6
THE T4EW YORK PRESS.
BOTTOM A L oriNIONS OF TUB LEADING JOURNALS
" PPON CURRENT TOPICS COMPItKD EVKKT
Ip AT FOR TUB EVKNINU TKLWJRAPH.
Oar Finance, Carrniify, and National
Bank My. tent.
JPrtrm the Herald.
We hare been going wrong in the manage
ment of the rational finances through nearly
the whole war, and up to the present tinie.
The first step taken to raise money for the
prosecution of the war, ly calling upon the
apitalists of the country for a loan, was the
jight one. Fifty millions was soon raised in
tkis city in that way, and five hundred million
r more could have heen raised in the same
wanner if the Government had called for loans
in time, in convenient sums, and running ovr
a sufficiently long period. Indeed, all or nearly
all the money needed for the war could have
Iwen procured if our finances had been
properly managed, and a suitable system of
taxatiou had been established. With a revenue
approximating that which we raise at present
and snch a revenue could have Iwen raised
the loans required would have been com
paratively small, and the credit of the Govern
ment, with such resources, would have stood
so high that capitalists would have supplied
money on easy terms; but, unfortunately, such
a policy was not pursued. Like a reckless
spendthrift heir, who mortgages his estate
regardless of the future, Congress mortgaged
the industry and wealth of the country to the
Amount of nearly three thousand millions of
dollars within a period of four years. Nothing
io le compared with this recklessness and
luinous mismanagement of a nation's finances
can be found in the history of the world.
It was a great misfortune that we had not at
the time statesmen capable of managing such
important matters. But our present financial
condition was not all the result of ignorance.
There was a class of shrewd fellows ami cun
ning politicians who saw they would make
immense fortunes and acquire political power
through the troubles of the country. Salmcn
P. Chase, former Secretary of the Treasury,
and now Chief Justice, was the head and front
ef these speculators. He Hooded the country
with paper money, which caused gold to run
up to a high premium, and thus enabled those
who took the bonds of the Government to get
them at less than half of their real value.
England, in her most trying times during the
great European war at the beginning of the
century, never had her credit reduced so low.
Yet our resources were almost boundless. A
large class of bondholders was created who
obtained their bonds at a very low rate, in con
sequence of this same Chase party having
previously depreciated the currency by flooding
the country with it. Mr. McCulloch, who
had been brought from the West, was first
made Comptroller of the Currency and then
Secretary of the Treasury.
These men seemed to control the legisla
tion of Congress. The next step, after having
got out a flood of paper money and the bonds
at less than half their real value, was to
establish the National Hanks. Here was
another mine of wealth. The property of the
landholders was increased in value, the
privilege of circulating three hundred mil
lions of currency produced an immense profit
to the banks, the trade and industry of the
country were ttnder their control, and a vast
political machine was set going for the pur
pose of making Presidents and Congresses,
and for controlling the destinies of the
republic. Now we find Messrs. Chase and
McCulloch and all their numerous associates
and partisans making the most desperate
efforts to perpetuate and fasten upon the
country these National Banks, their circulation
and all their privileges. They wield a vast
power; and it is yet to be seen whether there
is strength enough in Congress to break up
this infamous monopoly. Borne successful
movements have been made already to limit
their power and privileges, but the great work
remains to be done; that is, Congress should
withdraw their circulation and substitute legal
tenders in the place of that. This would be
an immense saving to the Government, and
the national banks could bank on legal-ten
ders just as well, and still do a profitable busi
ness. The profit on the currency of the
country belongs to the Government and people.
It is an outrage to give it away to an over
grown monopoly. Let Congress drop politi
cal squabbling and turn its attention to re
modelling our financial system, beginning
with the national banks these pet esta
blishments of Chase, McCulloch, and other
rich bondholders and speculators.
Proposed Diplomatic Reform.
Irorn the Tribune,
The Senate Committee on Foreign Relations
Laving their attention turned to changes in
the rank of onr diplomatists, we commend
them to an exhaustive examination of the
whole subject. It never seems to have oc
curred to them, nor to our legislators gene
rally, that the United States have really no
place in -the diplomatic system of Europe.
