; And yet my spirit strangely seems to wear A veil through which nor earth nor heaven is fair. it. I know a blessing cometh with a curse; I know a waking cometh with a dream; I know a better followeth a worse; I know an ocean lies beyond the stream; 1 know the perfume hath a power to bless; I think the bird once sung of happiness;— Yet all is dust and ashes now: the light Is bloody, and the air is filled with Are; And nothing but the swift, o’erwh.lmiug night Can keep me from a vision and dire; For night is pitiful, and hides the face Which cannot lighten with repentant grace. hi. I kuow a soul who lost a treasure fair; Poor soul! it. nursed a wild, consuming pain! Dearsoul!—its sorrow was too hard to bear, Yet Boulfully it struggled, though in vain. It. rose to Heaven, and strode nlong the skies; It delved to hell, and heard the demons’ cries; Then once again it took its place on earth, Resolved to bear its bitter pang alone. It could not move itself to worldly mirth, Hut it had stronger, braver, purer grown; Yet, when it fell to thinking on its loss, It seemed to murmur at its heavy cross, iv. ~ The end of all things did it most desire Have one denial, sweet, delightful calm. To that condition did it most aspire Where it lhight And Oblivion's hiaiing balm; Yet never dared it hope forgetfulness Would come to pity, linger o’er and bless; For in its struggles it had icarucd that sin Keeps memory awake for evermore, sad soul! it could not hope to enter in To rest, and shut, behind It the world's door, And so it bowed beneath its heavy load, .. -And stumbled.on—along a weary road. — Scribner's Monthly for October.

The Financial Break-Down.

An Associated Press dispatch from New York gives the following account of the failure of Jay Cooke and other firms: Another day of intense excitement has passed over wall street. Early this morning predictions were made that this would lie a hard day, and one that would see the downfall of more than«one financial house. The Chicago fire, it was thought, would occasion a drain upon deposits, and tend to a panic. Stocks for the first two or three hours fluctuated wonderfully. Western Union fell ten per cent, without an upward struggle, hut about noon recovered its openiug figure. At noon the report was whispered that ’ Hie house of Jay Cooke & Co. had suspended. At firstlhe rumor was considered an idle one, or, at the most, started by some scheming faction. However, it had great effect. Men and boys ran races from office to office, The telegraph was incessant in its operations, and the excitement grew intense. Shortly after 12 m. it was officially announced that the suspension had occurred, the reason therefor being advances made to their Philadelphia liouSe, which rendered them unable to meet the demands made upon them by their depositors here. As soon as it became generally known that Jay , Cooke & Co. had suspended, many rumors touching other houses sprang into existence, but all reports about the suspension of firms excepting Jay Cooke & Co., Richard Schell, and the small firm of Robinson, Suydam & Co., upon investigation, proved to be without foundation. When this fact was made known on the street, confidence was again restored, and at tlie close of busiuess a stronger feeling prevailed. It is not thought that any other firms of prominence will succumb. Men regarded as among the safest and most judicious on the street give it as their opinion that the great danger is past. Robinson, Suydam & Co. expect to resume in ; a few days. Mr. Schell WAS not prepared to make any statement in regard # to his liabilities. Ilia suspension was oc*. easioned especially by a decline in Vanderbilt stocks, in which lie was a large dealer. The.liabilities of Jay Cooke & Co. cannot he ascertained. It will take some time to make a statement of the affairs of the house. The creditors are mostly banks and bankers, there beingibut few individual depositors on the list. The suspension will greatly interfere with the operations of the Syndicate, and probably suspend the negotiation of the five per cents. The bonds of the Northern Pacific have'beeh o' slow sale recently, and the failure of Kenyon, Cox & Co., and of the New York & Oswego Midland Road, operated disastrously against further negotiations of the bonds. The Express says: ‘‘The war upon the railways has produced part of this panic, creating as it lias a want of confidence ■ among large capitalists and small investors, and injured both the credit and progress of railway enterprises. When coniHl+mee goes ered it tails with it, and panic takes the place of both. The suspension of houses like and Kenyon, Cox & Co., are public calamities, anu are events Wholly unlike the failure of those mushrooms who do business on borrowed capital, or oflener on no capital The sympathy of the public is with the unfortunates who try to do a legitimate business, and who fall while in the prosecution of it, as in the building of railways and other public works designed to enlarge the busiuess of the country. The duty of all is, while omitting no care necessary to exposure or proper regard for present or future, to pour oil upon the troubled waters, and restore health and confidence to the money market, anil to all honest corporations and persons engaged in money transactions.” The Mail says: “It is understood that the houses which are in trouble are solely those that have been carrying heavy burdens in the way of railway construction, and that the losses from their failure will be widely distributed and will be long telt seriously here. It is felt that the events of the past few days are most unfavorablefor the prosecution of unfinished railway enterprises, and so a misfortune to the country, whose resources require for their development a liberal extension of credit. Rut all other branches of business have ah unusually good promise for fall and winter. Our enormous crops are bringing good prices, and the demand for them is unprecedented. Our merchants have generally ‘got doWirio the hard pan,’ and are ready tor a tremendous business on a sound basis, and generally the situation outside the maelstrom of Wall street is full of encouragement. The misfortune and terrible affliction of the street is the peculiar legislation which tics up the reserves of hanks just at a time when they could safely and profitably to themselves tide the business of the country over its present momentary difficulty of lack of currency, and the way easy for the marketing of our immense

THE RENSSELAER UNION.

