THE DAILY EVENING TELEGRAM. PHILADELPHIA, FRIDAY, F3BUUABY 22, 18GT. (fating iclcpiilt PUBLISHED EVERY AFTERNOON MJnAYS KXCF.PTKD). AT TUB KVKNINO TELEGRAPH BUILDING, Ho. 108 8. Third Street. Price. Tlire Cents Per Copy (Double Pbeet), or Eighteen Cents Per Week, payable to the Carrier, and mailed to Subscribers out of the city at Nine Dollars Per Annum; One Dollar and Fifty Cents for Two Months, Invariably In advance lor the period ordered. FRIDAY, FEBRUARY 22, 18G7. What Will the President Do? Sfecclatior ia rifo as to the course the Presi dent will pursue with refuronco to the recon struction bill which has just passed Congress. "Were Mr. Johnson a wiser man than he has hitherto shown himself to be, lie would em brace this opportunity to escape from the dan gerous position into which his attempts to exercise the legislative functions of the Govern ment have betrayed him. lie must see that it is useless for liim any longer to put his own will in opposition to that of the people, as ex pressed through their representatives. It is an unequal contest at the best, and the longer he continues it the more disastrous will be his final overthrow. By yielding now he might save himself and bring peace to the nation. So long as he adheres to his present position, he'virtually claims to exercise functions which belong alone to the law-making power of the Government, and thus renders inevitable a collision with Congress, which can have but one termination. The President may well follow the example of the distinguished Sena tor from Maryland, and accept of the present measure as the best attainable, and infinitely praforbale to inaction. The World advises him to veto the bill promptly, and send it back to Congress in time for that body to act upon it before the close of the session; That journal argues that to kill the bill by pocketing it would but transfer the whole matter to the next Congress, which as sembles immediately upon the adjournment of the present one, and which promises to be a still more radical body than this one has been. The Times, Tribune, and Jlerahl urge the President to sign the bill, and thus terminate the struggle. Our Democratic contemporary of this city says, in its usual strain, that " the life of the nation is at stake;" "the people must be aroused to their danger," and that " the Pre sident could, do this by proper action at this crisis," but does not tell him what to do. The Ledger advocates the adoption of the measure as a final settlement of the difficulty, and in the interests of peace and business prosperity. ' There is, therefore, no mistaking the general sentiment of the country, including not only the whole Republican party, but a very largo portion also of the Democracy. If the Presi dent shall prolong the contest, in the face of these indications of the popular will, he must expect to find the country acquiescing in such further measures as may be found necessary, with a unanimity hitherto altogether unanti cipated. The Contraction of the Currency. There is no subject upon which there appears to be such a diversity and , contrariety of opinions as upon the proper financial policy to be pursued by the country. Questions of finance are at the best very abstruse ones, and the whole subject of political economy is one with wliigli the masses of intelligent men even are but superficially acquainted. We thus find the very same facts made the basis of the most contradictory conclusions. It is accepted as axiomatic by a very large class of people, that the only safety for the country lies in an early return to specie pay ments. Every financial difficulty is hy this school of thinkers ascribed to an assumed re dundancy of the currency. This view has found countenance and expression by the Secretary of the Treasury, and it is especially insisted upon by the New York Tribune. An anonymous writer in the New York Herald takes up this theory, and treats it at length, questioning its premises and conclu sions with a boldness and vigor of argumenta tion that we have not often met with in the discussion of financial questions. We cannot attempt to follow him through his exhaustive, though deeply interesting essay ; but some of the ' points he makes are