That system is one established to guard and
protect the relative interests of European
powers among themselves. Europe is per
petually undergoing changes which disturb
the balance of power among the peoples and
potentates. , One power is losing, or another
gaining, or a third changing its conditions,
almost constantly. The diplomatists are the
picket-guard on watch for these alterations
and changes, both actual and threatened, and
whose business it is to report daily to head
quarters'. This gives them occupation, often
interesting, and sometimes important. They
thus become a body which, though in some
Sense composed of rivals, is nevertheless a
Larmonious body In the main, and, trom iden
--i'ltj 9f rurauit, has a btroiig fooling of esprit du
TiVti tim taw of their1 organizatiA changes
Ihe individual members from country to
country, and in so doing widens their experi
ence, enlargos their knowledge, and makes
them familiar with one another, llius the
lody requires a homogeneity of character. The
diplomatist is a gent lemon who lives and dies
in his profession. He knows it in gross and
be knows it in detail. He enters it before the
mast, climbs to be captain, and dies au ad
miral. We see in this what European diplomacy
means, and is. It is a profession; and it means
a watchful care of small, Bometimes great, in
ternational interests; an observation of local
movements and schemes, which are seldom
80 isolated in their effects us not to impinge on
outside relationships. Diplomatists are the
cuardiana of little treaty stipulations, trading
orrnTnements. political movements, small com
plaints and rival designs, growing out of con
tiguous possessions, old agreements, new re
all arising from the family
character of European interests. Europe is
property possessed by certain great families;
ad tlese are tjw stewards who look alter th
a
and
tim DAILY EVEK1KG TKLEGRAl'lI. PHILADELPHIA, MONDAY,
general business of their principals, the new
conveyances, the line fences, the trespassers,
those who threaten to trespass, the suits, and
those influences, insidious anil otherwise,
whiih sometimes generate great and involun
tary changes.
From this imperfect sketch, it is apparent
that the United States do not belong, natu
rally, to the European diplomatic system any
more than China does, excepting in our com
mercial relationships, and these are mostly
managed by Consals; whoso peculiar province
they are. Comparatively speaking, then, our
diplomatists in Europe have little or nothing
in common with the European body, and,
under ordinary circumstances, are a com
paratively idle body, and a useless body.
The ten thousand little affairs which directly
and indirectly occupy and interest the Euro
pean diplomatist are of not the slightest
concern to the American Envoy, as they have
ho bearing, near or remote, upon American
interests.
The conclusion is, that the rulea which
apply to the diplomatic, profession in Europe
have no application to us, or our body of diplo
matists. Wo publicly recognize this in tho
faot that in this country diplomacy is not
made a career as it is there. Our diploma
tists are not grown, they are niade sometimes
out of whole cloth, often out of wood, some
times out of putty or poor clay. Such as they
are good, bad, and indifferent they are pro
jected into European courts full grown, with
out practice or experience in their duties
duties which are, happily, of such a light and
general character that there is seldom any
balk in discharging them. These representa
tives thus spring into being, remain visible a
while, and then disappear from their orbits
forever. But while this is the case, we pre
serve the traditions of European diplomacy,
that to such and such a Court there must
be Rich and such a kind of Minister.
With European powers, there is an excel
lent reason for this, as we may see from the
organization of the diplomatio service among
them. There are the subordinates, and there
are the chiefs of a regular profession, and the
opportunities of promotion must be preserved,
or the system would break down, and it is
essential it should not break down. But with
us these considerations have no weight. As a
matter of fact, our Government is under no
constraint on the subject, and may do pre
cisely as it likes in regard to tho qua
lity of the representatives it deputes to
any European court. It is thus we come to
the conclusion that it would be wise to reor
ganize our diplomatio service on tho basis of
sending out to perform it only those who are
necessary to discharge its plain and limited
duties. And we hold that, with few excep
tions, we require nothing but Charges des
Affaires at European courts: and that one of
these is sufficient for two or three places,
even where we now maintain Ministers at
each.