VOL. VI.

products. Even had the Secretary of the Treasury deposited his unsalable legaltenders in the national banks, and thus released a part of their reserve, the latter could have met and passed the present crisis victoriously.” The stocle market closed with a more confident feeling, after a day of excitement without equal since Black- Friday. When the time came for the delivery of stocks and the squaring up of the day’s transactions there was wild excitement in the board, and access to the visitors’ gal lery was really an impossibility. The Post says: “Prices of first-class stocks are now low enough to tempt capitalists and outside investors to come in, -amU while the effect of the failure iqf.-a~ house so widely known throughout the country as Jay Cooke & Go. cannot be measured in a day, there is reason to believe that prices will not long be kept below figures which represent the investment value of d ividend-pay ing stock.”

Resolutions Adopted by the New Fork State Republican Convention.

Mesolveil , 1. That, having abolished slavery, suppressed rebellion, preserved the Union, established equal political and civil rights, restored the national credit, paid or refunded a large part of the national debt, reduced the burden of taxation, disarmed and abashed the threat of repudiation, provided a uniform national currency and adjusted grave foreign complications, assurea general stability and prosperity throughout the land, and furnished a wise, economical, and wholesome administration of public affairs both in the nation and State, the Republican party has notvinty established the strongest title to the gratitude and confidence of the people, hut has presented the best pledge that it will be as true to every future obligation as it has been to every past requirement. 2. That as well for the maintenance of these great achievements as for the fulfillment of every new demand of public reform and popular rights, wu believe the people will look not to the long-re-jected party which has stolidly resisted every step of progress and act of patriotism in our later history, but to that long-trusted party whose enduring principles and unexampled career are honorably identified with all these advances and triumphs, and which meets all new questions as they arise with the same patriotic and faithful spirit. _ 3. That the Tammany ring, with its colossal plunder of the people, pollution of the ballot-box*, defilementofThe tench, mismanagement of the public works, increase of taxation, and addition of a deficiency of $b,(i00,000 to the public debt,-were direct fruits of Democratic rule hi this State; that with the aid of honest men of all parties, whose co-operation is still invited, the Republican organization lias overthrown the Tanunany iniquity, purified elections, elevated the judiciary, redeemed the State Administration, and made provision for all public obligations, and that the completion of reform, as well as the geueral welfare of the State, requires a continuance of its work. 4. That having enacted a statute permitting suits forthe recovery nf civil damages in cases of Injury sustained from the sale of intoxicating beverages, and being committed to the principle of allowing each locality to determine for itself whether it wifi prohibit such sale, the Republican party has shown itself the true friend of temperance. 5. That it is essential to the prosperity of the StnU' of New York, and especially of her commercial metropolis, that all lines of communication with the producing States of the West and South, whether by land or water, should be available for the purpose of an uninterrupted and adequate transportation at minimum rates; that the subject should he considered in a broad and statesmanlike spirit commensurate with its great importance, and that we hold it to be the paramount duty of the coming Legislature to devise means whereby the cereals of the country may find their way with sure dispatch to the seaboard, and thence to the markets of the world; that, considering the necessity of wise action to prevent a diversion of trade, the main canals of this State should lie adapted to steam navigation, and by the refunding of the debts in long bondß at a low rate of interest, should be made as free to the commerce of the nation as their economical maintenance, without taxing the people, will permit. We hold, also, that Congress should put forth all the power it may wisely exert within the limits of the Constitution, and recommend to the consideration of Congress the natural advantages and just claims of the great channels which run through the State. 6. That public approbation belongs to Senators and Representatives who, in the last Congress, opposed the appropriation of money for increased compensation for Congressional services already rendered and paid for, and that public censure belongs to those, of whatever politics, whose votes enacted such a provision. We do not charge this wrong upon either party, although it was supported by a larger relative proportion of the opponents thau of the friends of the Administration, and although among those who promoteA~tL and those who were conveniently absent when the votes were recorded were several members of a small faction who had recently deserted their party under the pretense of unfounded charges of Republican extravagance. Wu commend, also, Senators and Representatives who have refrained from appropriating the back pay; and we hold that the only effectual mode of restoring to the United States the money which such members have declined to receive is by law to cover the same into the Treasury. We therefore request the Republican Senators from this Stale to introduce and urge at the next session a hill which shall refund to the Treasury all such moneys not claimed, including all stilus which have been merely left untouched, and all sums which have been, in one form or another, publicly or privately, renounced. 7. That we point with pride to the Republican AdministrationsHoth of the Nation and State; that the former exhibits honest purpose, the successful policy aud auspicious results of which, together with Ids own practical wisdom and patriotic services, led to the triumphant re-eiectiou of President Grant; that tile latter, by his watchful ctire of every public interest, has justified the expectations of the people, and that with the ticket nominated to-day we confidently pledge the maintenance of faithful and efficient government.

Clearing-House Certificates.