worthy of conside ration. He assumes, in the outset, that the real value of domestic products is affected only by the law of supply and demand. Supposing the supply of each to be in its usual quantity, a barrel of pork will be worth two barrels of flour, no matter how much paper it may require to effect the exchange. Hence, he concludes that real values are not affected by the expansion or contraction of the currency. Our domestic exchanges could be effected equally well with f 1,500, 000, 000 currency, or with half that amount. The barrel of pork would still be worth two barrels of flour in either case. But when we come to raising a certain fixed sum by taxation for the purposes of Govern ment, it does make a vast difference whether the currency is expanded or contracted. For instance, the Government received during.the last fiscal year nearly $000,000,000 in taxes a sum which our writer estimates at forty per cent, of the currency, estimating as currency both circulation and deposits. This was a large amount, and such a rate of taxation could only be sustained by keeping the industry of the country in a flourishing condition. But now, if the currency were to be contracted one half, or to 1750,000,000, then the $(X0, 000,000 of taxes would amount to eighty per rent, of the currency a rate of taxation which the country could not endure for a single month.. Assuming fort per cent, of the currency as the extreme limit of taxation capable of being sustained by the country, even with its indus try in the most prosperous condition, it fol lows that if the currency be contracted one half, the amount realized by taxation will also le decreased one-half. But the amount of taxes, especially if we expect ever to pay our public debt, can only be reduced by a very limited sum. The result, therefore, of such a contraction of the currency as would enable us to resume specie payments, would be to make the burden of taxes insupportable, and to prostrate the industry of the whole country. The national debt was contracted in a depre ciated currency worth about fifty cent3 ou the dollar. The rates of interest upon a large por tion of it were fixed at far abovo specie rates. A resumption ofpecic payments would com pel the payment of the debt, not in the depre ciated currency in which it was contracted, but in specie. "The true policy," says our writer, "is to depreciate the currency to forty or fifty cents on the dollar, thereby facilitating the conver bion of Seven-thirties, checking importation, and turning the balance of trade in our favor, enabling our people to pay fc'JOO, ('00,010 in taxes with ease, and so reducing our debt that by the time the bonds are hi ought back from Europe, and the debt is all funded, we shall le ready to resume specie payments with not more than $1,000,000,000 of funded debt in existence, at an annual in terest charge of $00,000,000. Such a policy will reduce the debt to convenient proportion, and enable us to extinguish ' it entirely in twenty or thirty years, provided we are not in volved in expensive wars in the meantime. But if specie payments be resumed at once (an idea which is simply preposterous), or if they be resumed with the whole of our present debt in existence, the annual interest charge will exceed 1120,000,000 and the principal $2,000, 000,000." These doctrines are certainly not in accord ance with views which have obtained a wide currency in the public mind, yet they present the financial problem in a phase which is worthy of careful attention. Washington's Hirtliday. Tins anniversary of Washington's birthday is being very generally observed. And well may it be, for, in a comprehensive view, the pros pects of the great nation whose independence Washington did so much to achieve were never more bright than now. It is true, there is a class of croakers who cannot comprehend the grand movements of the times ; whose souls are cold and dead to the generous im pulses of freedom and advancing civilization; and who, therefore, think these are very sorry times. But those who see how, all over the world, and more especially in our own coun try, the great doctrines of human rights, of popular liberty, of general enfranchisement are progressing with sure