We could not on an instant's notice venture
to say positively just what the necessities of
each case demanded; but in the general wo
think we see very plainly where some useful
retorms could be instituted, Perhaps wo need
a full mission to England, and at least a Resi
dent Minister in Paris. But we know no rea
son why our interests in Spain and Portugal
should not be united and committed to the
care of a single Charge des Affaires. We
think that Austria and Switzerland would be
well served by a similar arrangement, and
Italy and Rome by another like it. Certainly
a Charg6 for Constantinople and the East
would be ample, as it would be likewise for
Belgium and Holland. Perhaps we should
require a Resident Minister at Berliu and
another at St. Petersburg; but nobody could
say that Denmark and Sweden could demand
anything more than a Charge des Affaires
between them.
We offer these suggestions for the considera
tion of the Senate Committee on Foreign Rela
tions, and commend them to their serious
attention. While those gentlemen appear to
be for increasing the rank, and of course the
pay, of our representatives in Europe, at least
in one instance, we are for diminishing them.
Some of the members of that committee belong
to the progressive school; and we should be
glad to see them progress in the right direc
tion, on the subject which we have now ven
tured to call to their notice. They have an
excellent opportunity to distinguish them
selves by a reform based on the ideas we have
thrown out, which we doubt not would com
mand the liveliest approbation of the public.
Our Public Stocks Abroad
From the Times.
Mr. Sherman, of the Senate, has renewed
his commendablo effort of last spring to con
solidate the principal and reduce the rate of
interest of tho funded and fundable stocks of
the dnited States. His new bill aims to pm
serve the five per cent, principle of the mea
sure introduced last spring, but in different
iorms.
1. The domestic fundholdor is to receive a
Eold-bearins six per cent, stock, subject to a
tax of ohc per cent, in lieu of all other taxes,
including income, for the support of a sinking
fund, and for no other object, which by com
pounding will pay off tho principal following
out the original provision of the act of Fe
bruary 25. 1802. The Sinking Fund Commis
sioners are to be the Chief Justice and the
Secretary of the Treasury. Their authority
to purchase the existing six per cent, stocks
for the Sinking Fund, and the separate au
thority of the Secretary to effect their exchange
for the consolidated debt, extends to 105 per
cent., or 5 per cent, premium.
2. The foreign fundholders in the existing 6
per cents are invited to accept a o per cent
consolidated stock, free ot all drawback or
taxation; principal and interest payable in
their own currency, and at their own financial
capitals. The diliereuce to be allowed on such
exchanges not to exceed 105 for the 5-20s, and
new sales of such foreign consolidated S per
cents are authorized by the Secretary of the
Treasniv.
that Mr. Sherman will not
inrvfo !!., 1.(11 of li nveseilt Session of Coil-
!, it ,ncni that somethuig ma;
bedono to-day with the second (or foreign)
provision, as a separate proposition, m mo
House of Representatives. The Secretary has
. .... . 1 i . i. 1
beeu and is very solicitous on tne suojeci, mm
urged the measure with mucn earnestness m
Ins December report to Congress, it nnus
favor, too, with our New York bankers of
English and Continental connections, many of
whom were most active and liberal, as well as
eminently useful, at the most critical period of
our war for tho suppression of Rebellion, in.
introducing and rapidly extending the sales of
United States 5-as iu Europe to the relict of
the foreign exchanges here, when the absence
of euch relief might have greatly aggravated
the high premium on gold.
And as the present measure does tiet imply
a proposition to raise a foreign loan, ut sim
ply to exchange or fund exiting obligations,
it is wholly free from the objections made to
borrowing money directly abroad dnrhicr the
war. It carries with it no Bense of discredit
on the contrary, rightly presumes that our
great Government ought to and can reduce
the raw 01 goia interest to Bv per ceut.WKl
it cannot possibly lower the national dignity
(as objected to original War loans abroad),
now that peace is restored and the resources of
the Treasury proved more than equal to the
support of the public debt. Such stocks have
leon repeatedly made in sterling money by
the great empire of Russia, and the principal
and interest, paid in Ionrion, as a matter of
convenience and economy, without the
slightest notion that it either lowered the
dignity or credit of the Government. In like
manner, some of the loans of Holland, the
wealthiest of tho smaller States of Europe, aee
provided for in London. And nearly all the
Turkish and South American State stocks are
not only made payable in London, but were
originally negotiated there.
