2 THE NEW YORK PRESS. EDITORIAL OPINIONS OF THE MJADINO JOURNALS tJI'ON OCKRKNT TOPICS COMPILKI) KVKK1 DAT FOR TUB EVENING TELEGRAPH Our National Petit and Our National Iteeourve. From the Times. We pullinht!(l yt'Hterday a comprehen sive and impressive statement of tho re sources upon which we may rely for the pay Jueut of the national duht. It was there shown that the productive power of this country is far greater than that of any other country in the world and it points out several directions in which this power may he rapidly and in definitely increased. An increase of capita and of lahor, especially of the means of access to tho vaflt mineral and agricultural wealth of the central regions of tho continent, are re ferred to as of special importance. No man who knows anything ahout this country can doubt its ahilitf to pay tho public debt. There is no doubt that it can pay, both interest and principal, as they may tail due. liut whether it trill pay or not is quito another question. As things stand now we have no doubt. The people are for paying it, and are willing to be taxed as heavily as necessity re quires. They are not for paying it at once; they do not believe that a debt incurred for the good of the nation through all coming time hhould be paid by one generation alone. The war against rebellion was waged quite as much for the benefit of their posterity as for 4iot r.iia imin who waired it: and posterity, therefore, should bear their fair proportion i f its cost 15ut wiiatever may ue neeuou to pay the interest on this debt as it accrues, and to reduce the principal year by year, will ho cheerfully paid iu tho form of taxes by the people. liut they will do this for the purpose and in the hope of providing for tho ultimate extinc tion of the debt itself. So long as they see it actually diminishing year by year, so long will they acquiesce in any taxation that maybe required. Tliey submit to taxation, not because they like it, nor because it is good or desirable in itself, but because it is necossary to maintain the public honor, and to pay the public debt. They will not submit to it, if tho money raised is to bo squandered on party schemes or applied to any other pur pose than that for which it is asked at their hands. It depends wholly upon Congress whether the public debt is ever paid or not. If that io(ly steadily pursues a course of retrench ment and rigid economy -if it avoids incas ing the public debt if it adopts modes of taxa tion which render the burden as light as pos sible, and adapts them to the ability of dif ferent classes to lear them if it consults the public welfare instead of private interests in ' all its financial policy, the people will respond promptly and heartily to the demands it may make upon them. But the policy pursued hy Congress for the last two years will inevitably end in a practi cal repudiation of the public debt; and it is just as well to understand this first as last. And the danger is that this Jpolicy always will he pursued, for it is the one dictated by tho personal necessities and aspirations of indi vidual members. Every member desires a reelection or promotion in public life, and he can only get it by securing the votes of his constituents. Every member has among his constituents more or less soldiers in very many, perhaps a majority of all the districts, enough to turn the scale between contending political parties. Accordingly, every member is tempted to vote, under one pretense or another, large sums of money to the soldiers a vote which it is easy to justify on the score of patriotism, and which few men have the courage under any circumstances to resist. Hence half-a-dozen members are already running a race to see which shall propose the largest donations to the soldiers. General bchenck proposes that the National Govern ment shall pay the Western troops as large hounties as the Eastern troops have received. Mr. Blaine proposes that it shall refund what the Eastern States paid theirs, and General Banks proclaims that he will "go as far as he who goes farthest" in voting money to the soldiers, for any purpose or under any pre text whatever. And the mass of members are afraid to say Aro to any of these propositions, lest they should he accused of sympathy with .Rebels and traitors. And this is only one of the many ways in which millions upon mil lions are likely to lie added to the national debt. On the other hand, private interests of every class and description are clamorous for relief from taxation. In the abstract every body favors the vigorous assessment of taxes, lmt when it comes to particulars everybody seeks relief from his specilic share. In 18titi every kind of manufacture was taxed.aud urged that taxation as a reason why duties on com peting imports should be increased. In 1807 theso internal taxes were largely reduced, and