THE DAILY EVENING TELEGRAPH. PHILADELPHIA, THURSDAY, MARCH 14, 1807.
THE NEW YOnK PnESO.
EDITORIAL OPIK10NH OF THR I.KAPINO JOUI!XAL3
UI'ON tl'RRKKT TWl'ICH COMl-II.HI) KVKUt
CAT FOB T1IK KVKNINU THLKHUAPU.
Diplomatic Elrt-Eatl u.
tYom the lYibunc.
"Hr," said Bonioboily Iuth In Now York to
Mr. Thackeray, "what do you think in Kng
latul of Mr. Tupper .'" "iir," ro-pond.'ti the
groat novelist, "in England, wo don't think of
Mr. Tupper at all." Mr. Seward, when ho
wroU, under the seal of State, to all our en
voys and plenipotentiaries, consuls and am
lasadors in Europe, in Asia, and in Africa, to
liuow what the inhabitants of those parts
thought of Mr. Johnson, was more fortunate
in the responses which he elicited, and which
Lis official and all'octionato soul desired. The
lights, large and little, of the legations came
to time with praiseworthy promptness and
precision. l?y a sort of humble instinct, like
tli.it which characterizes the ho and she
flunkeys of the kitchen and the pantry, the
servants of the tftate divined the fraukin
cene which would be agreeable to the lead
ing nostrils in Washington, and sent home
answers perfumed with praise and appro
bation. The Senate, pained that these precious des
patches should waste their sweetness in Mr.
Seward's musty closets, called last January,
by resolution, for this beautiful batch of let
ters, and, having received, has now printed
them for the approbation and admiration of
the world, to say nothing of the edification of
those who think that the proper study of
mankind is man. From the frozen climo of
llussia, from the venerable and historic haunts
of Homo, from busy Urussols, and from pol
ished l'aris, from opulent and teeming Eon
don, ami from fair and smiling Florence, from
the city of Constantino, aud from wintry
Copenhagen, comes documentary evidence
that "My I'olicy" is lauded in every latitude,
and eulogized with polyglot unanimity. The
considerate Ministers send nothing but their
own sweet approval, and that of their neigh
bors. Even conversions are not uncommon. On
the 2'Jtli of October, 18IJ5, Mr. Cassius M. Clay
-writes from St. Petersburg (and this despatch
seems to have been volunteered) that he
favors suffrage universal, without distinction
of color or sex, as a condition of the restoration
of the lie bel States. On the 7th of February,
18lil5, a change has come over the spirit of his
dream, lie is still in favor of manhood suf
frage, but he isn't half so strottg in his opinion
as he was before. He is willing to have the
Rebel States come in without it. Facili de
scensus Aeerni! On the 12th of March he
writes to say that the veto of the Freedmon's
Bureau bill has filled him with pleasure, and
to ostentatiously put himself upon the record.
"I stand by the President," says Mr. Clay,
and ho italicizes the declaration. So it seems,
llussia is a famous country for soap, and out
Minister there has become acquainted at least
with its metaphorical uses 1
All the letters are one way. In Rome the
Pope admires Mr. Johnson, according to Mr.
Rufus King. In Brussels (as Mr. Sandford
Sends word) Mr. Johnson was toasted as a
wise and moderate Christian patriot. Mr.
Bigelow sends from Paris eight pages of news
paper pull's, and every puff is in honor of Mr.
Johnson, except one from the ultramontane
Le Monde, which blows him up (singularly
enough) for his "radical and philanthropic
theories." Mr. Adams (June 21, l8(io') re
ports that the policy of the President is more
warmly admired in England than it seems to
be at home: and we think that Mr. Adams is
right. In Florence (according to Mr. Oeorgo
P. Marsh) the veto of the Freedmen's Bureau
bill was universally approved; while the "wis
dom" and "discretion" of the President have
cheered the exile of Mr. E. Joy .Morris, who,
under the shadow of the mosques and minarets
af Constantinople, read Mr. Johnson's Message
and was proudly glad.
We can imagine the contented complacency
with which Mr. Seward perused these letters,
and congratulated himself upon his well-disciplined
and obedient band of diplomatists.