A correspondent of the Tinus, a few days
since, placed the advantages of the measure, so
far as it is to affect our foreign exchanges,
before onr readers, and it is not necessary to
recapitulate the arguments of this writer or of
the Secretary of tho Treasury the most im
portant of which looks to the removal of the
great and constant danger to our foreign ex
changes in heavy drafts upon our gold by the
Sudden return of Federal bonds held abroad,
on the recurrence of financial panics such as
was witnessed in London last May, and on the
outbreak of wars or serious political complica
tions in Europe.
Dangeron Precedent.
From the Xation.
The declaration of martial law over one
third of the inhabited portion of the Union at
a time of nominal peace, and when there is
certainly no organized opposition to the Gov
ernment, must be admitted to be a severe
measure, and a precedent which may hereafter
be used to justify tho grossest usurpation.
Some future Congress may seize the oppor
tunity afforded by a slight and purely local
outbreak to crush a disagreeable Stato Gov
ernment, and subject the people to martial
1 aw; referring to the acts of the Thirty-ninth
Congress as a sufficient justification of its
course. Not that such a course is really justi
fied by the present action of Congress, which
is taken to abate the evils arising out of an
insurrection of almost unparalleled magnitude;
but that, as we all know, precedents are
strained and bent without scruple when fac
tious interests so require.
We recognize these dangers of the future as
fully as do any opponents of the measure just
passed. We should have been glad, had it
been possible, that the entire process of recon
struction should have been brought out by
civil law, tho army being used exclusively as
a substitute for the posse romitalus. But, not
withstanding all this, we have approved of the
action of Congress upon this bill because of the
peculiar circumstances of the case, wluch seem
to leave no option except between measures all
dangerous, and all in some respects unsatis-
lactory.
A slight review oi existing facts will con
vince any reasonable man that it is impossible
lor congress either to act, or to retrain from
acting, without establishing a precedent of
more or less danger. If it does not interfere
with the bouth, the result is that ten State
Governments will remain in permanent opera
tion which were founded by the military orders
ot the I'resident, issued through and enforced
by "provisional governors" officers wholly
unknown to the law, appointed without the
consent of the Senate, and vested with abso
lute power. By an Executive order, two-thirds
of the male citizens of full ago in these States
were excluded from all voice in the formation
of the Governments under which they were to
live. Tho elections were conducted by officers
appointed by the provisional governors, and
the results decided by these governors. How
flagrantly unconstitutional was the appoint
ment of these governors themselves no one
surely can need to be convinced.
They were not officers of the army, detailed
to preserve order within its lines. They were
civilians, appointed to perform civil duties.
No law authorized such appointments; and the
President had as much right to appoint a Pacha
of Egypt, and pay his salary from the national
treasury,-as to appoint and pay a civilian as
provisional governor of Mississippi. Tho
names of the governors were never even sub
mitted to the Senate. In short, no single step
was taken towards giving their appointment a
pretense of legality. Yet they, under tho
direction of the President, exercised all the
powers of governors and legislatures com
bined, and had, if they did not actually exer
cise, the power to mould the future Govern
ment of their State at their will.
Grant, as we do, that these powers were used
with fair intentions, and with a desire to do
substantial justice. Grant, as we do not, that
no one was wrongfully excluded from voting
at the elections thus held. Grant anything
that may be honestly claimed; and yet the
precedent is one fatal to republican institutions,
if allowed to stand unchallenged. Forty thou
sand officers were, it is said, appointed by
these usurping Governors, whose very office
was a nullity, and their title not merely void
able, but absolutely void. Of what value are
constitutional checks, of what use are legisla
tures, if the Executive shall be sustained in
organizing ten governments over 8,000,110 of
people, and iu appointing 40,000 officers to
govern them, without a shred of law to war
rant his action ? What if they did act uprightly ?
Is it to be supposed that officers illegally ap
pointed will always be honest and faithful ?
If such a supposition is to be entertained, and
is to justify acts so utterly unlawful as these,
our republican government will run into mere
Ciesarism within ten years.
Tliis is the precedent which Congress would
establish by inaction. The Governments thus
brought into existence, having the support of
neany an tne classes within their respective
States accustomed to political power and to the
use of arms, could forever keep down the un
organized and helpless majority. And as some
government must exist in every State, and
every attempt to establish different govern
ments would lie promptly crushed, alter the
fashion pf New Orleans, the courts would be
compelled to recognize the governments thus
founded upon acknowledged, flagrant, undis
guised usurpation as having, nevertheless,
ripened trom governments de facto into govern
ments tie jure.