the clamor for increased protection, which Still further diminishes the revenue from im ports, is redoubled. In l.Slili, while members of Congress received 8:5000 yearly salary for their services, they taxed all incomes over $5000 ten per cent. This year, when they re ceive $5000 each, and thus come under that large ratio of taxation themselves, they repeal it and levy only live per cent, upon all in comes alike. This single item will cost the revenue twenty millions per annum. And so the process of reducing the income goes on year by year in every direction, while addi tions aro at the same time made to the aggie gate of the public debt. Nor is this tendency likely to ho checked without an ell'oi t. Each party will strive lor popular favor through reduced taxation and iucreased appropriations, and all experience shows that in such a race the publio welfare and the public honor are lmt little regarded. Great, therefore, as our national resources may he, they will avail but little in redeeming the publio debt unless Congress meets its share of the responsibility with resolute and unfaltering courage. The whole system of lavish appropriations must he abandoned. Retrenchment must he enforced whenever .consistent with the nublic welfare; and taxa tion must he framed with reference to the pub lic good, instead of the interests of classes or private individuals. Diplomacy Rome, From the Tribune. The fact that Congress has refused to appro priate money for the salary of a Minister at Home ought to he conclusive; yet we note efforts to have that most righteous action re Versed. A statement from Rome (which we presume to he prompted hy the Minister) as serts that American Protestants are now per mitted to hold meetings for publio worship in a house designated as the American Embassy, thou eh it is not the actual residence of the Minister. . This, it is imagined, will serve to allay dissatisfaction, so that the Embassy may he continued. We trust it will havo no such effect. The government of Home is no concern of ours; and we have no right .to qnnrrel with her authorities concerning it. That is, in our eves, a very stupid bigotry which, in a Chris tian land, forbids Christians to worship God according to the dictates of their own con sciences: but Home is not bound to see such matters through our spectacles, and strangers who do not like her laws may keep out oi her jurisdiction. . . . , , , Our position is that this country should never have had a Minister at all. home, so far as sho is a State at all, is an ecclesiastical State, and thus her importance, her power, aro ecclesiastical; and we sent her a Minister for ecclesiastical reasons that is, with an idea of gratifying or propitiating the Roman Catho lics, especially those of our own country. Apart from her ecclesiastical character, Rome has not half the claims to a mission that Bavaria has, or that Saxony has ever had till within the past year. And now that Italy is trying to reconstruct herself, integrally and potentially, our keeping a Minister at Rotnois an unfriendly and ungenerous embarrassment to a great though young power with which we ought to cherish relations of cordial amity and mutual good-will. Italy is and must he our ally; her every interest and aspiration tend to induce the heartiest wish on our part that she shall he powerful and prosperous. Rome is rightfully as Italian as Paris is French or Vienna Austrian; at least four-fifths of the people of Italy and of Homo impatiently aspire to see me laiter once more, as sue so long was, the capital of tho former, lie who fancies that this aspiration can bo permanently thwarted might as rationally hope to prevent the return of summer b oreign torce alone prevents the unification of Italy; but for France and Austria she would he under oue Govern ment her own within a week. Now then, we insist that our Government shall no longer op pose an obstacle to Italy's realizing her heart's desire and she does this so long as she main tains in Italy the mockery of a mission to any power hut that of Italy herself. "Democracy" lu Connecticut. . fYom the Tribune. General Garfield made a very radical speech at the Republican meeting in Hartford last week, and it seems to have suited his hearers. If there is any Democrat in Connecticut who thinks that his party can ignore in this canvass its record during the war, and force a false issue upon the people, ho will find himself answered in that speech, i The party which now demands that the Rebel i States shall he instantly admitted to Congress, j which denounces the terms Congress has offered them as monstrous, tyrannical, cruel, I is the same party which in 1S04 declared the 1 war a failure, and in proof of its failure, nomi- , nated General MeClellan for the Presidency, i It has not changed its principles, as General : Garlield shows, and is now not less dangerous to the country than then. That the voters of Connecticut understand this fact, we have no , doubt; but General Hawley, P. T. Barn urn, ! 