Alas! there is no pleasure in this world upon
the perpetuity of which mortals can safely
reckon. There was "a oitizen of the United
States" in Paris, who had been peeping and i
smelling about the different legations, ami who j
had written to Mr. Seward that our Ministers
abroad didn't reverence Mr. Johnson half so '
heartily as the contents of their despatch-boxes
would seem to indicate. The moment of re
ceiving this lacerating information must have
been a dreadful one, and the feelings of the
Secretary, we can easily imagine, were a sort
of compound of the gnawings of the xerpent's
tooth and the operations of ipecacuanha.
"Without losing a moment, he constructed a
circular letter. lie asked Morris at Constantino
ple, Murphy at Frankfort, Hale at Madrid, Perry
at Tunis, and McMath at Tangier he asked
each of these gentlemen if they could possibly
have been so lost to all souse of decency, dig
nity, godliness, propriety, virtue, patriotism,
and prudence, as to speak disrespectfully of
Andrew Johnson.. Honest John P. Hale was
the first to answer from Madrid, with the
bravery and blnntness of a Spanish bull,
giving Mr. Seward's Peeping Tom the lie
direct, aud courting and soliciting the very
fullest investigation. Mr. Murphy at Frank
fort pleads not guilty, and sends an affidavit to
back up his plea, in the extremity of his dis
tress he forwards a supplementary letter to Mr.
F. W. Seward, asking that mercy of the son
which he might fail to obtain from the inex
orable sire. Mr. McMath, at Tangiers, is quite
eriental in the fervor of his disclaimer. Mr.
Perry, at Tunis, says, with simple dignity, "It
is enough for me to declare my loyalty to the
Government and my uprightness as a subor
dinate officer under the President." Thank
you, Mr. Perry ! We were getting a little
qualmish, and your reply is invigorating.
Morris at Constantinople vindicates himself
tells, with tears in his eyes, how he has de
fended the President in the Levant lleruld,
nml rnvAU n unwell which he made to a depu
tation, in which he declared Mr. Johnson to
I "a man of exemplary habits and life
"of strikiiiK DrooTiety of demeanor and con
,i(.t""Tiossessed of extraordinary energy
.and fortitude of spirit" "equal to any emer
" "nf n lii.rii order of talent and char
tf a l.rmil ftnd HtaUjd manlike
, w w i ' w ..
spirit." But we need not quote any more ot
hi- Ma:d lie is entitled to the
. fut;r ihu uurv largest toad, and 01
..i.1;.rr fuu'ujl fai'uu nver it.
But we think that we have said enough or
-l.tj cntnuujlmt 11 nnlltHKflllt DUUIDUUH, 1 ,lB
,n.,i,ir,1otir. .avirfou of the country in to
."T .,flr..j aiwH in its reptaatlon
abroai; through the TouT rlSent
tlie ClOWnismiennui -- ' aavn of
tives We hope and believe that the aays 01
lives, ti c iiuj - 4vi u Hiuill never
ira nvr aim " " r . : .
x.ni.r l.awline. half drunK
acraf-n have a
fiora a tavern balcony,
or Keepiug a iuim
under the very noso of royi.lty. Thero are
mor.nl vices which nro less disgusting, but not
1o.".h d.mgeious. Very rep portable men may
have opines of fatal flexibility; and the , so
afllictod had better stay at home to ns doctored
and to be nursed.
The National l)ri Krrrilrsa Alarm far
It I'ltuntturt Payment.
From the Time.
Mr. Kelley, of Pennsylvania, is alarmed lest
our national debt should be paid too soon. '
He has fallen into the habit of introducing re
solutions into Congress protesting against its i
payment "by this generation." Congress
hesitates about passing them, and the Trihnnn
bails this hesitation as the dawn of a financial
millennium. It declares Mr. Kelley's propo
sition to be "not much better than qualified '
repudiation" and insists that the debt must
be paid nt once "by those who contracted it,
not by their posterity."
Mr. Kelley's alarm is as absurd as the Tri
Iniiie.'n political economy. If ho will be patient,
ho will soon recover from it. "This genera
tion" is much more likely to double the debt
than to pay it. The country has been amused
with the idea that we are paying it oil' at the
rate of a hundred or a hundred and fifty iirtl
lions a year; but it forgets that we are increas
ing it quite as fast in other directions. The
Bounty bill of lStilj added about eighty mil
lions. Another is under way which will all
from two to four hundred millions more.
Mr. Schenck says this bill will do "to
begin with," and General Banks pledges
himself to vote for whatever sum the sol
diers want ho does not care whether it is four
or eight hundred millions of dollars. Mr.