If it is said that Congress should take less
stringent action than it has done, we reply
that, as far as the constitutionality of Buch ac
tion is concerned, Congress has a right to act
upon tne tneory that nothing has been done
towards restoring civil government since the
Southern armies surrendered, and may do
now whatever it could have done in Mav. 1S65:
and that as far as expediency is concerned, it
is expedient and essential that severe and
peremptory measures should be taken to break
down usurpations which have been allowed to
exist too long, and have of course gained
strength by delay. Ordinary civil process
would not suffice to cope with the evil. It
would be subject to interminable delays and
loaded with technical difficulties. This, we
admit, would not be a sufficient reason for
abandoning the ordinary process of law in
dealing with an ordinary civil government.
But Mr. Johnson's creations are tho children of
military rule, and may very properly bo de
stroyed by the pedes of law to which they
owed their existence. Military usurpations
are legitimately dealt with by martial law.
Between tne two precedents of reconstruc
tion both by the exercise of military power,
usfd, however, in the one case under the
authority and restraint or civil law, and in
the other case in utter disregard and defiance
of law our choice is made without hesitation.
A despotism which claims its origin from a
statuto cannot, with any grace, assert its right
to exist alter the repeal of the statute; but one
which springs from the will ' of a single man
mid is checked, or amplified by his uncon
trolled decisions, is capable of indefinite exten
sion and continuance. We shall seek, as far
may be possible, to limit the scope and dura
tion of military rule; but since it was unavoid
able that it should exist under Some condi
tions, wo prefer it as enacted by congress
rather than as established by the President.
We have heretofore spoken of the evil in
fluence of legalized disorder and oppression,
such as we believe to exist iu the bouth. Ihe
unavenged massacre at New Orleans, the
applauded murders of Union soldiers in Geor-
f . . . i 1 1 .1 ! e -vt .1
Cia. the uoasteci . tusappearanoe oi norwieni
men trom lexas, tne atrocious acquittal oi vt.
Watson in Virginia, are but examples of a
state of affairs constituting a precedent more
damaging to republican government than any
period ot temporary aiilitary rule can be. The
uso of ai mod force to break np such mon
strosities is no more inconsistent with republi-
an institutions than is the uso ot the Italian
army to break up Neapolitan brigandage in
enmistent with constitutional government.
The more thoroughly the work is done, the
sooner can tho ordinary forms of law be re
stored, and the States be left to govern them
selves, as we shall rejoice to see them do.
WATCHES, JEWELRY, ETC.
Xims ladomus&co;
DIAMOND DEALERS & JEWELERS.
WATCHES, JKHH.HY SILVER WAKE.
.WATCHES and JEWELRY REPAIRED.
J02 Chestnut St., FhUft
Have on hand alargeand splendid assortment of
DIAMONDS,
WATCHES,
JEWELRY, AND
HIIVEK-WAHE
OF AK.Ii KINDS AND PRICES.
Particular attention Is requested to onr large stock
of DIAMONDS, and the extremely low prices.
BRIDAL PRESENTS made ot Sterling and Stan
dard Silver. A large assortment to select from.
WATCHES repaired In the best manner, and war
ranted. 5 lJ4p
Diamonds and all precious stones bought for cash.
WATCHES, JEWELBY.
W. W. CASSIDY,
No. 18 SOUTH SECOND STREET,
Offers an entirely new and most carefully selected
stock of
AMERICAN AND GENEVA WATCHES,
JEWELRY,
SILVER-WARE, AND FANCY ARTICLES OP
EVERY DESCRIPTION, BUltable for
BRIDAL OR HOLIDAY PRESENTS.
An examination will show my stock to be unsur
passed In quality and cheapness.
Particular attention paid to repairing. 8 16
BOWMAN & LEONARD,
MANUFACTURERS OF
AND
WDOhESALE AHD RETAIL DEALERS
IN
Cold and Siher-Platcd Goods,
No. V04 A II OH Street,
PHILADELPHIA.
Those In want of SILVER or BILVER-PLATED
WAKK; will Hud It much to their advantage to visit
our bTOKE belore niukliig their purchases. Our long
experience in the mauutttciure of the above kinds of
goods enables us to dely competition.