11. II. Starkweather, and other Republican ! speakers, should take care that it is not for- ; gotten. ! We are glad to see that Mr. Starkweather, j on Saturday night, began a discussion with i Mr. Earl Martin, his opponent for Congress in , the Third District. Discussion is all wo need, I and the more ably and clearly the radical prin ciples of Republicanism are debated, the better , for our majority. Indifference and ignorance we fear; for while Democracy has much to , conceal, Republicanism courts investigation. General Hawley's record in regard to the ! eight-hour law is a case in point. He has ; been accused of opposing it, and the answer ' is the publication of his correspondence on : the subject a year ago, in which Governor 1 Hawley declares that if the workingmen are sure the law will benefit them "that decides : the question. So far as I am concerned, I can j see no valid objection to the measure. I think that in many cases it would prevent in- j justice." i His opinion is even stronger now, and any j Hawley on the eight-hour rule is every way abBurd. The Republicans are willing to take up that question, hut they will not lot the other questions drop. We want the Demo crats held up to their principles, as we shall stand up to ours, and in no State have our opponents a more unvaryingly disgraceful record than in Connecticut. Have they for saken, abjured it ? Not one particle. They fight under the old banner, and for the same had cause, ' and tho election of Mr. English would give as much joy in tho Rebel States now as tlie election of Thomas H. Seymour would have given in 1804. President Johnson on Our Financial Situation. From the Herald. We have had various reports, as well as Private Miles O'Reilly's "talk with tho Presi- I dent," ahout the President's views on our j financial situation. The expressions of Mr. j Johnson on the subject appear not to have been well understood, or have been misrepre sented. The Judiciary Committee of Congress t ven thought proper to summon Miles O'Reilly to testify as to what the President said about financial matters. Thete need he no longer any douhf.. or speculation concerning the views Mr. Johnson holds. Our Washington correspondent has had a "talk" also, and was able to furnish ns, in his communication pub lished in Sunday's Herald, a statement of these views "on authority that cannot be dis puted." They are, as ho says, "the real opi nions of the Chief Magistrate on the subject in question." What, then, 18 the rresiuem s unanciai policy ? It is that which we have been urg ing upon him, Congress, ana tne country; ior, ho says, he "sees nothing to object to in the unanciai policy suggested sy vne jimaiti within the last few days, lie refers espe cially, we suppose, to articles on the subject which were published in last Tuesday's and Friday's paper, though we have been urging not only "within the last few days," but through a long period, the same views. The President, so far from favoring or or even hinting at repudiation, is most anxious to avoid any possible agitation leading to it. No other inference could be drawn from his con versation with Miles O'Reilly. All his re marks were intended as precautionary as a warning, and nothing more. "He is im pressed with the paramount importance of a good revenue system, and concerned ahout providing adequate means for the gradual liquidation of the debt, as well as the payment of the interest on that debt. Knowing what has occurred in other countries, when inv61ved in reckless expenditures leading to repudia tion, he is alarmed ahout the possibility of like causes producing tho same results in our own country." He refers to the administra tion of John Quiucy Adams, which was deemed extravagant, and rejected by the people in consequence of an annual expenditure of thirteen millions, and . ho feels anxious when he recurs to the fact that the. national debt is now over two thousand five hundred millions, with an annual interest of about one hundred and thirty-six millions to be provided for, in addition to the vast and growing yearly ex penses of the Government. Hence he is in iavor of a policy which, in the language of the message of lftllfi, "without being oppressive to the people, shall immediately begin to effect aieductionof the debt so as to discharge it fully within a fixed number of years." He believed when he penned that message that the whole debt might bo paid off in thirty years, and ho was in favor of so regulating the expenses of the Government and the revenue system as to accomplish that result in or about that space of time. In all this tho President and the Herald stand upon tho same ground. We havo de nounced over and