Williams, of Pennsylvania, has presented an
other, and Mr. Perham, of Maine, still another
bill of the same sort. The soldiers constitute
a powerful part of the great body of voters. ,
They have one common interest, and nothing
is more certain than that just so long as
aspiring partisans want their votes, Just so
long will millions be voted out of the public
Treasury for the purpose of securing them.
Neither party in Congress can now dare vote
against any such proposition. No prominent
public man dare take ground openly and
boldly against the policy thus foreshadowed, ;
ruinous and fatal as they know it to be! Who- '
ever does so is forthwith denounced as an
enemy of the soldiers a Rebel sympathizer !
a traitor or a Copperhead more or less dis-
guised. And an epithet or two of this sort is
quite enough to silence any member who, in
a rash moment, might have dreamed of con
sulting the public good.
Then, too, Mr. Blaine's proposition to trans- 1
for to the National Treasury all the debts in
curred by States and counties in raising sol
diers and prosecuting the war, is pretty cer- ,
tain sooner or later to become a law, and this
will add not less than five hundred millions to
the aggregate of tlm national debt. And
lurking behind all these stands another class
of claims, of which no man can estimate the
amount we mean the claims of loyal men,
North and South, for property destroyed dur
ring the progress of war. These claims began
to come in at the beginning of the the first
session of the last Congress, aud were referred
to the Committee on Claims, at the head of
which was Hon. Columbus Delano, of Ohio,
one of the ablest and most considerate men in
public life.
So startled was the Committee by the
amount of these claims that they reported a
resolution, which was forthwith adopted, that
until otherwise ordered no claims of this char
acter. from the citizens of the Southern States
should be entertained. But this was simply
a temporary evasion of an inevitable duty. It
was like shutting one's eyes to a danger too
fearful to be faced. The Committee did not
dare to let the country understand the extent
of these claims, which are perfectly just,
and can no more be ignored than can the
Seven-thirties or any other part of the public
debt.
What the amount of these claims will
prove in the end to bo the country has no
means of knowing. Mr. Delano has intimated
two or three times, while urging vigorous
measures of taxation in Congress, that they
would be largo enough to tax to the utmost
the resources and courage of the whole coun
try. And we have very good reason to be
lieve that the amount of such of these claims
as will le found to be perfectly just, and such
as must be paid, will approach very nearly, if
it does not equal, what is understood to be
the present aggregate of the national debt.
This may seem extravagant, as it is certainly
alarming; but we believe time will show that
it is not an over-statement of the actual fact.
Congress, meantime, seems inclined to cut
oil' one after another the sources of revenue
whereby the interest on this gigantic debt, and
the decrease of its principal, can alone be met.
Twenty or twenty-five millions of the income
tax were released at the last session. The
tax on cotton, which yields twenty millions
more, came within a very few votes of being
abandoned. Every branch of manufactures
clamors for release and those which are the
most powerful, and which are therefore the
most important, are pretty sure to get it. The
same interests demand protection from foreign
ompetition to an extent which will cripple
commerce, and seriously dimmish its vast
contribution to the public treasury and ex-
wrience shows that their demands a.'e quite
likely to be conceded.
Both Air. Kelley ana the iribnne may pos
sess their souls in patience, ihey can lay
aside all apprehensions of a rash and prema
ture payment ot the national debt. Both
those gentlemen are much more certain to see
it doubled than to see it paid. It will never
probably be repudiated that is, not by any
formal vote or direct action ot the uoveru
ment. But voting additions to it, and refusing
the taxation required to meet it, are methods
of avoiding payment quite as effective as open
repudiation. And the tendency towards both
is strong already, and likely, under the pres
sure of party necessities and party reckless-
ness, to become still stronger.
Congrtu and the President on the
tails O I liccuua.i ..wv..
Front the Heruld.
A bill supplementary to the act of Congress
providing "for the more efficient government
of the Rebel States, and to facilitate their re
storation," has lieen passed by the House of
Representatives by 117 to 27, a strict party vote
It directs the commanding general in each of
the five military districts into which the ten
excluded States are divided, by the general
act of March 2, to cause to be made before the
1st of September next a registration, in such
county or parish of the male citizens of the
United States (whites and blacks) over twenty
one years of age, resident in each county or
tarish under the restrictions of the said gene
ral law, and who shall have taken a specified
oath of loyalty, and that after such registra
tion shall have lieen completed and copies
thereof returned to the commaudine general,
he shall, withiu thirty days thereafter, cause
an election to be held for delegates to form a
Stntc Constitution, to re-establish a loval State
Ooverimient, according to said act of Mar' li 2,
etc. The Constitution thus framed shall be
held as adopted only with the approval of a
majority of the registered voters, and with its
approval by Congress, Senators and Ib-presetij-taiives
are to be admitted from such Slate.