and rapid steps, will rejoice upon this day. The three mil lion inhabitants of Washington's time have grown to more than than thirty millions ; their sway has spread from ocean to ocean ; their productive industry has, increased a thousand fold ; their bonds of union have stood the test of the fiercest trial; and, more than all else, that hateful and distracting institution whose abolition was one of the chief objects of Washington's desire, has at last passed away. Never has a brighter future dawned upon the country than is now opening before us. Never before have we been so favor ably situated for showing the world the true value of free institutions. Never before has the essential and vital principle of our system of government had a fair chance to show its legitimate workings in the laws and institu tions of the people. From Washington's day down to almost this very hour, we have been the victims of a fierce and irrepressible antago nism between opposing forces. The popular principle has at last triumphed, and is assert ing its sway over the whole land. Hence, the future is bright, peaceful, promising. Hence, we rejoice upon this returning anniversary of the birth of Washington. The ltedeinption of the Compound In terest Notes. Tun House of Representatives yesterday took action to provide for the redemption of the Compound Interest notes which will fall due during the current year. Mr. Hooper, from the Committee of Ways and Meaus, reported a bill providing for the redemption of these notes in certificates of indebtedness bearing 3 65-100 per cent, interest. Mr. Stevens moved an amendment that the Compound In terest notes should be redeemed in plain legal-tenders, thus saving to the Govern ment the interest. After considerable discus sion upon the effect of the proposed amend ment in expanding the currency, Mr. Stevens' amendment was adopted and the bill was passed. It is brief, containing only the fol lowing section; Be it enacted. That the (Secretary ol the Trea sury be and he Is hereby authorized mid directed to redeem compound interest notes, with the accrued Interest, and to issue therefor United Slates legal-tender notes without Interest, not exceeding in amount one hundred millions of dollars. Harnum vs. llaruum. The fourth district of Connecticut is fated to be represented by a Barnum. The Republi cans have nominated Phineas T. Barnum, of woolley horse memory, while the Democrats have nominated William Henry Barnum, an iron merchant. The appearance of two Rich monds in the field threatens to complicate mat ters for the unhappy district, and we see a prospect of future newspaper fights ad libitum. The voters must examine their tickets with care, to see that they be not deceived. , And, above all thing3, we beseech the reporter of the Associated Press to be careful when he telegraphs the result. Our Democrat contem porary, having aa eye to the impressment, an nounces, with great jollification," and a dis play head, that the " Columbia Newsmonger" states "a gain of six votes for the Democracy at Bugville." How much greater will bo the glory when it Is telegraphed that "the election resultod in tho choice of Barnum for Congress!" Wo enjoin the Associated Press, in this agr of consistency, not to deceive our sanguine, and not over-cautious neighbor. The Usks of Accipkntsi aki Blunders in Politics. The New York Herald of this morn ing says: "It Is curious to note how the accidents of the war nud the blunders of oppoluu polltl clnns have nnM.sL d In tue wo.rlt of this great politlcnl revolution. A decisive defeat of the Hctiels at the first hull Hun mluht have saved Bouthfin Hlatery in the collapse of the Jeft. lnvls (.'onledeiacy. Had MeUellnn succeeded nt Richmond, there would most ilk' ly have been no emancipation proclamation from Presi dent Lincoln. Had Andrew Johnson, when culled to take his place, convened (Jotinress for thelcRl.slntivp work of Hon i hern reconstruction, instead of undci InkiiiK It himself, the (Stales com erned would duuhtless have been restored upon a half-way compromise on negro HufrVnue. lino thoKe (States followed the example of Ten iii Bsce, they would be now in Congress on the simie tei ins. Hml the Democrats In the House vol d