over again the reckless extravagance of Congress, and have warned that body that if it should continue in the same course, burdening the people to tho last limit of forbearance, the worst n.smlu m-nr follow. Nobody would think of repudiation if vni iiiiniiiiti uii.urs ana ino Ueht should be managed right; but we cannot tell what might happen if the weight of taxation should be come insupportable and tho public mind de moralized by the reckless and corrupt legisla tion of Congress. Unless the brakes be put down, and that speedily, the most disastrous consequences may be expected. We must stop extravagant appropriations, and practise economy in every department of the govern ment. We should also, as the V resident s.ivs. and as wo have repeatedly urged, provide for the gradual and entire liquidation of the debt within a given number of vears, say within thirty years. Thus the burden would bo di minished from year to year, and a cheerful confidence would he inspired in the prospoct of seeing it entirely removed. Nothing short of this will satisfy the people and give hope and security in the future. In connection with tho subject of our na tional finances, we have recommended the i.i i - i . . .. wunurawai oi ino national uanic currency ana suusiuution oi legal-tenders in its place, for the purpose of saving to the Government the profits on that amount of circulation. We have shown that the sum of twenty millions a year which is now lavished upon the national bank associations could be saved by simply taking away their currency, and buying up or ii: ii,.' - i i i ..." .. - cam-cuing wieir inree nunurea millions ot ae posited bonds with a new is me of lecal-ten ders. The volume of currency would not he inci eased, and we should put a check upon a vasi anu reany uangerous monopoly. As the President agrees with the Ifrrald'a views, we may conclude that ho will be prepared to recommend this change. So also with regard to paying our accruing indebtedness with legal-tenders, and the conversion of theso at the option of the holder, and at their market value, into three per cent, bonds or consols of long date. We take it for granted, too, that the Presi dent favors a system of revenue which shall he derived mainly from a few articles of luxury and general use, and which can be managed at a third of the present cost. A great deal of the revenue is now consumed hy our expensive and complicated system. The J 'resident regards the cotton crop as an important element affecting our national finances. It is so, undoubtedly, for it not only enters largely into yir manufactures, commerce, and business generally, but it is equal to gold in making our foreign exchanges. But the prospect is not so gloomy as he seems to believe. He thinks that the unsettled state of the country will materially check the pro duction of this most valuable article. For tho time it has that effect, probably, to some ex tent; but there was a larger crop produced last year than was expected, and the people are earnestly at work this year. Prolonged political trouble would have a had effect, doubtless; hut we hope to see the Southern States restored and that difficulty removed before another year. We are gratified to know that Mr. Johnson has such broad and comprehensive views in the main onour financial situation. He is now on the right track. We repeat the call we made upon him a few days ago, to make himself master of the subject and to spread it before Congress and the people in a message, and with the same views he has expressed. It is going to ho tho great question of the future, and he is in a position to make the most of it. The Democracy The Future. From the World. Nothing is farther from our purpoao than to indulge in vague and barren declamation about the Constitution. The Constitution is a piece of written or printed paper. But there are certain principles embodied in it which would remain true if every copy of the docu ment were burnt and its contents forgotten; just as the principles of geometry would have remained true if every copy of "Euclid" had perished in the night of the Middle Ages. It is only the endangered and discarded princi ples of the Constitution that require attention now, and these are precisely the principles of which the Democratic party have always been the champions. The question is, whether they are exploded errors or ever-abiding truths '! We plant our standard boldly on the great cardinal doctrine of State rights the stone which the recent builders have rejected, but which must, nevertheless, remain the chief corner-stone of the Democratic party. "It moves, nevertheless," said Galileo, after his abjuration of the earth's motion: and the doc trine of State rights remains true, no matter who recants it. It is not the name that we contend for, but the principle; and the princi ple is in the very