The New York banks have adopted the plan ol" settling balances with clearing, liouse certificates instead of greenbacks during tlie preseiit flurry. To the general public it may be well to explain what this action signifies. In a time like tlie present, everything which tends to economize the use of currency is pro tanto a relief to the money market. New York being tlie monetary" centre of the country, tlie place where all other banks keep greater or less balances, she must respond with currency when the banks of other cities call, for tlieir funds. But for all her own purposes she may use anything which her own banks may agree to consider good. All tlie banks meet once each day at the Clearing-House to exchange checks. Tlie Psifk Bank, for instance, turns into the Clearing-House checks drawn On other banks for $500,000. The other banks perhaps turn in checks on tlie Park Bank for $550,000. The Park Bank, therefore, owes the Clearing-House $50,000. Usually this sum would be paid to the Clearing-House in greenbacks. In order, however, to economize the use of greenbacks, the Park Bank, its condition being shown to be perfectly solvent, passes in its own check for $50,000. Other banks against which there is a balance do the same. The Clearing-House then issues its certificates for an equal amount to the banks which have a balance coming tp them from the day’s clearings. The system is perfectly business-like and in accord with sound principles of finance, though it necessitates a frequent examination of the assets of tlie several debtor banks by the Clearing-House Committee —Chicago Tribune. **'■ ♦ , L „ . By the use of thin leaves of steel in the construction of artificial magnets, M. Jtunin has so increased the carrying power of these magnets as to construct one weighing about four and a half pounds, which could carry a weight of ninety-nine pounds. Tlie great advantage US be expected from this discovery is the (reduction in the weight of the magnetoelectric machines of all kinds, and especially of' those employed in the pro-' auction of light.

RENSSELAER, JASPER COUNTY. INDIANA, OCTOBER 2, 1873.

General News Sum mary.

THE OLD WOULD. A telegram was received at the State Department, on the morning of September 19, from Wm. Reed, Vice-Consul of the United States, at Dundee, Scotland, announcing that the missing members of the Polaris crew had arrived there in a destitute condition. Ten were brought in by the Ravenscraig, and three were expected to arrive in the whaler Intrepid, within two weeks. Consul Reed was instructed to care for them and 6end them home by the first steamer. They say, after separation from Tyson and his companions, the Polaris was abandoned in a sinking condition. The party wintered in Lifeboat Cove, and in the spring built two boats of pine, and in these embarked as soon as the ice broke up. On the 22d of June they were picked up by the Ravenscraig. A dispatch from London, on the 19th, stated that the announcement of the financial panic in New York had caused great excitement and ‘wild fluctuations in the price of securities, but no failures had occurred. According to a Madrid dispatch of the 22d, the entire British fleet in Spanish waters had collected in the harbor of Alicante, which city was tlireatencued witli bombardment by the insurgent iron-clads. The British Admiral, supported by all the foreign Consuls, had demanded a postponement of hostilities for four days. It was reported that the situation of the Cai lists in the north of Spain had become precarious, aud desertions were numerous. Demoralization abounded on every hand. Garibaldi had offered his sword to the service of Spain, but this had been declined with thanks. A proclamation had been made by the President suspending constitutional guarantees, establishing a vigorous censorship over the press, and prohibiting the carrying of arms-by civilians. j A London dispatch of the 22d says that on the preceding day a desperate eonfliet had taken place in Bury St. Edmunds, between a mob of Irishmen and a body of policemen. The officers were compelled to use their clubs vigorously, aud did not succeed iu dispersing the rioters until many of them had received severe injuries. A renewal of the disturbance was apprehended. During the progress of the’ rioting several houses were attacked and sacked. The Spanish steamer Murillo, which ran down the emigrant ship Northfleet, some months ago, having arrived at Dover, had been detained by order of the British Admiralty Board.

A Berlin telegram of the 22d says that Victor Emanuel, King of Italy, had reached that city ou a visit to the Emperor. It was said that one of the objects of his visit was to secure an understanding with the Emperor for joint action againsts possible French aggressions, and to prevent the election of a French ultramontane to the papacy. A dispatch from Gibraltar of the 23d says a terrible explosion had occurred on the steamer Broombaugh when she was at sea 100 miles "off that port. Four persons were instantly killed and many so seriously scalded that it was feared they could not recover. A Madrid dispatch of the 23d says the Bank of Frauce had agreed to advance 100,000,000 francs to the Spanish Government. A dispatch from Teheran, Persia, to London, of the 23d, announces that the Shah had returned to his capital. The whole population turned out to escort him to his palace. Advices from San Domingo, of a late date, were to the effect that the revolution against the Government of President Baez had assumed alarming proportions, aud that there was every prospect of its speedy success. The towns of Monte Christ! and Guayabiu were in possession of the-revolutionists, who were iu close proximity to Porto Plata. A London dispatch of the 23d says that Jay Cooke, McCulloch & Co., of that city, laid thrown out the drafts of Jay Cooke & Co. that , had come to hand siuee the suspension of the latter firm. A Loudon dispateli of the 24th says the house of Clews, Ilubrecht & Co. laid decided to suspend. A fire broke out in the Athenieum, at Manchester, England, on the 24th, which had destroyed 20,000 volumes before it was extinguished.