We keep no goods but those which are of the FIRST
CLASH, all eur own make, and will be sold at reduced
prices. 6j2i
3.
Large and small sizes, playing from 2 to 12 airs, and
costing from 5 to 300. Our assortment comprises
such choice melodies as
"Coming Tbro' the Rye."
"Robin Adair."
"Rock me to Sleep. Mother."
"The Last Rose of Hummer."
Monastery Bells," etc, etc,
Besides beautiful selections from the various Operas.
Imported direct, and for sale at moderate prices, by
FARR & BROTHER,
Importers of Watches, etc,
11 llsmlhjrp No. 324 CnESNUT St., below Fourth
ucmrv u ADDrn
No. 520 ARCH Street,
Manufacturer and Dealer la
WATCHES,
FINE JEWELRY,
SILVER-PLATED WARE, AND
8 It SOLID SILVER WARE.
SILVER-WARE
FOR
BRIDAL PRESENTS.
G. RUSSELL & CO.,
JSo. 23 North SIXTH St.
Invite attention to their CHOICE STOCK OF SOLID
Pll.VKH-WAHE, suitable for CliRLsTMAS ANU
BRIDAL PltKfeENTs.
LEGAL NOTICES.
TS THE ORPHANS' COURT FOR THE
J CITY AND COUNTY OF PHILEDKLPHIA.
Estate of JOSEPH KTKACK. uweHsed.
The ppiltlou of CHAKLOTTA STKACK, widow of
Bsld decedeut. having been filed W retain and hold
of said estate the sum ol IjoO, In cash, under th pro
visions of the Act of Assembly of April 14, ISjI, and
Its supplements, notice Is hereby given that the sauia
will be approved by said Court, oil KAHJRDAY,
March 8, lbo7, unless exceptions be filed thereto, ,
. . .. 'ilHjU.AU K. FlNLJSITlj.ll,
2 M thsniw Attorney vr Widow
MARCH 4, 1807.
FINANCIAL.
PENNSYLVANIA
STATEL0AN.
PROPOSALS FOR A LOAN
or
$23,000,000.
AN ACT
TO CBXATX A LOAN FOR THE REDEMITIOS
07 THE OVERDUE BONDS OF THE
COMMONWEALTH.
Whereas, Tho bonds of the Commonwealth
and certain certificates of lndcbtednesfl,
amounting to TWENTY-THREE MILLIONS
OF DOLLARS, have been overdue and unpaid
for some time past;
And whereas. It Is desirable that the same
should be paid, and withdrawn from the market;
therefore,
Section 1. lie it enacted by the Senate and House
of Jirjrresentativei of the isnninwxweallh of itnn.
tylvania in General Assembly met, and it w hereby
enacted bu fie authority of the tame. That the
Governor, Audltor-Oi-neral, and Htate Trea
surer be, and are hereby, authorized aud em
powered to borrow, on the faith of tha Com
monwealth, In such amounts and with such
notice (not less than forty days) as thoy muy
deem most expedient for the interest of the
Htate, twenty-three millions of dollars, and
lRHtie certificates of loan or bonds of the Com
monwealth for the same, bearing interest at a
rale not exceeding six per centum per aunum,
payable semi-annually, on the 1st of February
and 1st of August, In the city of Philadelphia;
which certificates of loan or bonds shall not be
subject to any taxation whatever, for Htate,
municipal, or local purposes, and shall be paya
ble as follows, namely: Five mllllous of dollars
payable at any time after live years, and
within ten years; ellit 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, and within twenty-flve
years; and shall be sigued by the Governor and
Htate Treasurer, and countersigned by the
Auditor-General, and registered In the books of
the Auditor-General, ana to oe transterabie on
the books of the Commonwealth, at the
Farmers' and Mechanics' National Bank ot
Philadelphia; the 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.
Hectlon 2. The bids for the said loan shall be
opened in the presence of the Govei nor, Auditor-General,
and Htate Treasurer, and awarded
to the highest bidder: Provided. That no certifi
cate hereby authorized to be Issued shall be
negotiated for less than its par value.