nature of democratic institu tions. The fermenting activity generated in democracies lias always made democratic com munities ambitious, and often aggressive. The thirst for dominion and extensive territory is a natural instinct of democracy; but an exteu sivo democracy naturally crumbles to pieces under its own weight. A monarch reign-' ing over vast dominions is not likely to share the local passions of any part of them; but where the people rule, as in a de mocracy, the local passions of one part may domineer over the interests of another, or the clashing passions of different parts may rend them asunder. The only remedy for these etna in a country wuii democratic insti tutions, is to leave local matters to local con trol, and confide to the general Government only those interests which are common to all. This principle has its roots in the very nature of democracy and in the nature of man. There is no other refuge from the discords which result troni its violation than to return to the principle or to replace free institutions by a monarchy. We have full faith in the democratic instincts of the country and so feel safe from a throne. We believe, there fore, that the experience of evils will carry us hack to local self government: iu other words, to State-lights. . The standing objection to this Democratic doctrine is, that jt is a prineiplo of disintegra tion. But, in good truth, it is the only effec tual safeguard a gamut disintegration. In point of fact; our history proves that the State-rights party has not been a patty of disintegration, hut the party of agglomeration and perpetual new accessions. Every enlargement of our territory has been made by the Democratic party. Against t he fierce opposition of its opponents, it purchased Louisiana, annexed Texas, acquired California and New Mexieo, purchased Florida, asserted and maintained our claim to Oregon; and it made repeated, though unsucccsslul, attempts to gain Cuba. Instead of the narrow belt of States along the Atlantic coast, of which the Union was originally composed, we owe it to the Demo cratic party that our flag waves over tho best portion of' North America. Nor is it a mere accidental coincidence that the greatness of our country is thus due to tho Democratic party, which annexed every rood of land which has been added to our original territory; and that most of these acquisitions have been strenuously opposed by the Federal or hig party. The acquisitions and the opposition to them have been the necessary logical result of differing party principles. The State-rights party saw no danger in terri torial enlargements, believing that local self- goveinment would prevent any clashing of local interests, ana mat territorial expansion would enlarge the area of free trade, and multiply prodigiously our national wealth, strength, and weight. The opponents of the Democratic party, who were always for accu mulatinc power in the Federal Government, feared territorial aggrandisement as a source of division and weakness. Each party reasoned correctly from its own principles. A vast Union is compatible with free government on the State-rights principle; incompatible with it on any other principle. It was the anti-State-rights party which dissolved the Union by its accressions. There are some truths in politics which rest upon the same sure foundation as truths in physics, hecause they result from the necessary operation of physical laws. The moulding inlluence of climate and diet (diet changing with the products ot different climes) on the human constitution, and through that on human feelings, sympathies, and modes of judging, is as well established as any fact in natural history. In accordance with this physical fact, we find the political fact that all vast empires which, nave heretofore hsd durable existence spread out east and west, through the same range of latitudes, and never had any great extension north and south. There is no natural principle of cohesion between peoples who have long been subject to the inlluence ot widely different cli mates. (See Dr. Draper's excellent scien tif-.c worK on this subject.) The negroes and whites who have long dwelt in the South together, do not (though ot dillerent races) feels towards each other the repulsion felt by both for the Yankees and hy the Yankees for them; and herein the South has its best guarantee against the efforts of Yankee poli ticians. These diversities of feeling among the inhabitants of our vast territory will more and more increase until they reach their maximum, as our population becomes more stable and better acclimatized. It is therefore in the order of nature, if we are to remain united, that we must either turn to tho princi ple of local self-government or exchange our free institutions lor a monarchy. With tho State-rights principle re-established, we can