Richmond Palladium (Weekly), Volume 38, Number 44, 5 January 1869 — Page 1

THE PALLADIUM.

" i'WdjUBD rUSSDAT M0RNIW09, BIV, ?. HOLLO WAY & B. W. DAVIS. $5rrr5HM3: $2,00 A YEAR.y , PAIABLK IN ADVANCE . All IXhuls of Job Printing t; fiivto il j Done, at Living Rates. I:i tbot Vrner Building, Richmond, Ind. PKELVSY'S L1FS COMPOUND In the Best, "' The Cheapest, And the most Harmless .Medicine iu the World, For Nearly Every Form, Ol CIIKOXIC DISEASE. 1. In Dyspepsia it is ascertain euro. In Consumption it is excellent. ' In Liver Complaint nothing can be -better. . ., . .- : ; - In Kidney disease it is a specific. ! , In Rhuematism ' it is an important ( remedy. ' ' " ' ' ' . ... ' ;'.. :j In Stomach Affections it is unsurpassed . In Female Complaints it is of great value. , . And in nearly all kinds of chronic diseases it acts like a charm, effecting speed cures in tho most stubborn cases. The afflicted everywhere should not fail to give it a trial, if they de3ire to purchase health with but a trifling expense. It is not a "patent medicine," nor s it kept for sale by any drug-, gist. It is a discovery of a physician during a five rears' soiourn in South America, and he nas imparted the secret of its composition to Bunareoa 01 intelligent pnysioians, wno , nave all used it in their practice with the most won derful results. In consideration of its many virtues, I have thought it my duty to , engage in the manufacture of it on a large scale, and advertise it ex . tensively throughout the world. The method for preparing it for use h somewhat complex requiring a numerous, collection of chemical tools paraphernalia not usually possessed by druggists, and for this reason few drug stores could furnish it properly prepared, if they had the formula. Therefore, I have purchased the necessary articles, and with the assistance of a good practical chemist am engaged in its manufacture and sale. The "Life Compound" is purely vegetable, its principal ingredient being obtained from the root of a plant which grows abundantly in some parts of South America. It is perfectly harmless in its effects even if taken in tripple the ordinary dose, whils its invigorating influence s wonderful indeed, often effecting a permanent cure in a few weeks. Bead the following TPCTI M nill A I O Ogdsnsbubqh, N. Y., May 7, 67. Mr. McKelvet: Dear Sir Your 'Life Compound' is working wonders in this section, and I have every reason to be thankful for what it has accomplished in my own case and that of my wife.' My complaint, as you may remem ber, was Liver Disease in its worst form. I had not tasen your medecine more than three weeks when I felt so much encouraged as to order a box for my wife also, who was