From the deoisive vote by which this bill
has passed the House, we conclude that it has
been agreed upon by the dominant party, and
.will .therefore become a law, veto or no veto.
(Ah passant, we infer that the present session
of Congress will be continued for at least two
weeks longer, and perhaps three.) Under
the regulations of this bill, we see nothing to
prevent the restoration to Congress of every
one of the ton States concerned in season to
organize their parties and to participate delibe
rately in the Presidential election of lSilS.
While this practical measure was under
consideration in the House, the Senate was en
paged in discussing a string of radical abstrac
tions from Mr. Sumner, in the shape of further
guarantees of Southern loyalty, including com
mon schools and a homestead law. By a vote,
however, of thirty-six to ten. this string of ab
stractions was laid upon the tablea very
suggestive and satisfactory vote. In the nega
tive, with Mr. Sumner, w'ere the two Senators,
Tipton and Thayer, from the new State of Ne
braska (one a Union soldier and the other a
Union chaplain during the war) a vote which
may 1h accepted as nettling all doubts in refer
once to the political status of these two new
acquisitions to the Senate. They are radicals
of the Kansas-Nebraska school.
The President has selected the commanders of
those five Southern military districts. General
(rant promptly, on being requested to suggest
his selection, proposed Generals Thomas,
nit-mian, tM'hulicId, Old and Mckles. it ap
pears that Mr. Johnson has, without much
difficulty, recognized the fitness of each of these
officers for the important duties defiivd, ex
cept wenorai rheridan. In his case the idea
that he knows nothing of statecraft and poli
ties has liecn thrown out, with the hint that
General Sherman would be better adapted for
the Secial position proposed. This sort of spe
cial pleading, however, will not lo held by tin
people of the great North as sufficient to justify
the removal of Gen. Sheridan; for he is now, and
has loen for some time, in command of the
military district embracing Louisiana and
Texas, and has discharged his duties therein
not only as a good soldier, but as a man who
has proved himself a pertVet master of state
craft in going honestly and straightforward in
the work assigned him, and to the great end
in view. The President will make a serious
mistake in removing General Sheridan; for his
removal, ll made, will be attributed to other
reasons than those of his alleged ignorance of f
Statecraft" or Southern politics. Through
out the loyal States, after General (rant, and,
perhaps, General Thomas, there is no officer of
the army who would be more acceptable loa
the "statecraft" of the Presidency itself than
"little Phil Sheridan." In any event these
military commandei-s, under the express in
structions of Congress, will have a plain line
of duty before them, and as the results of their
work are to be submitted to Congress, it will
not require much "statecraft" beyond fidelity
to the law to meet the responsibilities assigned
them.
As for the ten excluded States, their leading
and managing politicians will do well to re
member that, with their restoration to Con
gress, and with the ratification of Uie ponding
Constitutional amendment and its proclama
tion ;is part of the supreme law of the land,
all conflicting laws of Congress will be super
staled, and every State will thus be left to
decide for itself whether it will exclude the
negro vote, and lose the negro population in
counting the people for representation in Con
gress, or whether it will continue negro suf
frage in order to count the negroes for repre
sentation. For instance, South Carolina has
seven hundred thousand people three hundred
thousand whites and four hundred thousand
blacks. Now, let us suppose that under the
terms of Congress she is restored, and that this
aforesaid amendment has become part of the
Federal Constitution. Let us then take one
hundred thousand souls as the ratio for a
member of Congress, and South Carolina may
elect for herself whether, in continuing the
suffrage to the blacks, she will choose seven
members of the House of Representatives, or,
in excluding the blacks, will be satisfied with
three members. In any event, the white own
ers of the land can control, if they will, the
political movements and votes of the black
laboring classes; and so the only course of
wisdom for the planters is to proceed at Qiice
to those steps of conciliation and harmony
which will secure them this bahmce of politi
cal power now in the hands of their black fellow-citizens.
The very existence of Southern
society under this new order of things in the
ten excluded States depends upon a "happy
accord" politically from the beginning be
tween their say five millions of whites and
four millions of blacks.