THE NEW WORLD. Jay Cooke & Co., the well-known bankers and brokers of Philadelphia and New York, have suspended payment. Stocks took atuin--810 as soon as the intelligence reached Wall street, caused more by apprehensions' of the future than by the existing condition of affairs. Prominent Wall street men attribute the suspension of tlie firm not so much to sustain their Philadelphia house as to their operatiuits itrNorthern Pacific, which, it is said, they sought to carry beyond their strength. Shortly after the suspension of Mr.* Cooke, the house of E. W. Clarke & Co., of Philadelphia, suspended. Iu New York, the failure of Richard Schell and Robinson & Suydam, stock brokers was announced. A second “ Black Friday” occurred In tlie Gold Room and stocks of all kinds began to, weaken, everybody manifesting a feverish dcsjre,to get rid of everything in the form of speculative security. Western Union declined 8 per cent,; N. Y. Central, 3; Pacific Mail, 4; St. Paul, common, 4; Rock Island, 8; Erie, 11; Union Pacific, ,2%; Lake Shore, 3; Indiana Central, 5 ;~Ohlo ifc Mississippi, 3% ; -Toledo &- Wabash, 4% ; Northwestern, 2%, and Harlem 2 per cent. In all about 394,700 shares of stock changed handß. The aggregate losses were immense., The effect on gold was to advance it to 112% to 112%. Tlie Loudon house of Cooke, McCulloch & Co., is thought not to be. compromised by the failure of the present house. The embarrassments of the house aresaid to be directly traceable to its connection with the Northern Pacific Railway. A dispatch from Philadelphia of the 19th ' says that ten other failures had occurred in that city besides those of Jay Cooke & Co., and E. W. Clarke & Co.j reported on the day preceding, as follows: De Haven & Brothers; Gilbough, Bond & Co.; Geo. H. North; J. P. & H. E. Yerks; Charleß P. Bayard; John P. Lloyd; Ilenry 11. Douglas; *ll. Heber Ball;T. C. Knight, aud H. L. Fell <fc Bro. Rims had been made upon all of the banks, but up to the time of dosing business they had paid every dollar demanded. The most decided attack had bceu made upon the Fidelity Trust and Safe Deposit Company, there being a prevalent impression that it had been connected in some way with the houses of Cooke and Clarke. Theaggregate of funds drawn out was somethingoversl,ooo,ooo. The President had arrived, and it was believed Unit he had come to offer tlie sympathy and" probably the assistance of the Government to Jay Cooke & Co. A New York despatch of the 19tli says the excitement in that city had largely exceeded

OUR COUNTRY AND OUR UISTIOIV.

that of any preceding day. Nineteen additional failures had been announced, among others, those of Fisk & Hatch; White, Defrcitas & Ratkbone; Beers & Edwards; E. J. Jaokson; Thomas Reed & Co.; W. H. Warren; Greenleaf, Norris & Co.; George Alley; Theodore Bedell; A. M. Kidder; Hay & Warner; Day & Morse; Fitch & Co; E. D. Randolph & Co, representatives of Tom Scott, of the Pennsylvania Central Railway, and W. C. Conner. The sacrifice of stock values had been largely in excess of the depreciation of the preceding day. By noon Harlem had fallen 30 per cent.; New York Central, 5; Rock Island, 9%; St. Paul, 9; Ohio & Mississippi, 11; Western Union, 10 per cent, from the opening prices. Money brought extravagant prices, the ruling rate being one and a half per cent, per . day, even this rate being reluctantly accetped. Strong and • persistent * attacks had been made against all the monied institutions, notably the Fourth National Bank and the Trust Company, of which Richard Schell was President. Up to the close of business, every demand presented had been paid. The effect upon gold had been to raise the price to 113% early iu the day, but by afternoon the price had receded to 111%. Dispatches from New York on the 20tli say that the results of that day’s operation “ had been disastrous only to a class of stock gamblers whom everyb«dy wished to see overwhelmed, and the suspension of three banks, weakened by outside considerations, unexpectedly revealed by distrust consequent oh the agitation of the stock market. The “Bank of the Commonwealth,” “The National Trust Company,” and the “Union Trust Company” had suspended. In the case of the “National.” the disaster had resulted from an inability to realize instantly on Government securities. The suspension of the “ Union ” had resulted not from inability to realize on securities, but from the discovery of the defalcation By Carleton, the Secretary, for $600,000, and an over-draft of E. S. Haight for $200,000. It was reported that Vanderbilt had been involved financially in the defalcation. The Stock Exchange opened for a few minutes, but before the first call had been reached stocks had become so demoralized and the stockholders so disheartened, that a resolution to adjourn until Monday was carried through with a rush. Government had purchased $10,000,000 in bonds, but this had not relieved the street. Everybody had bonds, and .everybody wanted the cash for them. A run had been made on the First National Bank of Hoboken, but up to the hour of closing it had paid all demands. One reason for the run was the fact that it had $207,000 of its funds locked up in the Bank of the Commonwealth, which had suspended. The President had reached New York aud had arranged for a conference with the Secretary of the Treasury and leading New York financiers on the following day. The President had expressed a full determination to use the power of the Treasury to the extent of $16,000,000 balance and $44,000,000 reserves. Among others the following additional firms had failed: Ketchum & Belknap; E. C. Brodhcad; Saxe & Rogers; Taussig & Fisher; P. M. Meyers; Miller & Walsh; Loreuz Josephs; Fearing & Dillingcr; Williams & Bostivick. The extent of the shrinkage in stock values for the week ending the 20th had been, on some of the leading lines, as follows: Harlem, 39% per cent.; Western Union, 35; Panama, 32; Wabash, 23; Northwestern 19; Rock Island, 19%, a total shrinkage, according to the best authorities, of over $100,000,000.