for Hie last bill as it camefrom theSonate, I hey would have cured to the leading Hebels the privilege now denied thtni.of assisting in rebuilding their respective Stiites. As our fail ures in the war in defense of slavery brought about the extirpation of slavery, so all our failures lu half-way plans of restoration have worked out a full and decisivesetllement ou the basis of civil and political equality." SPECIAL NOTICES. jggv NEWSPAPER ADVERTISING. JOY, COE A CO. Agents fur the "Tklkukaph." and Newspaper Press of the whole country, have RE MOVf D from FIFTH and CHESNUT Streets to No. 144 S. SIXTH Street, second door above WALNUT. Ofpicfh: No. 144 S. SIXTH Street, Philadelphia: TRIBUNE BUILDINGS. Mew York. 7 30lp RSr POST OFFICE, PHILADELPHIA, PA. FkiikcakySI. ISK7. The Mail for Havana, Cuba, per steamer STARS AMlbl KI1KS, will close at this ollice at it o'clock A. M., on fc-A'l UiiDAY, February aa. the duy of nailing. It C. M. HALL, Postmaster. STATE TEMPERANCE CONVEN TION, to be Held at HARRIsUURG on TUESDAY. February m, 1KH7, at lu o'clock A. M. Notice Is hereby gtveu thai arrangements have been made by the PHILADELPHIA TKMPKRANUK SOCIETY with the Pennsylvania Central and Pliila deTphiaand Erie Railroads to convey Delegates from diflerent parts of the Stateover the line ot their rouus. All numbers of the Convention will pay lull fure to HarriBbiirg, and receive a ticket from the becrelary of tlieConveniion to return tree ot charge. Excursion Tickets maybe procured on the Hue of the P.eailing ltallroud I rum uny of the Ticket Agents, to go and return for liall' fare, arrangements having bet a made to that eilect. W. C. H ENDRICKSON", JOHN M. HARPER. JOSEPH VV. MARTIN. li Committee. irt5f OFFICE OF TUE FRANKFOUD AND PHILADELPHIA PASSENGER RAIL WAY COMPANY. No. 215.1 FRANKFORD RouU. Piin.AOKi.i'iliA, February -1. 1hi,7. All persons who tre subscribers to or holders ot the Capital Mock of ibis Company, and who nave not yet paid tnc FOURTH Instalment of 1 I VK DOLLARS ier share thereon, are hereby nolllied that the said 'ourlh Installment has been called in, and Unit they are required to pav the same at the above otlicc, on or befoie SATURDAY, the vth day of March next. Itw7. ity resolution of the Board of Directors. JACOB IiINDF.lt, 2 2i lgt President. K3 OFFICE PENNSYLVANIA RAILROAD Si' COMPANY. .. Pmi.ADKi.rHiA, February 19, PW7. NOTICK TO STOCKHOLDERS. The Annual Flection for Directors of this Company will he held on MONDAY', the 4th day of March. 1H7, nt the Otlice of the Company, No. Zii (South THIRD Street. The polls will be opened from 10 o'clock A. M. until 6 o'clock P. M. No Share or Shares triiiislerred within sixty days preceding the election will entitle the holder or holders thereof to Vote. EDMUND SMITH. 2 20 lit Secretary. OFFICE OF TREMONT COAL COM- PAN Y. No. M PHILADELPHIA EX CHANGE, PiiiLADKLvitiA, February 11, 187. NOTICK The Annual Meeting of the Stockholders of the Tre mont Coitl Company will he held at No. 16 Phlhidel- fbia Exchange, in the city ot Philadelphia, on TUKs AY, li e twenty-sixth tlav of February, at 12 o'clock M., at which time and place the Annual Election for President and Directors, to serve the ensuing year, will be held. 2 11 lat GEORG E H. COLKET, Becrotary. ftF HOLLOWAY'S PILLS ANT) OINT MKNT ASTHMA. Though this disease has bullied the skill, and been pronounced by eminent medical men as irremediable, the numerous Cdrlili cales daily received by Dr. HOLLOWAY are a direct refutation to such iil-lotinded and fallacious conclu sions. Coughs, colds, and asthma, In all Its ramiiica Hons of bronchial affections, diseases of the chest, throat, etc. , have been cured in their worst stages by theseexpectorant and laxative remedies. Sold by all druggists. 