suffering from what the physicians termed disease of the kid neys. This was in November last. We have ' now taken two packages each, and I am happy , to inform you that we have good reason to conclude we are both permantly restored to health and that, by your Life Compound. Encouraged its good effects in our cases, several of our afflicted neighbors sent to you for the medicine and 1 am informed by three of them, with whom I am intimately acquainted, that they, too, be ieve thotnselves entirely cdred by it. You may make such use sf this statement as you may deem proper. With gratitude, lUv.B.R. GORMLY. . . Uikciknatt, Aug, 25, 18G7, nr mr-tr... .... . a- it-l-i iur. oiuauvEii oir a iiiinir ui oeauiv is a foy forever, and a good medicine is more than this. I take pleasure in commending your Life Compound, not so much on account of what it has done forme, as wa it may be the means of doing for thousands of others. To the sick and suffering, therefore, I wish, through your advertisement to say a few words of encouragement. One year ago I was an invalid I am now hearty and well. My disease was dyspepsia of tkjj years standing; I had tried all means I knew of for a cure, without avail, until about the first of September last I became acquainted with a young man who told me of Mr. McKelvey's remedy, and the good work it had done in the neighborhood of his former home (Erie. Pa.) I immediately appled to Mr. M. for a box Of his Life Oomnrmrxl anrl commenced taking it. I commenced improving in a few days and continued to improve, and in loss than three months from that time was entirely restored, and have remained well ever since. Mine wasratheran inveterate case, and pronounced so by all the physicians of this city. The medicine was so successful in my case, that . I cannot refrain from adding my. testimony in its favor. , D. It. GILFORD. Hundreds of Testimonials like the foregoing are in my possession, and cannot be given for want of space. The ' Li.'e Compound" is the cheapest medicine in the world. One package of it will make a QUART of Syrup, which is enough to last more than two months. The price is $2 00 a package. Inclose $2 00 in a letter and direct it to . me, and by return mail I will send you a pack age of the Compound, postage prepaid by me. If you are sick you will find it just the thing , you have been looking for, and you never will regret having sent for it. I always send the Compound well sealed up. so that no one can tell what it is. I do this for the reason that there are some persona who a il for it that desire tr keep their disease a secret. The money may in all cases be sent at my risk. Address all letters to 3. : : . ' , . J.. M. T. McKELVEY, Sandusky, O.