Hection 3. '1 he bonds of the State and certlfl
cates of Indebtedness, now overdue, shall be
receivable In payment of the said loan, uuder
such regulations as tne uovernor, Auuitor-
1 ' .... 1 ...... UtntA T.aiiaii.a 1.1 n ni.uci.U.M
and every bidder for the loan now authorized
to be issued, shall state In bis bid whether the
same Is payable In cash or In the bonds, or
certincates oi inueoteuness oi tne immon
wealth.
Section 4. That all trustees, executors, admin'
lstrators, guardians, agents, treasurers, com'
mlttees, or other persons, holding, in a Ada
clarv caDacitv. bouds or certificates of indebt
edness of the Htate or moneys, are hereby
authorised to bid for the loan hereby authorized
to be issued, and to surrender the 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.
Hection 6. Any person or persons standing In
the fiduciary capacity stated In the fourth see
tlon of this act, who may desire to Invest
money in their hands for the benefit of the
trust, may, without any order of court, Invest
the same in the bonds authorized to be Issued
by this Act, at a rate of premium not exceed
ing twenty per centum.
Hection 6. That from and after the passage of
this act, all the bonds of this Commonwealth
shall be paid off in the order of their maturity.
Hection 7. That all loans of this Common
wealth, not yet due, shall be exempt from
State, municipal, or local taxation, after the
Interest due February 1st, one thousand
eight hundred and sixty-seven, shall have beeu
paid.
Hection 8. That all existing laws, or portions
thereof, Inconsistent herewith, are hereby re
pealed. JOHN P. GLASS,
Speaker of the House of .Representatives.
la W. HALL,
Speaker of the Senate.
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 Oltice of the Stale Treasurer
in the city of Harrisburg, Pennsylvania, until
12 o'clock M., of the 1st day of April, A. l. 1HU7,
to be endorsed as follows: "Proposals for Penn
sylvania State Loan," Treasury Department,
Harrisburg, Pennsylvania, United Slates of
America.
Bids will be received for $5,000,000, reimbursa
ble In five years and payable In ten years;
(8,000,000, reimbursable in ten years, and payable
in fifteen years; and 910,000,000, reimbursable in
fifteen years and payable In twenty-flve years.
The rate of Interest to be either five or six per
cent, per aunum, which must be explicitly
stated in the bid, and the bids most advanta-
J;eous to the State will be accepted. No bid for
ess than par will be considered. The bonds
will be Issued in suras of 850, and such higher
sums as desired by the loaners, to be free from
State, local, and municipal taxes.
The overdue bonds of the Commonwealth of
Pennsylvania will be received at par In pay
ment of this loan, but bidders must state
whether they Intend to pay In cash, or In the
overdue loans aforesaid.
No distinction will be made between bidders
paying In cash or overdue loans.
JOHN W. GEARY,
Governor of Pennsylvania.
JOHN F. IIARTRANFT.
Auditor-General
W.H. KEMBLE,
Stale Treasurer.
N. B. No newspaper publishing the above,
unless authorized, will receive pay. 2 7
7 3-10s,
ALL SERIES,
CONVKRTKD INTO
Five-Twenties of 1865,
JANUARY AND JULY-
WITHOUT CHARGE.
BONDS DELIVERED .IMMEDIATELY.
DE HAVEN &DROTHER,
10 2i,rplJ Ko. 40 SOUTH THIRD St
p. S. PETERSON & CO.,
No. 30 S. THIRD Street.
UOVEBSinENT SECURITIES or AM,
KIM DM, AND STOCKS, BONDS, ETC.,
BOUGHT AND BOLD AT TUB
Philadelphia and New York Boardi of Broker.
COMPOUND INTEBEST NOTES WANTED;
BB AFTS ON NEW YORK
Alwivt till Mia In ituni to suit purchaaors, (8 Uat
FINANCIAL.
pjEW SIX PER CENT
KEGlSTEltliD LOAN
OP Till
LEHIGH COAL AND NAVIGATION CO.,
DUE IN IN97.
JNTEHEST PAYABLE QUARTERLY,
FREE OF TJNlTEU STATES AND STATE TAXES,
I'OIt N 4EE
AT THE OFFICE OF THE COMPANY,
NO. 183 KOCTII SECOND NTREKT.