21Mmfs4t KT BATC II ELOR'S HAIR DYE. t3 THE BEST IN THE WORLD. Harmless, reliable, Instantaneous. The only per fect dye. No disappointment, no ridiculous tints, but true to nature, black or brown. GENUINE IS SIGN ED WILLIAM A. BATCHELOIt, ALSO, Regenerating Extract of Millefleurs restores, pre serves, and beautifies the hair, prevents baldness. Sold by all Druggists. Factory No. 81 BA HULA Y Street, New York. 3 34 JggP NEW PERFUME FOB THE HAjWKEllCllIEF PHALON'S 'Night Blooming Cereus." FIIAXON'S "Night Blooming Cereua." FIIALON'S "Night Blooming Cereua." PIIAIiON'S "Night Blooming Cercui." PlIALON'S "Night Blooming Cereua." A most exquisite, delicate, and Fragrant Perfume, distilled from the rare and beautiful flower irouj which It takes Its name. Manufactured only by 813w PIIALON . SON, New York. bEWARE OK COUNTERFEITS. ASK FOB I'll ALON H TAKE SO OTHER. gPEOIAL NOTICE. FRANK CRANELLO, TAILOli, No. OJl CHESNUT Street, (Formerly of No. 132 8. FOURTH 8.reot HAS JUST OPENED WITH AN ENTIRE NEW STOCK OF ' CLOTHS, CA3SIMKRES AND VESTING 3 Mude up to the order of all Gentlemen who are desirous ot procuring a first-class fashionable gar ment. 2wlm6in TEINWAY & SONS' GRAND SQUARE AND UPRIGHT PIANO FORTES. STEIN 'WAY & 1SON8 direct special attention to f.'iV'f u.ewly ln vented "Upright" Piauos, with their 'J'atiiU Xtionutor" and double Iron F'rarae, oaten ted June S, iwiti, Tills luvemlgu consists In providing the Instrument (lu addition to the Iron frame lu front of the soundboard), with au Iron brace frame lu the rear 01 It, both frames Iwlug cast in on piece, thereby Im parting a solidity ot construction and capacity of staudlng lu tuue never belore utlalued In that class of instrument. The soundboard Is supported between the two frames by an apparatus regulating Its tension, so that the greatest possible degree of sound producing capa city is obtained, and regulated to the nicest desiruble point. The great volume and exquisite quality of tone, as well as elasticity and promptness ol action, of these new I'pright Pianos have elicited the unqualified ad miral lou ot the musical profession ami all who have heard them. 1SLAS1US BROTHERS confidently offer these beautiful Instruments to the public, and invite every lover of music to call and examine them. Every Piano Is constructed with their Patent Agraffe Arraugemeut applied directly to the full Iron Frame, For sale only by BLASIl'f UROTIIKltS, 1 28 lm4p No. 1U06 CHF.SNUT Street. trftm THE PIANOS WHICH WE MANTJ 7 M X l Itacture recommend themselves. We pro uiim to our patrons clear, beaulilul tones, elegant workmanship, durability, and reasonable prices, com bined with a full guarantee, For sale only at No. 1U17 WALNUT Street. 67 UNION i'lANO MANUFACTURING 00, SPECIAL NOTICED. N OT 1 C E. LECTURE ON LIGHT, STRIKING ILLUSTRATIONS, f THK ALKXANDFR BRESB YTKRIAN CHUItrtlf. COKN I..H N I N KTKKNTH AND UK KEN STKK.K PS. Ou MONDAY EVHNIN,2th lust.., at H o'clock, IN AID OF THE 111. Ill A NY MISSION FOrt COLORED CIIII.DItlON. By Professor ALItKKT It LKKDS. A. M. Admission, Oocenis. h'chnlar, 25 cents. Tickets at T. B. l'ugh's. No, Hi7 Chesnut street. 1 1 ii Inula Drug More, corner of Niueteentu and Green. i'2 2l Hlacklioiise's Drug Store corner of Eighth and Given. SCS-T REMOVAL. Pun adki.i'hia, February Is, 1407. To accommodate ourcoMinually increasing business, we have mken cominoiiiiius ronms In the HanK of the Republic Huihling, Non. si and ml CHKSNUT street, where we shall La pleased in see our many patrons and fi lends, and where any Information on the subject ot LIFE INSURANCE will be cheerfully given. Respectfully. CHAMBERS .t FRENCH, 2V2:tl General Annuls, li. a. HAMnr.ns. u.x. kiikii u, CRITTENDEN'S COMMERCIAL COLLEGE, No. 037 CHKSNUT St., corner of Sarcuth, Ehtabll.vbed ISM. Incorporated 1J35. COMPU TE PREPARATION FOR THE COUNT ING HOUSE. J tot K -KEEPING practically taught in all Its branches. PENMANSHIP, plain and ornamental; Calcula tions, Forms, etc. students instructed separately, and received at any time. Day and evening Instruction. A department Is now on for Indies. Catalogues furnlshfd on application 2 20 wfmst ISST G I It A R D COLLEGE. Notice Is hereby given that a vacancy exists in this Institution in the Professorship of -INDUSTRIAL SCIENCE," (Natural Philosophy and Chemistry, as applied es pecially to the arts), and that applications tor the position will he received by the undersigned uutil the 1st of March next. Salary, fo per annum. HENRY W. AREY, Secretary Qlrard College. 