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BE VOL. XXXVIII.! RESUMPTION. Speech of Senator llorton A Sound Cur rency the First and Great DesideratumEvils of a Fluctuating MediumEffects of the Greenback Debt on the Public Credit The Obstacles to a Resumption Considered Various Objections AnsweredSenator Morton's Plan Explained. From the Washington Chronicle. conciatdkd. The Secretary . of the treasury, in his last report, after making an able argu ment to show the evils of a depreciated currency, begins his discussion as to the means of returning to specie payment with the following statement: "The Secretary still adheres to the opinion so frequently expressed, by him. that a redaction of the paper circulation of the country until it approached to the specie standard was the true solution of our finacial problem. But as this policy was emphatically condemned by Con gressfand it is now too late to return to it) he recommends the following meas- , ures as the best calculated to effect the desired result." Here the Secretary reiterates his for mer opinion, that by largely contracting the paper currency the rest of it would be appreciated to par. How such con traction would have this result he has never shown, aud the opinion results from misapprehension of the causes which depreciate the paper currency. Suppose the greeback currency was con tracted down to one hundred millions, could the remaining hundred millions be brought to par in any other way than by making arrangements to redeem it? lou can not pay a debt withont pay ing it, and every trick or device to bring the currency up to par without making preparations to redeem it according to the promise on it3 face will be abortive and disastrous. The currency is depre ciated because it is overdue and dishon ored, daws no interest, and there is no time fixed or preparation made for its redemption; and these causes would depreciate it if there were but one mil lion of it afloat. The effort to force depreciated and irredeemable paper up to par by making it scarce and pinching the people is like an attempt to enhance the price of unwholesome provisions by producing a famine. The means he suggests for returning to specie payments are twofold. The first is to legalize specie contracts to be executed in coin. I voted for a bill for that purpose last session, without much consideration, and have become satisfied it was an error. The unwary would be enticed into such contracts by the crafty, and those in straitened circumstances or under heavy pressure would be forced into them. No man can safely make a contract, to be executed in coin, while the currency is depreciated and the financial condition of the country is fluctuating. Such contracts, when not brought about by coercion, or fraud, would be in the nature of gold gambling the one party trusting that gold would be at a large premium when the contract was due, and the other that it would command little or none. It could hardly be distinguished from a contract for the delivery of gold at a future time. Should coin contracts be legalized, however as proposed, it should only be in connection with some general plan to return to specie payments at a fixed period. . . But aside from the evils and hardships to result from such contracts, how eould they appreciate the value of the currency any more than common contracts for the future delivery of gold? They would not constitute any prepar tion on the part of the Government for the redemption of the currency, and therefore could not, to any preceptible extent, appreciate its value. The second means for returning to specie payments is contained in the following passage from the Secretary's report: "And he, therefore, recommends, in addition to the enactment by which contracts for the payment of coin can be enforced, that it be declared that after the first day of January, 1870, United States notes shall , cease to be a legal tender in payment of all debts subsequently contracted, and that after the first day of January, 1871, they shall cease to be a legal tender on any con tract,' or for any contract whatever, except Government dues, for which they are now receivable. The law should also authorize the conversion of the notes at the pleasure of the' holders into bonds bearing such rates of interest as may be authorized by congress on the debt into which the present outstanding bonds may bd funded." It is not enough, it seems, that the currency is already depreciated thirty per. cent, that the Government has violated its contract with the holders, and dishonored its pledge; but it is now pro posed to strike off at least one-third of its market value, by stripping it of its legal-tender character. Its legal tender character, by which it is made lawful money, and may be used in the payment of debts, has added at least one third to its current value. And this heavy loss the Secretary proposes to inflict upon the holdere of the currency at the time mentioned. The Government could be guilty of no clearer act of repudiation. To strike off one-third of their value in the hands of the people does not differ in principle from making them wholly worthless. While they are depreciated and unprovided for, the Government has no right to withdraw from them any element which goes to constitute their value. To show that such a measure would be repudiation in fact, let us consider the character of the contract between the holder of a greenback cotes aud the Government It is to pay so many dollars to the bearer or holder on demand. This is the original contract between the Government and the holder. The priv ilege of funding the notes into the fivetwenty bonds, conferred by the act of February 25th, 1862, and which the Secretary proposes to reestablish, only