Telegrams from Philadelphia, of the 20th, state that since tlie preceding day a better feeling had prevailed in financial circles. It was thought that tlie crisis had been passed. The run upon tlie Fidelity Deposit had continued up to tlie time of closingthe institution on the 20th, and every claim had been met. During tlie day over $950,000 had been paid out over the paying teller’s desk. The Union Banking Company had suspended. Tlie failure was said to have been a bad one, and Uiat it would not-be able to settle up at over 50 cents ou the dollar. San Francisco dispatches of the 20th say that, so far, the Pacific coast interests had not been compromised by the embarrassments in tlie East. No trouble was apprebenped to general busiuess, except the increased degree of caution incident to such a state of things. A St. Louis dispatch of the 20th announced that the banking firm of Taussig, Gemp & Co. laid suspended, in consequence of tlie suspension of Taussig, Fisher & Co., of New York, of which house it was a branch. According to a dispatch from San Frandsco of the 20th, a file had broken out in the Yellow Jacket Mine, in Nevada, in the 1,300 foot level. Six lives had been lost. At last accounts the fire had been got under control. A Memphis dispatch of the 20th says tlie ravages of Hie yellow fever in that cliy had been stayed somewhat. had appeared iu New Orleans, and the dengue or break-hone fever raged also as an epidemic. In Shreveport the fever cxhi£ffted no abatement. New cases were not so numerous, but the ratio of deaths had been fully as great as at any time since the appearance of the scourge. A telegram from Burlington, lowa, dated September 20, says that a destructive fire had broken out in the heart of the city atone o’clock in the morning of that day, which swept over two squares before it could be checked. The estimated loss reached $200,000. —The-Grond Lodge nf the I. O. of O. F., in session at Baltimore, Md., adjourned on tlie 20th, having first voted to hold the next annual Communication at Atlanta, Ga. News from Washington on the 21st was to the effect that the Comptroller of the Currency .had directed tlie collection paper of the First National Bauk of Washington to be deposited with the National Metropolitan Bank for collection. > The result of the conference held in New York on the 21st, between the President and Secretary of the Treasury and leading finaneiers, had been the issuance of an order directing the purchase of all five-twenties offered at private sale. It was thought that tills measure would release $20,000,900 to $25,009,000 greenbacks, without touching the reserves. The bank statement for New York appeared on the evehing of the 20th. From that it appeared that they had sustained a loss of sl,579,700 specie aud $2,409,300 legal tenders, a contraction of $6,114,500 in loans and $9,277,400 in deposits, during the week ending on that date. In anticipation of a run upon their institutions,‘the Inftr-Octan of the 22d says that tlie Presidents of tlie frmrtccu savings banks of Chicago had a conference on the 21st, and mutually agreed to hereafter insist upon requiring thirty days’ notice for the withdrawal of deposits, according to their reIspectiye rules. An Augusta, Ga., dispatch of the 22d says

that on the 19th a terrific storm passed over Florida in the vicinity of Tallahassee. A large number of dwellings bad been blown down, and the crops in all that section ruined. Three or four lives had been lost, several persons persons Injured and a large number of cattle killed. The town of St. Murks had been completely washed away, only two houses being left standing, and twenty families had been made homeless. Tlie town of Newport had also been swept out of existence. A telegram from Philadelphia, of the tlife 22d, says that the financial horizon had a better and clearer outlook, and that by the following day matters would resume their normal condition. The Citizens’, the Iron, the State aud the Keystone banks had temporarily suspended, but arrangements had been made to enable them to resume immediately. A New York dispatch of the 22d says that the financial atmosphere had become •much clearer. The business of the day had developed remarkable strength in the banks, only two of them finding it necessary to call for loan certificates at the Clearing House. The Stock Exchange had not been opened, though settlements Were making on generally satisfactory terms. It was thought that business in the stock line would speedily be resumed. A Washington dispateli of the 22d says that the President and Secretary of the Treasury had reached that city. The President felt confident that the right method had been hit upon to afford help from the Treasury, and the general conclusion reached by the informal interchange of views was, that if further help appeared to be needed it should be given so far as it was possible for the Treasury to act. It had been decided to send $20,000,000 to New York, to enable the Assistant Treasurer in that city to buy all the bonds that may be offered.