This LOAN Is secured by a First Mortgage on the
Company's Ruilroad, constructed, and to be con
structed, extending from the southern boundary of
tlie borough or Mauch C'liunK to the Delaware River
at Easton: including their bridge across the said river
now n process of construction, together with all th
Company's rights, liberties, and franchises appertain
ing to the said Railroad and Bridge.
Copies of the mortgage may be bad on application
at the OOlce of the Company.
SOLOMON SHEPHERD,
3 2m TREASURER.
JayCooee&(p.
112 and 114 So. THIRD ST. PHILAD'A,"
Dealers in all Government Secnritiea!
OLD 5-20s WANTED
IN EXCHANGE FOR NEW.
A LIBERAL DIFFERENCE ALLOWED.
Compound Interest Kotes Wanted,
INTEREST ALLOWED ON DEPOSITS.
Collections made. Stocks bought and sold on
CommlsRion.
Special business accommodations reserved for
adies. 12 24 3m4p
00
gZzaleU. in JIL. gf. gPecuiiitel
ajiA tJ3?clciJT QxjchasLOJz, and
ntcmheiA af gftacJc and M
QxclhorujeA in Lcdh rSt!,
ffiamnU. af panics, and
43-anfceU lereuted an libeled
telmJ..
yiLLIAM PAINTER & CO.,
BANKERS!
No. 36 South THIRD Stj
JUNK,
JULY, and
AUGUST
7-30s
CONVERTED INTO FIVE-TWENTIES
And the Difference in Market Price Allowed.
BONDS DELIVERED IilMKDIATELY. 12 263m
FIRST-CLASS SEVEN PER CENT. BONDS.
North Missouri first mortgage Seven Per Cent
Bondi lot tale at
8 5.
All inlovsation cheerfully glTen.
JAY COOKE & CO.,
BANKERS,
No. 114 South THIRD St.'
121 2m 4
RATIONAL
BANK OF THE REPUBLIC
Kos. 809 and 811 CIIESNCT Street,
PHILADELPHIA.
CAPITAL, $500.000-FULL PAID,
DIRECTORS
Jos. T. Bailey, I William Krvlen.lBam'l A. BIspham.
KUw, B. Urne. Osgood Welsh, Fred, A. Hoyt,
Nulliuu HUlea.lH. Rowland, Jr., Wm. it. Kiinwn.
PBKSIDENT,
WILLIAM H. BHAWN.
CASHIXB,
JOSEPH P. MUMFORD.
1 31801
AFE DEPOSIT COMPANY,
Th. Fidelity Iaiurinc, Trust and Sf
Dcpo.lt Company, for tne Safe
Keeping of Bond, Stocks, and
Otker Valuable!.
CAPITAL $J00,00
BIBKCTOKO.
N. B. BROWNE.
CLARKNCK H. CLARK,
JOHN WKL8H.
KDWARD W. CLARK.
AUXANDKR UCNKf
rt. A. C'A IiDWKLb,
J. OlLUJSt-HAM FELT.
HENRY U. UlUiiOM,
fii a ulkM MArALi-STliR,
Offlce in tlie Fire proot JtinhlluK of tue Philadelphia
National Bunlt, ClfK-SNUT iret above Foimb.
Tll Company i wolves on depoeit. and UUAKAN
TKbM Til hi WAFBS KKF.PIN5 Off VALUABLES
upon the lollowiug rales year, Tlz.:
Coupon Bonds tl per flOOO
ReKWtered Boiid md 8ecuriHea..M..50 0Mnui per louo
Oold Coin or Bullion friWper tit)
Silver Coin or Bullion ti per
Gold or Silver Plate il per lt
Cash Boxes or small tin boxes of Bankerti, Brokers,
Capitalists, etc., contents unknown to tha Company,
and liability limited, M a yeitr. , ,
a The Company oilers for HF:NT (renter exclusively .
holding the key) HAFKS INSIDE ITS at
fj), 3o, tin, oo, aud ITS a year, according to sbut aud
location. .
Coupons and Interest Collected for one percent. '
Interem allowed uu Money Deposits. ' '
This Company Is authorized to receive aua execute .
Trusis o every description. . ,.
: lifilniwirpl N. fl. BROWNK. PmHlflentr . , .
Uovlux Paixbbson, S.cxeuu-y aud ir