JUST AND FEAR NOT! LET ALL THE

BiCHMOIVl), VVAYKE CO., I3I.,

reducing the interest cn '.he bonds, is a mere collateral privilege, and in no wise affects the right of the holder of the note to demand the performance of the original contract printed on its face. When the Government .therefore refuses to perform the original contract, and throws the holder entirely upon his collateral privilege of funding the notes into bonds, the act forms the clearest possible defin ition of repudiation, and does not differ . in principle from the proposition of the ' President to apply the payment of th9 interest to the extinguishment of the bonded debt. When the greenbacks have - been brought to par, and the Government stands ready to redeem them, then, and not till then, can their legal-tender character be taken away without repudiation. ;. '- -i."r --- -" Suppose that Congress should pass a bill providing that when the Five-twenty ootids are due the holders may fund them into a three per cent, bond, and that if they are refused to exchange, the Government will make no provision for their paj-ment. The Secretary would call that repudiation, and yet the case is different in no respect from what he pro poses The greenback note promises to pay so many dollars on demand. The bond promises to pay so many dollars at a particular time. The greenback note declares that it is "a legal tender for all lebts, public and private, eoett duties on imports and interest oa the public debt," which gives it one-third its current value. The bond promises to pay six per cent, in gold, which i3 its chief element of value. The greenback promises to pay to the bearer, and so does the bond. The title to each of them passes by mere delivery, and there is no more personality about the one than a- : bout the other. The moral and legal obligations of the one promise are precisely equal to those of tho other, and Congress has as much right to strike out the interest oa the bond as to strike out the legal tender clause on the notes. The value of the greenback note may be so depricated as to make it the interest of the holder to fund it into a bond bearing the very lowest rate of interest, or no interest at all, and Congress might , by legislation so impair the value of i the five-twenty bonds as to make it the interest of the holder to exchange it for (a bond drawing interest only at the rate of two per , cent. The Secretary proposes to take from the greenback currency one-third of its current value by striking from it, its legal tender ; character, and then authorizing the hol- ; der to fund it into a bond drawing a low , rate of interest at the same time telling i him in substance, that this is a final measure, and that, if he does not fund, he will get nothing. But it is true that by stripping the ; currency of its legal tender character, the country will at once be brought to ! specie payment that is to say, there j will then be no lawful money but gold ; and silver, which would be a legal tender in payment of debts, and every man , would be required to pay coin on his contracts. But the Secretary could not ' afford to strike down the value of the currency in this way without suggesting 3ome provisions for it, and so, notwithstanding the fact that he had just said that the policy of contaction had been emphatically condemed by Congress, and it is now too late to return to it, he saj's the law stripping the notes of their legal tender character should be also provided for funding them into bonds at the pleasure of the holder, bering such rate of interest a9 may be authorized by Congress on the debt into which the present outstanding bonds may be bonded. It may well be imagined that the holder of the notes will then be ready to fund them in any sort of bond. But what is that but contraction, pure and simple? The Secretary's policy travels in a circle, which invarably brings him back to contraction. He proposes nothing for redemption, and offers only that pol i icy which he says has been emphatically ; condemed by Congress, and as emphatic- ! ally by the country. Contraction is the ! Sengrado policy'' of bleeding the country nearly to death to cure it of a dis a3e which demands tonics and building up. The withdrawal of even 8100,000, 000 of the circulation would produce great stringency in the money market. innumerable bankruptcies, and most J likely result in panic and crash, from which the country would not recover for years, and during which the power of the Government to fund the debt and redeem the balance of the greenback currency would be paralyzed. To con tract the currency to the extent of funding all the greenbacks would be financial suicide would precipitate a disaster to the trade, industry,and prosperity of the country, for which there i3 no example in history. We must not return to specie payment in that way. We must descend the mountain by easy slopes and gentle curves, though it may take much longer, rather than spring from the top '. of the precipice, to be dashed in pieces at the bottom. - ' - But it is broadly intimated by the ' Secretary that the Supreme Court will i decide the laws making the greenback a j legal tender in payment of debts to be f. unconstitutional, and therefore void. If f the deed is to be done let it be by the ! court, and not by Congress. But it would have to be a very clear case that would justify the court in making a decision fraught with such terrible calamities to the country. If there be doubts hanging about the question they should be cast in favor of the legislation of Congress and the preservation of . the vast interest that are dependent on the maintenance of the law. The Supreme Court having jurisdiction over questions involving vast political, commercial, and social interests should be something more Chan the rigid expounder of statutes or collator of precedents, and should view such questions as statesmen as well as lawyers. , ' It was Lord Mansfield' who plucked up by the roots the hoary abuses of the