Iu Chicago, on the 22d, the impression prevailed that the worst had been reached. Money was very tight, but no further failures had been announced. For the first time in the commercial history of that city the usual order of things was reversed in prices. There was scarcely any dealing in “options” in the Board of Trade. Cash wheat sold at $1.05, while seller October ran as high as $1.07 to $1.07%. “Had it not been for the panic,” remarked a leading dealer to a reporter, “before tlie month closed the difference would have been greater the other way.” On the 22J. the President appointed Oscar Whitney, Secretary of Dakota Territory, vice Gen. McCook, deceased, and Jonathan Merriam, Collector of Internal Revenue for the Eight Illinois District, vice narper, absconded. Treasurer Spinner was very ill on the 22d, wiih malarial fever. A telegram from Philadelphia, of the 28d, announced that the financial stonnhad passed. All the State banks that were under suspension had resumed except the Union and Citizens’, and the latter would be ready for business in a few days. In New York, up to three o’clock p. m. of the 23d, there had been a general feeling of confidence., and the impression liad prevailed that tlie crisis was over. At that time this happy state of things was rudely shaken by the report of the suspension of the house of Henry Clews & Co. This event had unsettled the feeling of security which had prevailed, and fears were entertained that the aud had not yet been reached. At the close of business the Government had pur chased and paid out over $10,000,000 greenbacks for bonds. Ten millions more were ready to be paid on further purchases, and fifteen millions in gold notes awaited the presentation of the five-twenties of iSoS, called in for November 16. The Stock Exchange liad remained closed. The run upon the savings banks had continued, but as most of them had adopted the time rule for tlie payment of depositors the excitement soon abated. A dispatch from Washington of the 23d says that the failure of Jay Cooke & Co., and the First National Bank of Washington, liad just begun to be severely felt in that city. Tlie Reform School for Boys, the National Soldiers’ and Sailors’ Orphans’ Home, the Smithsonian Institute, the Children’s Hospital, and other institutions hud lost sums ranging from SIO,OOO to $20,000. At tlie time of the failure Ex-President Johnson liad $60,000 to his credit; Judge McArthur, of the District Court, $10,000; Senator Patterson, of South Carolina, $14,000; the widow of a former Navy Agent, $14,000, and Gen. Hunter had a large balance. Iu Chicago, on the 23d, opinions were freely expressed by tlie leading financiers that the bottom bad been reached. The feeling in tlie Produce Exchange was excited and peculiar. In tlie morning every one seemed to think that the day would look brighter, and the market opened somewhat buoyant. It . could not be kept up hqwpvcr, and prices drooped till wheat got below one dollar per bushel, A dispatch from Paterson, N, J., says that, in consequence of the general depreciation of new railway securities, the orders for locomotives for three mouths ahead at Rogers’ Locomotive Works, in that city, had been canceled and ‘ 580 workmen had'been discharged. It was feared that 500 more would be discharged from the same works, and several hundred at the Danfortli and the Grant works. A dispatch from Richmond, Va., of the 23d, gays that the Merchants’ National, the Planters’, the Mechanics’, the Peoples’, the First National, aud the Citizens’ banks, of Petersburg, had suspended. The President, on September 23, Issued his proclamation announcing that defferential duties on imports in France and the United States had been abolished. The long-expected prize flghtbetween Allen and MeCoole came off at Chateau Island, fourteen miles above St Louis, and nearly opposite Mitchell Station, on the 23d. The contest lasted twenty minutes, bcvcU rounds were' fought, and Allen was declared the victor. It was a brutal affair, aud the dispatch stated that MeCoole liad been terribly punished. A;full meeting of the Chicago " ClearingHouse Association was held on the evening of the 24th, at which the following resolution was adopted;

Beeolred, By the Chicago Clearing-House Association of the city of Chicago, that until further action, and iu view of the disturbed condition of affairs in New York and other cities, and the difficulty of converting balances into currency, and on the advice of the Bank Examiner, its members be recommended and authorized to suspend currency payment* on any large demands made upon them cither from country banks or over their counters. A New York dispatch of the 24th announced that Howes <St Macty, an old and well-known banking firm, had Suspended. The Clearing* House hud issued Jfiother $10,000,000 of loan certificates, aud resolved to stand by all the banks that refused to pay out currency over their counters, and expel all those that do not. Brown & Watson, gold brokers, had suspended. The examination into the affajra of the Union Trust Company bad been concluded, and a statement would shortly be made. It wm said

that the defalcation of the late Secretary would not exceed $200,000. Advices from Washington of the 24th were to the effect that the authorities had been disappointed at the renewal of the financial trouble in New York on that day. It was reported that the Secretary of the Treasury had telegraphed to the President that, in his judgment, the purchase of bonds Bhould cease whenever the amount of currency used should reach $12,000,000. The President had not replied to this dispatch. An application had been made to the Secretary, by leading financial men, to anticipate the redemption of the $20,000,000 of five per cent, gold bonds falling due in January noxt. A Milwaukee, Wis., dispatch of the 24th says the Chamber of Commerce of that city had suspended, and that there would be no trading in grain until further notice. A dispatch from Wilkesbarre, Pa., of the 24th announced that Brown & Gary, bankers of that city, had suspended. A Baltimore telegram of the 24th announ&d that all the banks of that city had stopped currency payment. Brown, Lancaster & Cowell, agents of the Chesapeake & Ohio Railway, having houses in Baltimore, New York and Richmond, had also suspended. A Little Rock, Ark., dispatch of the; 24th says the money panic in that city continued, caused not so much by Eastern financial complications as by the refusal of the city banks to take the shinplasters that have been current there. A dispatch from Richmond, Va., says that the Richmond Dollar Savings Bank had suspended, and that Taylor & Williams, bankers, had failed. ».