The Moral Guilt ofRcbelllou.
Vom the World.
As we expected and intended, our article of
Monday evokes ululations of horror from the
Republican press. As a means of "holding
the mirror up to nature" to "show vice her
own deformity," the article has precisely the
kind of success which we wished. It is not
ue, Messrs. Republicans, it is you that defame
sun disparage Washington. Well may you
stand aghast, well may you hold up your
hands in horror, when we disclose the conse
quences of your own principles.
Fo r our part, we are in hearty accord with
the zealous and admiring homage aid to the
character of Washington by good men of all
nations. We regard him as the brightest
exemplar the world has ever seen of, high
and consummate public virtue; and, in our
estimation, there is nothing which does so
much credit to human nature, nothing
which so hopefully attests the real moral pro
gress of mankind, as thfc consecration in all
hearts of the memory of such a man. There
have been men enough who have smitten the
cultivated with the charm of genius men
more than enough who have dazzled the
multitude with the glare of military exploits;
but Washington is one of the very few, and
of those few the moBt illustrious, who, in
public stations and in the discharge of public
functions, have won the reverential love of all
orders of men by the pure lustre of their vir
tues. If the homage paid to Washington is
mistaken, men have no reaaou to put oonli
dence in any moral j udgment they are capable
of forming, for no moral judgment ever
formed by men has been more deliberately
thoughtful and siacere.
"If this fail, ' ' '
The pillared firmament i rpttnu ess.
And earth's base built on stubbie.
If, therefore, anything can be f8
as a solid basis of moral T
character of Washington. tt01
putes the moral greatness of WwWngton.
as idle to reason with him on "1"-
. u m lw. to reason on poetry witn
":r ".."J7"Vir i..t Shakespeare was a
oue wuo cusjjv- "-: ,: j,urlt w n.
creat uoet. or on art " lD
phael w7s 'a great painter, or oa eloquence if
be denied the merits of Chatham. But con
cede lo us, as a jiiiMuuaie not to lie distiuted.
that Washington 'was great, and that the
peculiarity of bis greatness consisted in high
and poeries virtue, una we ask no other pre
mises lor awning tne pretensions ot the so-,
called "party of great ideas." '
The occasion for making this use of his
fame consists in the fact that the Constitution
is practically abolished, and reasoning founded
upon it no longer makes any impression. It
is, therefore, necessary to recur to first prin
ciples; to go back to those sound and sure
moral instincts by which minds unclouded by
transient passions recognize and reward con
spicuous virtue. The appreciation of Wash
ington has been too extensive, too durable,
too uniform, too deliberate, to bo accounted
for as a fitful effervescence and frenzy, like
the popular delusions which sometimes seize
upon a community, and spread as a tempo
rary contagion. If the bigotry of the present
excited and passionate period is in clear
conflict with the calm and settled moral
judgment of mankind, it should be classed
with the delusion which crazed Europe over
the Crusades, or that which, at a more modern
period, ran wild over the South Sea Bubble.
We are accused of a "back-handed" method
of championing the South. The article on
Washington was so transparent that nobody
who read it could have missed its aim the
method adopted being obviously a device to
gain attention to a subject on which public
feeling has grown torpid. As to the charge of
championing the South, we admit it, and are
willing to be judged by the standards accepted
by enlightened historians and moralists. Dr.
htllttre siiptrbos et parrere suhjeiMs vior in
war. but mercy to the prostrate is an old
h'oman maxim which has become a modern
proverb, because it has its roots in the moral
nature of man. To trample upon the fallen is
base; and all unperverted minds instinctively
regard it as base. A man infuriated by pas
sion may continue to deal blows upon his dis
abled foe, but it shocks the sense of manhood
and fair play, and honorable bystanders spon
taneously cry "Shame!" If they consider the
original merits of the quarrel while such base
ness is enacted before them, their humanity
seeks out the circumstances of extenuation.
They regard the wrong as having been atoned
for and cancelled by so much of the punish
ment as was fair and adequate. Agaiust the
ignoble fury which inflicts the excess, they
are justified in pleading the virtues of the
victim and all circumstances of reasonable
extenuation.