ENDS THOU AIM'ST AT, BE THY

law, however deeply imbeded in ancient authorities, and who, in the construe tion of statutes and settlement of great questions, decided them in accordance with the progress of the times and the new conditions of society, and thus rendered himself immortal in the history of jurispurdence. Beleving. as 1 do, that these laws are constitutional, and were imperatively necessary at the time of their passage, I should look upon a decision by which they would be suddenly destroyed with horror, and the court making it, would descend in history as the most appalling financial disaster that ever occurred in any country. But I have full faith in the learning, ability, and patriotism of that august tribunal and. believe it will not render its decision until the question has been viewed in all its bearings and concequences. To return to specie payments without a crash is the great desideratum, and this can only be done by making the process gradual. Time is a necescary element.and the first question to be considered is the period which should be fixed by the Government to begin the redemption of the greenback notes, and in my bill I have stated that the 1st day of July, 1871. Fixing a time must be the starting point of any plan which proposes to bring about a resumption without crash and disaster In proposing to give two years and a half to begin the work of redemption, I have several objects in view. First. By establishing the period of redemption a fisted value i3 given the greenback note. Now its gold value is fluctuating and deceptive, sometimes varying as much as ten per cent, in sixty days, and scarce ever remaining the samo for a week at a time. But by fixing a time for its . re lemption a certain value is given to it. If the note i; to be paid in gold on the first of July, 1871, its value can be determined by the ordinary rules of discount, and will steadily improve as the time for its re demption approaches, and other preparations being properly made it will be at par on or before the day fixed for redemption by gradual appreciation. By fixing the time for redemption, one chief element in the value of all commercial paper is gained that of certainty in the time of payment. Second. By fixing the period of redemption the country is notified and may be prepared for the change. People will have it in view in making new contracts and arrangements in business and debtors, fearing a decline in the price of produce, will make haste to pay their debts. During this two and a half years the great body of existing debts among the people will be paid. The debts new contracted, which will not fall due for two years and a half, nre very small and generally for re.il estate. The great difficulty generally attending the improvement iu the value of the currency and the resumption of specie payments where they have been suspended is the reduction in the nominal prices of property and labor, which operates injuriously upon the debtor class. It is generally true that as the purchasing power of the currency is increased the nominal prices of property are diminished. But this effect is sometimes counteracted by the increase in the volume of the currency. The inflation of the currency, even though it be composed of gold and silver exclusively, increases the nominal prices of property, of which we have a notable instance in the history of Spain. When resumption takes place all the gold and silver will be set free and poured into the volume of the currency thereby inflating it to a considerable extent, because the whole amount of gold and silver is very much greater than the whole amount of greenbacks that will be presented ' for redemption. ?t. But, as before stated, the period of redemption is postponed so long that the great body of the existing debt will be paid before it arrives, and the declension in the prices of property, which is likely to be small, would affect but a very limited class: and would scarcely reach the general business of the country. The time given is so long that it will become stale in the public mind all excitement and panic will pass away, and the change come so gently on that the people will almost have forgotten it when it arrives. Third. Hy fixing the period of re demption so far off the Government will have time to collect the amount of gold that will be necessary. The product of the mines for the year ending June 30, 18G9, may be safely estimated at $75,000,000, and after that at 100,000,000 per annum. When the Pacific Railroad is completed, which will be next year,' the facilities forgetting to the mines in California, Nevada, Idaho, Colorado, Utah and Montana, and for the .trausportation of heavy machinery necessary for quartz mining, will bo greatly increased, and must add very largely to the gold and silver product. But after all, the question of the amount of gold in the country is by no means so important as might at first be supposed. When the greenback notes begin to appreciate in value, our bonds will inevitably advance along with them, and it will be a very easy matter for the Government then to procure enough gold abroad, on its bonds, added to that which is in the Treasury to redeem the whole greenback circulation; and to this end I have in my bill provided that the Secretary of the Treasury may, as the time for redemption approaches, negotithe bonds drawing interest for the purpose of procuring gold sufficient to complete the work of redemption. But it has been said if the Government reserves the surplus gold in the Treasury, as proposed, it would become scarce in the market and difficult for importers to obtain enough with which to pa y duties., This objection might have some force were" it vaoti for other considerations. , When the Govennment fixes the time

Pi

GOD'S, THY COUNTRY'S AND TRUTH'S!"