annex Canada and Mexico, and bring in Cuba, without danger of disruption. Common de fense against foreign powers and free com merce among ourselves are topics on which we can easily think alike, becauso our inte rests are the same; but that a people spread through so many latitudes should ever bo come homogeneous in local feeling, is not to be expected. These truths can no more he put out of ex istence by the temporary depression of the Democratic party, than the solar system can he annihilated hy an ecclesiastical decre. The national success achieved while they wore respected will always come in aid of their in trinsic evidence, and secure new crops of dis ciples. The Democratic party can never he destroyed, because truth and its evidence are indestructible It may very like he super seded; but only after the full accomplishment of its work in the universal admission of the truth on which it is built. In respect to other great quesitons, tho Democratic party rasts on truths equally per manent and indestructible. Tho State-righta principle stood foremost in the Democratic creed, and next to that a metallic curroncy and free trade. Tho first was most strenu ously duhatcd in Jefferson's time; the two last in Jackson's; they all camo out victorious, and so remained until the abolition maelstrom engulfed them in its vortex. But that agi tation has run its course, and presently all these obscured truths will find zealous apos tles and multitudes of new proselytes. While the precious metals remain the currency of the world, who believes that the hard mouey theory can he permanently exploded in this country 1 Coins will again clink in the pockets of our citizens ; the Democratic party, true to its old creed, will he the chief agent in re storing a sound currency and low prices. Until the laws of nature change, and the bowels of the earth yield more suitable sub stances for money than gold and silver, the Democratic party will stand on solid ground. As the advocate of free trade, it is also close to nature, whose infinite variety of produc tions in different parts of the globe is an ever lasting decree for the free interchange of commodities. X""v- lrht4' Oof Bold by all dniprlrta t II per bottle. FINANCIAL. putl NO Y LV AMI A STATE LOAN. PROPOSALS FOR A LOAN or $23,000,000. AN ACT TO CREATE A LOAN FOB THE KEDEMniOH 07 THE OVEBDTJE B0ND8 OF THE COMMONWEALTH. Wlierem, The bonds of the Commonwealth and certain certificates of Indebtedness, arfionntiiig to TWENTY-THREE MILLIONS OF DOLLARS, have been overdue and unpaid for some time pant; ynrt whereas, It is deslrnble that the same should be paid, and withdrawn from the market; therefore, (Section 1. Be it enacted by the Senate and House of Jicjireseiitutives ( the Loninimiwetilth of 1'cnn syh'imia in Uenerut Assembly met, and it u hereby enacted bv "le authority of the same. That the Governor, Audllor-Oeueral, ami Htate Trea surer be, end are hereby, authorized iind em powered to bonow. on the faith of the Com monwealth, in Mich amounts and with such notice (not less than forty days) us they may de ru most expedient for the Intercut of the Htate, twenty-throe millions of dollars, and Issue certificate!! of loan or bonus of the Com monwealth for the same, bearing interest at a rate not exceeding six per centum per annum payable semi-annually, on the 1st of February ami 1st of August, lu tho 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 he paya ble as lollows, namely: Five millions of dollars payable at any time after five years, and within ten years; eiht millions of dollars paya ble at any time alter ten years, and within fif teen years; and ten millions of dollars at any time after fifteen years, and within twenty-five years; and shall be Bigned by the Uovernor and Htate Treasurer, and countersigned by tbe Auditor-General, and registered in the boohs of the Auditor-General, and to be transferable on the books of the Commonwealth, at the Farmers' and Mechanics' National Bank ol 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. Section 2. The bids lor the said loan shall be opened in the presence of tho Oovei nor, Auditor-General, and Htate Treasurer, and awarded to the highest bidder: iTovided, That no cei tiH cme hereby authorized to be issued shall be neuotialed for less than its par value. Hection 8. 