A dispatch to the Associated Press from Brownsville, Texas, of September 24th, says that a series of butcheries and robberies had recently been committed in Mexico, the victims in every case being Americans. The perpetrators of these crimes were arrested, and their guilt fully established, yet not one of them had been punished, the authorities being either indifferent or powerless. The facts had been reported by the Consuls to Washington in the hope that redress would be demanded. On the afternoon of the 23d, Mr. G. G. Lyon ( of the Chicago publishing house of Adams, Blackmer & Lyon, committed suicide by throwing himself in front of an approaching at Oak Park, Illinois. Physical and mental depression is said to have superinduced the tragedy.

The New York Republican State Convention met at Utica on the 24th, and nominated Francis S. Thayer, for Secretary of State; Nelson K. Hopkins, for Comptroller; Daniel G. Fort, for Treasurer; Benj. D. Silliman, for Attorney-General; S. Mead, for Canal Coinmigsiouer; Wm. B. Taylor, for State Engineer; M. K. Platt, for Prison Inspector. Resolutions were adopted, affirming that the past history of the Republican party was a guaranty that it would be true to every future obligation and requirement; that the party, had overthrown the Tammany iniquity, elevated the judiciary, purified elections, and that the completion of the reform requires a continuance of its work; that the Republican party had shown itself the true friend of temperance; that it was the imperative duty of the State Legislature to provide means for the speedy and cheap transportation of cereals across the State to tide water; that the course of Senators and Representatives who opposed the bnck pay and increased compensation was approved, and that the Republican Senator from that State be requested to introduce a bill to cover into the Treasury all sums undrawn, or publicly or privately renounced. The Democratic and Reform State Conventions of Wisconsin united at Milwaukee on the 24th, and nominated the following State ticket: Wm. R. Taylor, Governor; Charles D. Parker, Lieutenant - Governor; Ferdinand Kuhn, Treasurer; Peter Doyle, Secretary; A. Scott Sloan, Attorney-General; Edward Seur-' ing, Superintendent of Schools; M. J. Argand, Commissioner of Immigration. Resolutions were adopted favoring cheap transportation, the improvement of the Wisconsin, Fox, and other navigable waters of Wisconsin at the expense of the General Government; opposing protective tariff laws, back.,pay, monopolies, free passes to members of the Legislature, Credit-Mobilier, and corrupt legislation, and declaring that the party would vote for no person whose nomination was the fruit of his own importunity or a combination among partisan leaders. The State Liberal Democratic Convention of Minnesota met at St. Paul on the 24th, and decided to make us nominations. Resolutions were adopted advising all Democrats and Republicans to yield a cordial support to the nominees of .the Owatonna Convention. Information Bad Been received at Washington on the 24th that Collector Weiduer, of the Second District of Alabama, was a defaulter to the amount of $20,000. Orders had been issued for his arrest. The wheat crop, according to the returns to the statistical division of the Agricultural Department, published on the 24th, presented an average of ninety-five, which is about the same as the September report of 1873. The area of cultivation had been much larger this year than last.

The Counterfeit $500.

A new counterfeit of the denomination of SSOO, of the inane of 1869, has just been issued. Its general execution is elegant, and the difference between the genuine and false is said to be hardly desernible. Colonel E. T. Bridges, of this city, the Western Internal Revenue Agent, states that two bills have already been secured in Chicago. The following is a description of the bill: The upright that holds the balance of the'scales held in the hand of the female figure shows a white line in the counterfeit, oser the lower part of the palm of the hand to the second figure; in the genuine the upright is quite black, and lost in shadow. The lower part of the right (in the portrait) lapel of coat on portrait of Adams in the counterfeit forms an angle; in the genuine it is a distinct curved line ; also, the buttons in the counterfeit are irregular in shape, while in the genuine they are decidedly round and darker in color. Particular attention is called to the button on the left side of the coat on the counterfeit. In the word “Washington,” in the counterfeit note, the black shade forming the first stroke of the letter W forms an angle at the bottom; in the genuine note it forms a curve. In the ruled shading under the right hand stroke of the letter “W,” and over the letters “A” and "S” there are four ruled lines on the counterfeit; there are but three in the genuine note. Under the letters A and 8, in the word Washington, in the Counterfeit, there are but five ruled

THE‘RENSSELAER PNM RATES OF ADVERTISING. One Bonfire <3 lines or lessl one Insertion, $l4O Every subsequent Insertion, «ty cents. Advertisements not under contract mast be marked the length of time desired, or they will be continued and charged until ordered ont. Yearly advertisers will be charged extra for Dtsaolotion and other notice# not connected with their regular business. All foreign advertisements most be ' paid quarterly in advance. Professional Carda of live lines or less, one year, $9.00. *■ bpack. Am. Bm. ftm. lyr. One sqnare $2.00 $440 $6-90 $Io3 i Twojsqunrca.... 5.00 7.00 12.00 16X1 One-tjuarler column 10.00 12.00 16.00 20Xl One-half column 12.00 16.00 22.00 ao.Oi One column < 16.00 80.00 45.00 60.0 V

NO. 2.

lines; in the genuine there are bnt four Also under the letter “h,” same word there are four ruled lines in the counterfeit; in the genuine there but three. At the bottom of the letter P, in the denomination title, there are five ruled lines in the counterfeit; in the genuine six lines. The localized fiber on the left of the portrait is blue in the genuine, hut without color in the counterfeit. The red seal in the genuine is printed in a delicate carmine color; in the counterfeit it is mere of a brick color, and has a heavy appearance, more especially the rays which form the outside of the seal. Attention is called to the appearance of the lathe-work and lettering on the back of the counterfeit, which, upon a comparison with the genuine, will be perceived. A day or two since a Chicago hank sent a package containing $130,000 in SSOO bills to a bank in Milwaukee, which was returned yesterday intact. A Milwaukee correspondent stated in explanation that the new SSOO counterfeit was so perfect that they were afraid to accept the package.— Chicago Inter-Ocean, September 12.