JAN. 5, 1SG9. for the redemption of the gseenbaok notes, those who have been hoarding gold will think the time to sell it has come. If they hold it until the time of redemption comes, it will be better for them to sell when the premium is thirty-five cents than to hold it until the premiun is only twenty-five or ten cents; and the natural, and I may say the inevitable effect of fixing a time for redemption will throw a large amount of gold into the market that has hitherto been hoarded. It will then be better to hold greenbacks which are appreciating than gold which will soon lose its premium. Besides this resrvicg the gold in the Treasury creates a demand for it, and brings into operation the law which I have elsewhere discussed that supply is governed by the demand. And, first, I will consider the amount of gold that will probably be required, and with which it will be safe to begin redemption. It is shown by the history of banking that solvent and well conducted banks can safely carry on operations when they have one dollar in gold in their vaults to three dollars of their circulation. It i3 also shown by bank history that banks which have suspended specie payments, I uc whose sciuency and good management ar-3 not suspected' have been able to ledums whtn they have gotten iuto their aults one dollar in gold to two and a halt dollars o. their circulation. The credit oi the G vcrnment is better than that cf any bank, and it can, in my opinion, resume on a smaller proportion of gold than any suspended bank under the old syc-tera. The greenback notes, notwiths.ar ding their depreciation, have one great n erit which did not belong to the paper of any of the old State banks, which is that thejr are of uniform value in every part of the United States. They are far more convenient than coin for all business purposes. They can be sent to every part of the country in payment of debts, better and cheaper than the transportation of coin. The traveler from Maine to Minnesota can carry fifty thousand dollars of it about his person, without inconvenience or observation, saving to him the labor and anxiety of carrying coin, or the purchase of a bill of exchange. If brought to par, they would be the 'most desirable currency the country has ever known and the causes which usually bring about a run on the banks for gold would not operate against them, or have any effect upon their value. Under the old State bank system, to which it is hoped the country will never return, there was a far greater demand for gold than would occur under the present. The banks being local in their character, and their paper not current in distant parts of the country, led to a demand on them for gold by travelers or those who had debts to pay at distant points where their notes were not current. From these and other considerations it is doubtful whether as much as one hundred millions of greenback notes would be presented for redemption. When the greenback note is as good as gold then the people will not want gold, unless for specific purposes, for it would be an inconvenience and burden. The whole question may be thus stated. If the Government is strong with gold to redeem all the notes that may be pre sented, but little gold will be demanded, because it will be worth no . more than greenbacks ; but if the Government is weak and only able to. redeem a small part of the currencjv the gold will be hastily drawn out to sell in the market at a profit. It is true there are 8300,000,000 of national bank. notes in circulation, for the redemption of which the Government is bound, under the conditions of the national banking law, and it has been urged that when the period period fixed for redemption arrives, the national banks would immediately rush to the Treasnry with all their greenback reserves and drain it of a large portion of its gold. To avoid this difficulty, and to make the process still more gradual and to avoid all rash upon the Treasury or banks. I propose, by my bill, that the banks shall not be required to redeem their notes- in specie until the 1st of January, 1872, and during the preceding six months shall be required to hold in their vaults the same amount of greenback reserves, in which they. may as now, redeem their notes. If during that period they are required to hold their greenback reserves, as now, of course; they cannot rush the Treasury with them to get gold, and at the end of this time the Government will be able to meet their demands without trouble or danger To give the banks six months to redeem their notes in gold and perhaps I may move to make it a year beyond the time when the Government begins the redemption of the greenback currency, will be no hardship to the Government or the people: for national bank notes being convertible into greenbacks they will be of equal value and at par, and persons holding the bank notes, who want gold for them, will only have to present them to the banks and receive greenbacks in exchange, on which they would get the gold. And now I will consider the question how the Government shall procure the gold to commence the work of redemp tion. To this, I answer that the sales of gold by the Secretary of the Treasury must be stopped, the surplus gold now in the Treasury, and that which will accrue over and above the sums required to pay the interest on the public debt, and for specific uses, shall be reserved and set apart for the redemption of the greenback notes. There is now in the Treasury a surplus of not less than 870,000,000, and the accruing surplus under the present trriff, for the next two and a half years, can not be less than 8100,000,000, which will together make 8170,000,000. It is very difficult to form an estimate of the account of gold in the country.'

AJil U M .