2 IS 12t4p No. 2A7 South NINTH Street, FOR SALE. ffs FOR 8 A L E A VERY DESIRABLE Liiil Country Heat, containing twenty-one acres, more or less, situated on the Old YorK road, opposite the residence ot Mr. Joseph Swift, and adjoining lauds of Mr. Rogers and the late William Logan Fisher, and within tilteen minutes' walk ot stations on the North Pennsylvania and Germnutown Railroads. For par ticulars apply on the premises, or to ABRAHAM It. BOCK1US, Executor, 2 IS 12t Germantowo. jflS FOR SALE A BARGAIN. THE NEAT Stone cottage, No. 4VW KINGSESSING Avenue, est Philadelphia. Lot, 40x175. 11. F. GLENN, 2 20Jilf No. liil S. SEVENTH street. NEW PUBLICATIONS. "And ther the Leellns', wld burslln' leellns', Stud on the stepes in the peltln' rain, Anil how d as grand as, and smiled as bland' as If Mickel Rooney wor the King ot Spane." LDERMAN ROONEY AT THE CABLE BANQUET. AN IMPROVISED EPIC BY" HIMSELF. TheAitin' and Dbrlnkln' and Spayklu' aud Toasts PRIOE, 50 CENTS. Address all cash orders, retail or wholesale, to T. B. PETERSON & BROTHERS, .No. 806 CHESNUT Street, Philadelphia, Pa. Send for our Mammoth Descriptive Catalogue. Books sent postage paid, on receipt ot retail price. ALL NEW BOOKS are at PETERSONS'. 2 7 INSTRUCTION. THE GREAT NATIONAL TELEGRAPHIC AND COM MKIU'IAL INSTITUTE, No. 710 ARCH STREET, PHILADELPHIA, PA. This Institution is now open for Educational pur poses. The outfit is perfect furniture throughout being entirely new. THE TELEUKAl'UIC DEPARTMENT Is under the control of Mr. Park Spring, who, as a most complete and thorough operator, is unqualifiedly endorsed oy the eutire corps of managers of the Western Union Telegraphic line at the main ollice lu this city. Twenty-one Instruments lu constant opera tion. THE LADIES' TEI.E4JR AP1IIC DEPART MENT, In comfort and elegnnce.equals any Drawing-room In the city. Opportunities for study are here afforded that are unequalled. T1IK COMMERCIAL DEPARTMENT Is under the especial care of Mr. T. C. Search, an ex i.erlf need accountant, and late Professor of Accounts In a prominent Business College of this city. A full corps of 'leachurs always in attendance. UNPARALLELED OFFER. We will refund the entire charge of tuition to any pupil who may be dissatisfied with our instruction after having given two weeks' faithful labor lu either Department. SEND FOR CIRCULARS. TERMS PREV10U8 TO MARCH 1, 1807. Full Course, lime unlimited 25 Telegraphing, three mouths a 2 11 mwl Um JACOB H. TAYLOR, President FEMALE COLLEGE, BORDENTOWN, N. J. Summer Sesslou commeuces MARCH 6. For Catalogues, terms, etc,, address xijav jouii 12.. uaa&.i.i , a. -u,, 2 IS 15trp President. PRICES REDUCED. CLARK & BLDDLE, JEWEILEFS AND SILVERSMITHS No. 712 CHESNUT Street, Have Just received an invoice ot LAHES' AND GENTS' GOLD WATCHES, Made especially for them, which they guarantee to be unsurpassed in quality by any watch In the American market. They also invite attention to their very com plete assortment ot SILVER-WARE FOR BRIDAL ClIFTS. PLATED-WARE OF BEST ENULISH AND AMERICAN . MANUFACTURE. 222 smwlmrp tutuvit ..fti-wav "am STOLEN, ON THE 8TH INST., CERTIFICATE No. U2ki of Delaware Division Canal Company, dated October 15, 1 at, for filly shares slock In name of Annie L. Atlee: also, Certificate No. aoi of Maryland Gold Mining Company, dated August 81, Ism, for 100 shares stock In nam of Edwin A. Atlee. EDWIN A. ATLEE. 2 22ftu3t No. 44 N. t lf '1'11 Sli.et. if!" FINANCIAL. PENNSYLVANIA STATEL9AN. PROPOSALS FOR A LOAN or $23,000,000. AN ACT TO GREATS A LOAN FOR THE REDEtflTION OF THE OVERDUE BONOS OF THS COMMONWEALTH. Whereat, The bonds of tlie Commonwealth and certain certificates of Indebtedness, amounting to TWENTY-THKEE MILLIONS OF DOLLARS, have been overdue and unpaid for some time past; And whereas. It Is desirable that the same Bhould be paid, and withdrawn from the market; therefore, 8etion 1. He it enacted by the Senate and TTout of Jicjiretentatives of the Commonwealth of J'enn tylvonia in General Assembly met, and it U hereby ettaeted by the aulliorUy of the same, TUnt the Oovernor, Audllor-Ueiieral, and Htate Trea surer be, and are hereby, authorized nud em powered t bortow. on the faith of the Com monwealth, in such amounts and with such notice (not less than forty days) us thoy mny deirn most expedient for the interest of the Stale, twenty-three millions of dollars, and Issue certificates of loan or bonds of the Com monwealth for the same, bearing