H3f”The Ohio Democratic State Central Committee are in financial trouble. The men who have heretofore responded promptly to all assessments are not furnishing the accustomed “material aid,” on the principle that it goes hard to pay for a dead horse. old cry of the Confederates of last fall is revived in Mississippi. The Brandon Republican says that it “hates Alcorn, but would vote for the devil rather than for Ames.’’ The “anything to beat,” etc., lesson of 1872 should have taught the Democracy something. tSTThe Indianapolis (Ind.) Journal calls attention to certain peculiar actions of the opposition editors: “When Senator Morton makes a speech the Democratic editors all over the land spring to their — feet and swear they are not hurt, but immediately clap their hands to their persons in a way to indicate they have received a dreadful kick, and then break out against him in the most dismal howl of abuse and calumny, which is continued without intermission for weeks ” tyThe Boston (Mass.) Globe says of the latest solution of the transportation problem : “Senator Morton states that he has in his possession a proposition from eminent capitalists in Holland to build a four-track railway from the Atlantic coast to some point in the West, perhaps Indianapolis or Chicago, the whole to be accomplished by private capital, and without asking for a dollar of State, national, or individual aid, and he vouches for the entire responsibility of the parties. This is a most interesting announcement. We know of nothing that would solve the farmers’ problem so quickly and permanently as the carrying out of such a scheme.” •—.— . ——

t3F~The Cincinnati (Ohio) Timet sees a rainbow of promise in the political skies of Ohio, and says: “The signs are unmistakable that the people, confiding in Republican promises and abhorring the idea of again intrusting power to the “spoiled” Democracy, so long and so justly repudiated, will give, a decisive verdict in favor of the Republican party at the coming election in Ohio. All real friends of reform should help to render the coming defeat of Alien and Thurman as overwhelming as possible. Then, should there be a failure of the effective reforms demanded, let the issue come betweeil whatever is good ’ and bad, right and wrong, in the several branches of the Government.” ESS” The Syracuse (N. Y.) Journal says: “ All of our Republican exchanges spfiak hopefully, and indeed confidently, in anticipation of another splendid Republican success in this State this fall. The basis of this universal confidence is a sound one. The demoralization of the Democratic party is so well known and publicly recognized that a concealment of it is no longer possible, even bv the legerdemain of those experienced thimble-riggers who were, in former days, wont to deceive their followers into the belief that the Democratic party was to be henceforth invincible. The rank and the file are disheartened by defeat; they have lost confidence in the old-time watchwords which once acted like magic upon their spirits; they doubt the efficacy of the Democratic name, and, in fact, they doubt themselves.” C2TThe majority of the Democratic party is as determined as ever to reduce the blacks to subjection, and constitutions would be found to have abundant loopholes if they should gain the control of trLO aalnto iin (l ... M utlADttl Ul AvofTvixvosviutiic DUttc «nu it atlUual UOf cl ulUcllw, Yet we see foolish colored men, intoxi cated with the notion that they are the balance of power, resolving that they owe nothing to the Republican party, and proposing to take themselves to a market with the demand for the share of the offices in proportion to the need parties may have of them. They compel us to say that they are not a marketable commodity, and that only a party which has secured the hearts of the people by its identity with the safety of the Republic could afford to do what the Republicans have done for thb colored. —Cincinnati Gazette.

CUT The Lafayette (Ind.) Journal remarks of “Balloon Journalism:” “The Graphic is not the only, nor the least, nor ret the most successful specimen of baloon journalism. It is amusing to see the antics of other balloon journals, of which we may mention the Chicago Tribune and the Indianapolis Sentinel., both near home, and the New York Tribune. About a year or more since several newspaper men conceived the idea of making capital out of a mammoth political balloon, and it is from them the Graphic got its hint. They met and caucused ana consulted, and finally concluded to send up a great Lib-eral-Democratic balloon in tire ensuing November. That experiment was a most disgracefulfailure, and these newspapers which we have mentioned, with many others, are still in the upper air somewhere, floating about on fragments of that great political balloon of 1872, with no guiding power, but seemingly at the mercy of the currents and counter-cur-rents!!? ' Manx of the mill girls at Chicopee, Mass., are becoming inveterate snuff-dip* pers, and on any pleasant “nooning” groups of girls can. be seen on the canal bridges, each supplied with a box of snuff and a bunch of cotton waste, rub* bing their gums with infinite satisfaction. The mill girls at Lowell have long been addicted to this habit, but its advent in Chicopee is quite recent CorFEK-onocNDe—Braxil plantations.

POLITICAL NOTES.