The bowling declaimers who fan the fury
uy wincn congress is DacKed in its tyranny,
aescant perpetually on three chartres. viz.:
That the South is a community demoralized
by slavebolding; that they were Rebels; and
that many of their leaders had previously
sworn allegiance to the United States. These
three circumstances form the whole stock-in
trade of the infuriated railers against the
South; and yet every one of these charges is
a shaft shot straight at the character of Wash
ington. He, too, was a slaveholder,
rebel, a disregarder of a previous oath of
allegiance. Twist and wriggle as they will,
it is impossible lor the radicals to gainsay
these lacts. ihey must admit, then, that
the furious accusations with which they
blacken and vilify the South, contain
only charges' which may be consistent
with the brightest aud purest virtue, or else
the railers lly in the face of the settled moral
judgment ot the world. To justify the vin
du tive measures adopted by the radicals, it is
necessary to prove something more than past
slavebolding, past rebellion, or past disregard
of oaths of allegiance, unless they are pre
pared to replace the eulogies of Washington
v.- n,i .p.
uy execrations, ine mere iact oi rebellion,
oath-breaking, etc., goes for nothiner: it is
only the circumstances in which the Southern
Rebels differ lrom Washington that can be
fairly urged to their disadvantage. All the
habitual topics ot declamation must le Hung
out as irrelevont, and the tremendous severity
practised upon the prostrate must be justified
on other grounds, or it cannot be justified at
all. It is not the circumstanoes in which the
Southern people resemble Washington, but
the circumstances in which they diller from
him, that must constitute the guilt which
cries aloud for vengeance.
As the oath-breaking is erected into the
most odious of all the charges (the disfrau
chisement of Sherman's bill resting solely on
that), it is incumbent on the radicals to point
out circumstances ot discrimination, which ren
der the oath-breaking ot the soutli more hei
nous than that of Washington. There is, in
deed, a broad discrimination between the two;
but it does not tell in Washington's favor.
That there must be somewhere a power of ab
solving from such oaths will, we suppose, be
seriously disputed. An oath to support any
particular constitution is obviously released,
when the sovereign people who framed that
constitution substitute another in its place.
The sovereignty (wherever the sovereignty
resides) can cancel such oaths at its pleasure.
Washington and his compatriots were re
leased from their oaths of allegiance by the
Declaration of Independence, which threw
off the sovereignty of Great Britain over
the thirteen colonies, aud assumed it for
the colonies themselves. But Washington
was a rebel in arms against the motner coun
try before independence was declared. In
the case of the bith, it was the settled
and sincere conviction of the people that the
ultimate sovereignty resided, not in the Fede
ral Government, but in the States. That this
was a mistaken opinion does not affect the
mural aspect of the question in the least.
A man acquits himself from moral
blame by acting according to his honest
convictions. Mistakes of the intellect
are not chargeable upon the conscience. "
the South had been correct as to the proper
location of the ultimate sovereignty, no man
capable of forming an opinion on such a sub
ject will say that the Rebellion had not a
solid moral justification. The mistake of
the South, therefore, did not involve moral
guilt, but only intellectual error. The South
ern people believed, in their consciences, that
their respective States could rightfully ab
solve them from their Federal allegiance. The
infuriated, unreasoning radicals, overlooking
this central and controlling fact, insist on
treating the South as if a mere mistake of the
intellect, the, necessary fruit of a perverted
political education, were a heinous and inex
piable moral crime." Nothing could be more
unjust, illiberal, or more stupidly intolerant
and bigoted. That the South has frankly re
canted its error, after submitting it to the
test and arbitrament of arms, should be
deemed after the terrible sufferings the South
has undergone a sufficient expiation of its
error
J-j O It, 1ST
I
AND
Preserver of Natural Flowers,
A. H. POCLL,
No. 725 ARCH 'Street, Below Eighth'
Bouquet, Wreath. BmtkeU, Prrsaldf f CC'"
fyiui.Unl to truer at sUsrMrtt. I U Urn
FINANCIAL.
PENNSYLVANIA
STATE LOAIT.
PROPOSALS FOR A LOAN
or
$23,000,000.
AN ACT
TO CREATE A LOAN FOB THE REDEMPTION
OF THE OVERBITE BONDS OF THE
COKMONWXALTH.
Whereat, The bonds of the Commonwealth
ami certain certificates or muoDieanesa,
amounting to TWENTY-THREE MILLIONS
OF DOLLARS, have been overdue and unpaid
for some lime past;
And whereat. It Is domrnble tnai ine same
should be paid, and withdrawn from the market;
therefore. .