Interest at a rate not exceeding six per centum per annum, pnyable semi-annually, on the 1st of February and 1st of Annum, in the city or Philadelphia; which certificates of loan or bonds shall not be sulject to any taxation whatever, for Slate, municipal, or local purposes, and shall be paya ble as follows, namely: Five milllous of dollars payable at any time after live years, and within ten years; eight millions of dollars paya ble at any time after ten years, and within fif teen years; and ten millions of dollars at any time after fifteen years, aud wilhin twenty-five years; and shall be signed by the Governor and State Treasurer, and countersiened by the Audltor-Ueneral, aud registered in the books of the Audltor-Ueneral, and to be transferable on the books of the Commonwealth, at the Farmers' and Mechanics' National Bank of Philadelphia; tho proceeds of the whole of which; loan, including premiums, etcetera, received on the same, shall be applied to the. payment of the bonds and certificates of in debtedness of the Commonwealth. Beet Ion 2. The bids for the said loan shall be opened in the presence of the (i'.ivei nor, Auditor-General, and State Treiistirer, and nwarded to Ihe highest bidder: Provided, That no cortifl cate hereby authorized to be Issued shall be negotiated for less than its par value. Section 3 i he bonds m the State and certifi cates of indebtedness, now overdue, shall be receivable in payment oi the said loan, under such regulations as the Governor, Auditor General, and State Treasurer may prescribe: and every bidder for the loan now authorized to be Issued, shall state lu his bid whether the snme Is payable lu cash or in the bonds, or certificates of indebtedness of the Common wealth. Section 4. That all trustees, executors, admin istrators, guardians, agents, treasurers, com mittees, or other persons, holdiug, in a fidu ciary capacity, bouds or certificates of Indebt edness of the Stute or moneys, are hereby authorised to bid forthe loan hereby authorized to be issued, and to surrender tlie bonds or certificates of loan held by them at the time of making such bid, and to receive the bonds authorized to be issued by this act. Section 6. Any person or persons standing In the fiduciary capacity stated in the fourth sec tion of this act, who may desire to invest money In their hands for the benefit of the trust, may, without any order of court, iuvest the same in the bonds authorized to be Issued by thisiact, at a rale of premium not exceed ing twenty per centum. Section 6. . That from and after the passage of this net, all the bonds of this Commonwealth shall be paid off In the order of their Maturity. Section 7. That all loans of this Common wealth, not yet due, shall be exempt from Slate, municipal, or local taxation, after the interest due February 1st, one thousand eltilit hundred aud sixty -seven, shall have been paid. Section 8. That all existing laws, or portions thereof, inconsistent herewith, are hereby re pealed. JOHN P. GLASS, Speaker of the House of Representatives. L. V. HALL, Speaker of the Seuate. Approved the second day of February, one thousand eight hundred and sixty-seven. JOHN W. GEARY. In accordance with the provisions of the above act of Assembly, sealed proposals will be received at the Ollice of the Slate Treasurer In the city of Harrlsburg, Pennsylvania, until 12 o'clock M., of the 1st day of April, A. I). 1867, to be endorsed as follows: "Proposals for Penn sylvania Slate Loan," Treasury Department, Harrlsburg, Pennsylvania, United States of America. . Bids will be received for J5,000,UOO, reimbursa-. ble in five years and payable In ten years; S,0),(M), reimbursable inteu years, aud pnyable iu fifteen years; and 810,00(1,000, reimbursable In fifteen years and payable iu twenty-five years. The rate of Interest to be either five or six per cent, per annum, which must be explicitly stated in the bid. and the bids most advanta geous to the State will be accepted. No bid for less than par will be considered. The bonds will be Issued In sums of 60, and such higher sums as desired by the loaners, to be free from State, local, and municipal taxes. The overdue bonds ol the Commonwealth of Pennsylvania will be received at par lu pay ment of this loan, but bidders must state wbelber they intend to pay lu cash or In the overdue loans aforesaid. No distinction will be made between bidders paying lu cash or overdue loans. JOHN W. GEAUY, Governor of Pennsylvania. JOHN F. HAKTltANFT, Auditor-General W.fl. KEMBLE, State Treasurer. N. B. No .newspaper publishing the above, unless authorized, will receive pay. 2 7 COPARTNERSHIPS. "VMmCE.