Whole?? umber, I NO. ' 44. 169. The director of the mint at Phiadelphia in 1861, estimated the amount of gold in the country at that time to be 8285," 900,000, which I have no doubt was much short of the actual amount. The Comptroller of the Currency (Mr. Hu'.lj'jrd), in his report last year, estimated the gold product from our miuea from the 30ih of Juue, ISfti), to tha 30th of Juno, 188, aU a4H,320,000 The imports of gold from abroad during the same period were.... 78,913,587 The products of the mines during the, -, year ending June 30, 1383, are estimated at... 75,000,008 Making in the acgregate 840,233,587 To which may be added the gold circu- ; . lation iu California and otber gold producing States, not included in the above calculation estimated at..... 50,000,00) Making in all $890,253,583 Deducting toe amount of gold exported during the same period 477,740,903 Leaves a balance of $112,512,679 There is also another large import of gold into the country from Kurope of which there is no official record, the amount of which can only be guessed at. I mean that which is brought iu small sums by emigrants, who come to our country at the rate of half a million a year. I hare beard various conjectures -as to the amount thus brought to the country, and none hare put it lower than $20,000,000 per annum for the last eight years, making the sum of 160,000,000 Which added to the above, makes a total sum of .....$572,512,679 But to make an allowance for mistakes and exaggerations, I estimate the gold and silver coin in the country at 8400,000,000. The currency is not redundant, as I have before undertaken to show; and contraction should not come this side of redemption, and only by the act of redemtion. The greenback notes redeemed may be cancelled, and the coin paid out for them will take their place in the circulation, and the currency will become mixed, but the volume of it will not be diminished. Bringing the greenback notes to par will, in chemical language, "set free" all the gold and silver in the land, and pour them into the volume of the currency, thus inflating it, but the inflation will be legitimate. Then national banking may be made free, limited and restrained by the requirement of redeeming their notes in coin. Then there will be one currency for all the people, and one man's income will be equal to another's of like amount. Then our bonds, having kept pace with the appreciation of the currency, will be at par, and their disastrous flow to Europe will be checked. Then the Government can sell a four per cent, bond in the market at par, and with the proceeds pay off the present bonds, if the holders refuse to exchange them, and thus reduce the aggregate interest on debt more than 840,000,000, per annum. Then the business of the' country will be upon solid foundations and its prosperity enduring.- At the end of five years reconstruction will in all probability, have taken place ; the blessings of peace will prevail throughout the land; the prosperity of the South in great part restored, and cot- -ton though never more called king will play its former part in our foreign exchanges. After the ocean has been swept by angry tempests, that have egulphed gallant fleets and strewed the shores with wrecks and the bodies of the dead, comes a calm. The mountain waves sink to gentle billows ; the fierce gale lulls to a prosperous breeze: the sua sLiiues forth in splendor, and the surviving mariners with joy ful hearts again spread their sails, resume their courses, and speed away to their destined haven. So with our country when peace, reconstruction, and resumption have come. It has been swept and sent by the storms of civil war. The land was strewn with the dead, and everwhere are visible the vestiges of the conflict. But peace has come, and with it reconstruction.' The bright sun of prosperity shines forth in a cloudless sky. Industry, trade, and commerce again flow in their accustomed channel with accelerated currents. The tide of emigration rising higher and higher, sweeps across from the Old World. The wilderness of the West yields up its golden treasures and blossoms as the rose, and our country moves on gloriously to its great and final destiny. The Cincinnati Chronicle sa3's: "Hon. Will Cumback, who was constantly on the stump during the long and arduous canvass in Indiana, where the contest was closer and more severe than in any other State, and who contributed largely to the final success, appears to be decidedly ahead in the race for the Senator--ship. He is personally very popular at home, and would do credit to his State as the successor of Mr. Hendricks and colleague of Gov. Morton. Col. Cumback was formerly a member of Congress, and is the Lieutenant Governor elect." . A Quakeress said recently to a friendan reference to the Quaker formula of marriage: "It is true I did not promise to obey when I was married; but I might as well have done so for I had to do it." The citizens of Portland, in their railroad meeting, have resolved that in taking subscriptions that Bidgeville shall be a point on the , Richmond and Fort Wayne Railroad. Winchester Journal. . .. ., i tT , Artemus Ward used to say that no one could beat his mother at making slapjacks, and that "as a slapjackist, she held the belt. " i Lady Thorn and George j Wilkes, the famous trotters,' are matched for a con-J test in June for 810,000. This is the lar-1 gest amount ever trotted for ? in this country. : - ' ,;- '7 ( ',