Becllou 1. lie tlenaciea oy wus ou
it,i-t nf the Vummomueullh of J'eim-
tvlratiia in General Aembly met, and U t hereby
enacted Ov 'e author iy of the tame. That the
ii,ivmr,..r Aniuior-Ueiieial. and (State Trea
surer be, ana are beieoy, authorized uud em-
ixiwereu lo Donow. ou uie mim i wm
monwealth, In such amounts aud with euob.
notice (not less than forty days as they may
deem mont expedient for the Interest of the
Slate, iwenty-tlire millions of dollars, and
lsue certificates of loan or bonds of the Com
monwealth for the same, bearliiK interest at a
rate not exceeding six per centum per annum,
pnyable semi-annually, on the 1st of February
and 1st of AugUHt, lu the city of Philadelphia;
which certificates of loan or bonds shall not be
subject to any taxation whatever, for Htate,
niunlclpfil.or local purposes, and shall be paya
ble us follows, namely: Five millions of dollars
payable at any time after five years, and
Wltllin ien years; eiK" mnnuuBui uwimi. pit) -
bleat any time after ten years, and within fif
teen years; and ten millions of dollars at any
time after fifteen years, and within twenty-live
years; and shall be signed by the Governor and
Htate Treasurer, aud countersigned by the
Audltor-lieneral, and registered in the books of
the Auditor-General, aud to be transferable oa
the books of the uommouweaun, at tne
Farmers' and Mechanics' National Bank ot
I'hiliidelpbia; the proceeds of the whole of
which; loan, including premiums, etcetera,
received on the same, shafl be applied to the
pnyrocnt of the bonds and certlUcates of in
debtedness of the Commonwealth.
Hectlou 2. The bids for the said loan snail do
opened in the presence of the Governor, Auditor-General,
and State Tretisurer, and awarded
to the highest bidder: Provided, That no certifi
cate hereby authorized to be Issued shall be
negotiated for less than its par v.ilue.
SSecllon 3. 1 he bonds ol the State and certifi
cates of indebtedness, now overdue, shall be
receivable in payment ol 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 in his bid whether the
same is payable in cash or in the bonds, or
certificates of Indebtedness of the, Common
wealth, Section i. That all trustees, executors, admin
istrators, guardians, agents, treasurers, com
mittees, or other persons, holding, in a fldu
clnry capacity, bonds or certificates of indebt
edness of the State 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.
Section 5. 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, mav, 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.
Section 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.
Section 7. That all loans of this Common
wealth, not yet due, shall be exempt from
KIaIa. mil nlnlnal. or local taxation, after the
interest duo February 1st, one thousand
eight hundred and sixty-seven, shall have been
paid.
Section 8. That all existing laws, or portions
thereof, inconsistent herewith, are hereby re-
ptule"1, JOHN P. GLASS,
Speaker of the House of Representatives.
. L. 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 Oilloe of the State Treasurer
in the city of Harrlsburg, Pennsylvania, until
12 o'clock AI., of the 1st day of April, A. D. 17,
to be endorsed as follows: "Proposals for Penn
sylvania Slate Loan," Treasury Department,
Harrlsburg, Pennsylvania. United States of
America.
Bids will be received for 45.000,000, reimbursa
ble in five years and payable In ton years;
88,000,000, reimbursable in ten years, and payable
in fifteen years; and 910,000,000, reimbursable in
fifteen years and payable in twenty-five years.
The rate of Interest to be either five or six per
cent, per annum, which nust 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 (50, 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 overuue loans,
JOHN W. GEARY,
Governor of Pennsylvania.
JOHN F. HARTRAN FT,
Auditor-General
W.H. KEMBLE,
State Treasurer.
N. B. No newspaper publishing the above,
unless authorized, will receive pay. . 'i
7 3-10s,
ALL SERIES.
COJSVXUItXMJJ INTO
Five-Twenties of 1865,
JANUARY AND JULY
WITHOUT CHARGE.
BONDS DELIVERED .IMMEDIATELY,
DE H AVE N& BROTHER.
10 srpll No. 40 SOUTH THIRD St
A u c U S( T
SEVEN-THIRTY NOTES,
CONVERTED WITHOUT CHARGE
. INTO THE j
NEW FIVE-TWENTT GOLD INTEREST,
i BONDS. j
Large Bonds delivered at once. Hmall Bonds furi
numea m soon si received trow Washington.
JAY COOKE & CO..
MM Ho. ll M. THIRD STREET.