'i lie bonds oi the State and certifi cates of Indebtedness, now overdue, shall be receivable in payment oi tbe said loan, under such regulations as the Governor, Auditor General, and State Treasurer may prescrloe; and every bidder for the loan now authorized to be issued, shall state iu his bid whether the same is payable in cash or in the bonds, or certificates of indebtedness of the Common wealth. (Section 4. That all trustees, executors, admin lsuators, guardians, agents, treasurers, com miitees or other persons, holding, in a fidu ciary capacity, bonds or certificates of indebt edness of the State or moneys, are hereby authorized 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 6. Any person or persons standing In the fiduciary capacity stated in the fourth nee 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, invest the same In the bonds authorized to be issued by tliis act, at a rale of premium not exceed lu twenty per centum. Section . That from and after the passage of tills act, all the bonds of this Commonwealth shall bepaldofl'ln the order of their maturity. Section 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 eiiUit hundred and sixty-seven, shall have been pn id. Hection 8. That all existing laws, or portions thereof, inconsistent herewith, are hereby re- t16' JOHN P. GLASS, Speaker of the House of Kepreseututlvea. L. W. HALL, Speaker of tbe 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 Office of the State Treasurer iu the city of Harrlsburg, Pennsylvania, until 12 o'clock M., of the 1st day of April, A. 1. lHb7, to be endorsed as follows: "Proposals for Penn sylvania State Loan," Treasury Department, Harrlsburg, Pennsylvania. United Slates of America. Bids will be received for 45,000,000, reimbursa ble in five years and payable In ten years; 8H,000,000, reimbursable in ten years, and payable in fifteen years; and 810,000,000, reimbursable in fifteen years and payable In twenty-live 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. Tbe bonds will be Issued in sums of $f0, and such higher sums as desired by tbe 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, Stale Treasurer, N. B. No newspaper publishing the above, unless authorized, will receive pay. 2 7 7 3-10s, ALL SERIES, CONVKKTKD INTO Five-Twenties of 1865, JANUARY AND JULY WITHOUT CHARGE. BONDS DELIVERED JKUEDIATELY. DE HAVEN & BROTHER, nw9 Ko.40 MHMlTMBHSt U C U S T SEVEN-THIRTY NOTES, CONVERTED WITHOUT CUABUK INTO THE NEW MVK-TWENTT COLD INTEREST BONDS. Large Bonds delivered at ouca Small Bouda fur nibbed as soon as received Irom Wellington. JAY COOKE & CO., No. 114 S. THIRD NTHEtflT. FINANCIAL. E w 8IX PER CENT llliGISTKIlKL) LOAN ' or TDK LHUGII COAL AND NAVIGATION C0, ii;k in isot. interest payable quarterly, free of unitkd states and (state taxes) rOB SALE AT THE OFFICE OF THE COMPANY, NO, 129 MOUTH KKlOM HTItF.ET. Thli LOAN ! upcnred by a First Mortgage on Company's Railroad, constructed, nd to be Co Btructed, extending from the soutbern boundary o tbe borough of ilauch Chunk to the Delaware River at Kastoo: Including their bridge across the aaid river now iu process of construction, together with all tbe Company's rights, llbertlee, and frauchlBes appertain ing to the said Railroad and Bridge. Copies of tbe mortgage may be bad on applicatlo at the Office of the Company. MLM09i MI1KPIIERD, 2 Sfttf TREAHTJRER. JA.lK5iU UOUSK JayCooke&(p. 112 and 114 So. THIRD ST. PHILAD'A.' Dealers in all Government Securities! OLD 5-2 Os WANTED IN EXCHANGE FOR NEW. A LIBERAL DIFFERENCE ALLOWED, Compound Interest Notes Wanted, INTEREST ALLOWED OUT DEPONITS. Collections made. Stocks bought and sold on Commission. Special business accommodations reserved for ladies. 12 2i3m4p pa S. PETERSON & CO., r No. 39 S. THIRD Street. ttOVERNBlENT SECURITIES OF ALL KISDS, AND STOCKS, BONDS, ETC., BOUGHT AND BOLD AT THB Philadelphia and New York Boardi of Broken. COMPOUND INTEREST NOTES WANTED; DRAFTS ON NEW YORK Always tor sale In sums to unit purchasers. ft 20 Sm 7 3'IOS. SEVEN - THIRTY NOTES CONVERTED WITHOUT CHARGE INTO THE NEW C - O S. BONDS DELIVERED AT ONCE. COMPOUND INTEREST NOTES wanted ai digues t market rales. WM. PAINTER & CO., 12 2Mm NO. 30 SOUTH THIRD NT, FIRST-CLASS SEVEN PE1CENT. BONDS. North Missouri First Mortgage Seven For Cent. Bonds for sale at 8 5. All inlontatlon cheerfully given. JAY COOKE & CO., BAN KK IS 8, No. 114 South THIRD St. 1 21 2m RATIONAL BANK OF THE REPUBLIC Not. 809 and 811 CI1ESNUT Street, rHILADKLPHIA. CAPITAL. 500.000-FULL PAID, DIHECTORS Jos. T. Bailey, ;lw. B. Orue. Kkthtia lilllt, Willlum Ervien.lSsm'l A. Blspham. ObKod Welsh. 1'red. A. Hoyt, B. Kuwluua, Jr., Win. Ii. Kiiuwn, PBBHIDKNT, WILLIAM H. BHAWN. CASHIER, JOSKPH P. MUMFORD. 1 818m REMOVAL. DliEEK A PEARS REMOVED TO NO. 4 PHLUKI street. DKKKH A HKAH8, t'oriuerl oi Goldsiullb'a Hull, Library Btreet. Iiuve removed t No 412 1'KUNE bireet. betweeu Fourth mid Fil treela where they will continue their Manufactory nf Gold Cbuiuii, Bracelets, etc, lu every variety. Atao the sale ot tine Cold, bllver, and Copper, OldUold and Silver bouut. JanuaryJjJMff. 1 lm CUTLERY, ETC. CUTLERY. A fine assortment of POCK KT and TABLK I'UTLKHY. KAOltS, RA ZOR STROP. LADIKH' HULOOOhH rA.B. AJS1J TA1LOKH' IS11KA1US, KTC at V. HKI. MOLD'S ! Cheap Store, No. ins Houth Tk.H l II btri. 11 lhree doom above Walnut.
Significant historical Pennsylvania newspapers