4t . r u ... w w 6 - S o . r IB a i 2 S 4 6 13 26 52 1001 IN 2 00 2 60 3 00 3 50 4 00 50 12 00 2 001 001 4 001 5 00 5 00 600 00(10 l-U 1 25l 3 00 1 50) 3 50 291 OOM T 60112 I 8 26)15 I 00 1 00 1 75 2 00 3 00 5 00 4 251 7 0H 00 18 00 5 001 8 50110 00 18 00 25 0 o oel 8 oolio ool 12 00122 00, 30 00 9 00 0014 00118 00 25 00 45 00 00118 00U5 00(35 00 60 00 loeoi 14 001 Josh Billing on the Pro,. 5 . Josh Billings replies to a correspondent in this wise: ....... . Bbnvolio In writing for you an annalysis of the frog, I must confess that I have copied the whole thing vervains ad liberating from the works ot a celebrated French writer of the 16th century. ' 1 ' . :,. it The frog is in the first place a tadpole aul body and tail, without coming to a head. ' ' ' -' - He travels in pond holes, by the- side of the turnpike, and -ds accelerated by the activity 1 of Ins tale", iiWhfch wiggles with uncommon limberness and vivacity. By and by, before long, pretty soon, in a few days, his tale is bo more and legs begin to emerge front the south end of the animal, and from the north1 end at the same time, may be seen a disposition to head oua. In this cautious way the frog is built and then for the first time in his life he begins to get his head above the water. In about five days raore.he may be seen sitting down on himself by the side ov the pond hole, and looking at the dinner basket ov the children on their way to the district school. ' As the children come, more nearer with a club or chunk oo, brick in his hand, to swott him with, he rares upon his hind legs and enters the water head fust, without opening the door. . - Thus the frog does business for a spel uv a time, till he gets to be 21, and his life is more ramified.. - Frogs have 2 natures, ground and water, and as free from sin as am oyster. I never knew a frog to hurt anybody who paid his honest dues. I don't reccollect now wheather a frog has any before legs or not, and if he don't it ain't anybody's business but the frog's. Their hind legs are used for refreshment's, but the rest won't pay for eatingA frog is the only person who can live in a well and not get tired. ' The bull frog is the boss of the puddle, and talkin to the rest of the frogs, way down in his throat, so that you can't understand more than half he says he is generally a cross, lazy old devil, and all over wartz. This is all there is worth knowin' now about the frog, except' that th-ey ketch flies in fly time, and winter by fireezin' up solid, j; t P. S. I have endeavored to translate my author close, but it is tuff to render all his buties into- our tung without busting the sense. Singing. Singing is a great institution." It oils the wheels of care-, supplies the place of sunshine. -A man who sings has a good heart under his shirt front. Such a man not only works more willingly, but he works more constantly. A singing cobbler will earn as much money -again as one who gives away to low spirits and indigestion., Avaricious men never sing. The man who attacks singing throws a stone at the head of hilarity, and would if he could, rob June of its roses and August of its meadow larks. Singing promotes ' health, strengthens the voice, the organs of the throat an lungs, and prevents or cures consumption. Singing hr an excellent agent for promoting mental hygiene. Herald of Health. Hang out tour Signs. The Commis sioner of Internal Revenue has decided under the new Revenue laws, that all who sell liquors shall conspicuously 'exhibit their names on a sign to that effect, on a prominent outside portion of the building. Tack 'em up Dan. Bryant, at .the minstrels, tells of the most complex family eyer known, something in this wise: , I married a young widow, who lived with her step-daughter. My wife was therefore the mother to law and daughter in law of my father. I am the stepfather of my mother in law, and my wife's step-daughter is my step mother. Well, my step mother that is to say, my father's wife and my wife's daughter had a son. He is my step-brother, of course, but being the son of my wife's step-daughter, my wife is, of course, his grandmother, and J am his grandfather as well as his step-brother. My wife also had : a boy. My step-mother is, consequently, the step-sister of my boy and also his grandmother, because he is the child of her step-son, and ray father is the brother in -law of my son, who is the son of my step-mother. I am my , mother's brotber.in law, and my wife is the aunt of ber own son, my son is the grandson of my father, and I am my own grand father. ' ; The Cincinnati Gazette, of Thursday, speakntg of the various railroad combinations, says: ; ; j ' . - "The construction of the Richmond and Fort Wayne Road, which has been decide upon, r wiU BerVe as a new feeder to the Fort Wayne road, while it will also throw a large business on to the Cincinnati, Hamilton and Dayton road, and opean up an important country to the trade of Cincinnati.' h" '-"s't u ' -'-- .. --The Mississippi river was navigable to St. Paul, this year, two hundred and fifty-eight , days, the . longest period known in .one ypr.' , .

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