FINANCIAL.
EW six pen 'cent.
IIKGISTKUI-jD LOAN
OK THE
MIIIGII COAL AND NAVIGATION CO..
IN 1807.
IHTERKST PAYAI5LK QUARTERLY,
TPEE OF UKITFU STATES AND STATE Ta'xRH
FOR KAI.F.
AT THE OFFICE OF TflE COMPANY,
NO. 139 KOI Til KK'ONI KTRRET,
This I.OA N Is secured by a First Mortgage on the
Company's Railroad, constructed, aud to be con
structed, extending from the southern boundary Of
the borough ofMnuoh Chunk to the Delaware River
at I.aston: Including their bridge aoroxs the said river
now In prow of construction, together with all the
Company's rights, llhertles, and franchises appertain
ing to the (.aid Kallrond and Bridge.
Copies of the murttW may be had on application
at the Otllce of the Company.
toLonoN Niir.piiF.nB,
TRF.ABORKR.
f 2stf
JayCooke&Gp.
112 and 114 So. THIRD ST. PHILAO'A.'
"Dealers in all Government Securities
OLD D-520s WANTED
IN EXCHANGE FOIl NEW.
A LlUEItAL 11I1FKBEKCE ALLOTTED,
Compound Interest Kotes Wanted.
INTEREST ALLOWED ON DEPOSITS.
Collections made. (Stocks bongbt and sold on
CommlSHlon.
Special bUBlnet-naccorumoUatloiiB reserved for
adleB. 12 24 3mp
pa S. PETERSON & CO.,
No. 39 S. THIRD Street.
GOVERNMENT SECURITIES OF ALL
KINDS, AND STOCKS, BONDS, ETC.,
BOUGHT AND BOLD AT THH
Philadelphia and Hew York Boards of Broken.
COMPOUND INTEREST NOTES WANTED:
DRAFTS ON NEW YORK
Always for sale In siims to snlt purchasers. fttn Int
7 3'10S. SEVEN - THIRTY NOTES
CONVERTED WITHOUT CHARGE INTO
THE NEW
a - Oh.
BONDS DELIVERED AT ONCE.
COMPOUND INTEREST NOTES wanted av nlghest
market rales.
VM. PAINTER & CO.,
12 2Mm NO. 36 SOUTH THIRD ST,
ib go. sd m., s jfaAcLu m.,
VctAs. "cam-XoyVc.
gZealeU in. flL gf. gfezuiitltA
and. fliatclan. .Tczanje, and
nzenuxeU af gftacfc and &xdd
$2icliangeA In Lolh. n'tleS.
AccmwlA. af Janki. and
FIRST-CLASS SEVEN PERCENT. B0H0S.
North Kiuouri First Mortgage Seren Per Cent
Bonds for tale at
8 5.
All Inionr.atlon cnecrfailr given.
JAY COOKE & CO.,
BAJTKEBS,
jj A. V ..Jaf -4k. A eww
1 l!13mf
RATIONAL
BANK OF THE REPUBLICS
Koa 609 bimI 811 C1IESXUT Street,
PHILADELPHIA.
CAPITAL, ftSOe.OOe-FULL PAID,
DlllKCTORS
Jos. T. Bailey, IWilltam Krvltu,Sara'l A. Blspbam.
Kdw. B. Orne. Ongnud Welsli, h r-d. A. Hoyt,
Ktttliau Hlllea. B. Kowlaud, Jr..l Wm. 11. Hhwa.
PIBIIDKNT,
WILLIAM H. BUAWN.
CASHIER. 3 '
jo KPH P. MPMFORa
1 81 8m
REMOVAL.
IvrekR A fcEAKS KEMOVED TO NO. i
... jold7i)lth's Hall. Library 'street, liav. i removed t
, yoiaamnu bireet. l)etweu Fourth aud lilt
ets wheN ttney will continue their Manufactory
SAjold Clialos. BraceieW. etc. In every varloiy. Also
fhwle o netiold. Bilver.and Uopper. Old Gold
ind bilver o"trh. '
,'uury . lo7 ' lio
cutlery; ETC.
CUTLERY.
A fine assortment t POCKET and
TAHI.K CU'IXKHY. R A Holt. Ra.
PAi-li.il AMI TA1LOKS' bllKAKH, K m, at
i v. m:i.Mum
Cueap Store, Vo. m South TEN 1 H Mrt,
118 1 uree door above Walnut