-WE HAVE THIS DAT ADMIT JJN TKD Mr. blMON l'OKY as a member of our house. DALLiiTT & SON. Philadelphia, February 18. ISU7. it 15 Hit LOST. Cr. REWAUD.-LOiT ON feUNUAY AFTER tJPU noon. 17th Inst., a LINK GOLD BHACKLKI', between Nineteenth aud Vine streets and Frankliu and Thompson streets. The tinder will receive the above reward by returning it to this otlice. 2 is . HENRY S. HANNIS & CO., Nos. 218 ana 220 S. FRONT Street, QTFER TO THE TRADE, IX LOTS TO SUIT, Iwj Thousand 2000) Barrels Free OLD RYE WHISKIES Banging from THEEE to TEN years of age. . , ALSO, Six Thousand (6000) Barrels in Bond, DISTILLED IN 1663 AND 1S6& Liberal contracts made for lots to abbive, of this year's manufacture. f HftfiuKp J U OT ARRIVED FROM LIVEUPOOL, AND NOW LANDING, Ship Lancaster, 8 hip Virginia, Ship John L. Dimmock, 9 Ship Jane J. Southard, Ship Xate Davenport, Ship T. J Southard, Barqut Onni, from London. 7300 Boxes Tin. 2857 Bundles Hoop Iron. 680 Bundles Round Iron. 260 Bundles Teazle Iron. 500 Pigs Lead. 640 Pigs Tin. 52 Casks Zinc. 30 Casks Antimony. 10 Casks Bake Pans. 40 Cesks Emorv. 8 Casks Files. 45 Tons Spelter. 40Cf) Pounds Steel Wire. 200 Bundles Tinned Wire. Fop Sale at Lowest Market Bates BY . ' - N. & G. TAYLOR CO,, Nos. 303 and 305 BRANCH St., 2 20 4Wp PHILADELPHIA. INSURANCE COMPANIES. Q THE INSURANCE COMPANY OF THK STATE OF PENNSYLVANIA. OFFICE, 4 and 5 EXCHANGE BUILDING, HOI1TH SLDK OF WALNUT, EAST OF THIRD STREET. IMURPOKATKIt APRIL 18, 17M. C1IAKTKR PKRPETVAIh ' CAPITAL, ASSETS, $200,000 $600,000 MARINE, FIItK, 4X1) INLAND TRANSPORTATION INSURANCE. One of the oldest INSURANCE COMPANIES ia the United States. 73 IEAKS IN EXISTENCE, LURING WHICH TIME IT HAS PAID LOSSES 1 0 THE AMOUNT OF $10,000,000. DIRECTORS. Henry D. Sberrerd, Charles AluculcHier, William S. (Smith, William B. White. George H. Stuart, Samuel Urunt, Jr., Tobias Wagutr, Thomaa B. Wattsou. Henry Q. i rceuiau. Cnai k'HH. LewU, Jeorge C. Caraou, Kdwurd V. Knight. John li. Auadu. HENRY D. SHERRERD, PRESIDENT. WILLIAM HARPER, 2 2'6HP SECRETARY. Q-IIIARD FIRE AND MARINE INSURANCE COMPANY, (No. 030) N. E. COK. CHESNUT AND SEVENTH STS., W PHILADELPHIA. CAPITAL AX Nl'ItPLVM OVER 9300,000. IStOJIE FOR 1MOO, 9103,934. Looses Paid and Accrued In Ibttt, 17,00V, Of which amount not fwoo remuln unpaid at this date. iioti.ooo 00(1 of p.operty lias been Successfully insured by this Compnny in thirteen years, and Lljtht ttuu dieU Lobses by l'lre promptly puld. DIRECTORS. Silas Yerkes. Jr., Alfred K (Jilleit, N. 8. Lawrence, Charles I. Hupuut. ll.n.u V Lr... Kuruian Shot mrtl, Thomas Mailveliar, .lull ti S II tml. John W. CUiglibrii !.... I. irl t. " lfcouuBi THOMAS CRAVEN; President. A. S. OILLETT. Vle.e-Prsldeiir. ' 2 2.lmw J AM KM U. A LVORD. Secretary. TRICT .ECONOMY IN MANAGEMENT. PROVIDENT LI FE AN ITRrT'MPANT OF PHILADELPHIA. Commenced Bttslu&iS 7mo. 14, 1805. Organized to extend the "benefits ot Lite Insurance amoug members ol' the Society ol Friends. All good risks of whatever deuointuaiiou solicited. SAMUEL n. SHIPLEY. President. ROWLAND PARRY. Actuary. HORACE WLSTAB. M. D., Med. Examiner JAMES B. TOWNSEND, Legal Adviser. This Company, In addition to the security arising Iron) the accuniulatiou ot premiumai given the Insurer theadvantano ot uu uciual paid-up Capital. ALL THE PROFITS OF INSURANCE ARE DIVIDED AMONG THE INSURED. Life Policies aud Endowments la all th most ap proved forms. Annuities granted on favorable terms. 1 22fmw3m WANTS. NOTICE.-AN OPPORTUNITY IS OFFEKED to men or experience and tact to engage lu one ot the Important branches of business. Persons of experience in canvassing preferred. Call rt No. 82 North FIFTH Street, In this city, atolllces Nos. M nud 2 a 18 l3Up A BOOK-KEEPEB WANTED IN A BANK- lug-lious. AaUtessAWHa reiereuuw. r. v. BuaZUC
Significant historical Pennsylvania newspapers