THE DAILY EVENING TELEGIiAPII. PHILADELPHIA, WEDNESDAY, MARCH 20'; 18G7.
THE NEW YORK PI1ESG.
gDITOKIAL OPTKtOKf" OF THE I.FADINO JoritXALS
EFOH CCBKENT TOPIO CtlMl'IMil) KVKKY
DAT FOR THK BVKMNO TKI.KOKAI'H.
The Snpilc",entN' Itcrit tuctlou
nui
'i'h Pruijuct lu ilia Souili,
Prom the Herald.
.As Hip Supplementary Southorn llwonstruo
lion bill, substantially in tho form in which it
ban panned the Senate, will doubtless hoou
be proclaimed a law of the land, veto or no
veto, we may briefly restate its leading fea
tures: First, before the 1st day of .September next,
the commanding general over each of the live
military districts into which the ten excluded
States are divided, nhall causo a registration
to bo made of the authorized voters, white
and black, under a specified oath of loyalty,
ju each county or parish of his district.
(Second, upon at least thirty days' notice those
military commanders respectively shall cause
an election to bo held by tho registered voters
for delegates to a reorganizing State conven
tion, and for or against such a convention,
provided that sm h a convention shall not be
held unless a majority of all tho registered
TOters shall have voted on the question, yea
Or nay, of holding such convention.
Third, when a convention shall havo thus
Iteen ordered by a majority of the voters, the
commanding general, after overlooking tho
returns, in proclaiming the result shall,
withiu sixty days from the election, call the
convention together, "and said convention,
wlieu organized, shall first determine by a
Tote whether it shall or shall not proceed to
frame a new ltate Constitution, according to
the terms of Congress, and if the vote be In
the affirmative the convention shall then pro
wed to the work." Next, when a new con
stitution shall have been framed, it shall be
Submitted for ratification, on thirty days'
.notice, to the registered voters representing
the people. Next, with the constitution thus
latilied, it shall be submitted to Congress, and
if accepted by the two houses, as in conformity
with the conditions laid down, the State con
cerned shall be declared entitled to a restora
tion to Congress, etc. The bill further pro
Tides that all these provisional elections are
to be by ballot.
Now, what is tho prospect of Southern resto
ration under this Supplementary bill and the
Original law of March 2 f lu the first place
comes the most difficult part of the work the
Separation of the nheep from the goats in the
registration of voters; for those Rebels ex
cluded by the pending Constitutional amend
ment from office, subject to a two-thirds vote
of Congress, are excluded from the ballot-box
in these reorganizing elections. The military
commanders are allowed all the interval to the
last day of August to appoint their registering
places and subordinate officers, to prepare
their plans, rules, and books, and to make
their registrations. But we think that all this
work may be easily done by the drst of June.
Then thirty days' notice for the election of a
convention will bring that election on the first
f July.
Then, assuming that the whole interval of
sixty days allowed will pass before tho con
vention elected and ordered shall assemble, it
will bring us round to the 1st of September
with the full organization of the Convention,
let us say next that it will occupy a month
in framing a State Constitution under the
terms of Congress; and as another mouth will
then pass before a ratification can be had from
the people, this ratification will carry us to
the 1st of November. Meantime, under the
act of March 2, a State Legislature must be
elected, and it must ratify the pending Con
stitutional amendment, and this amendment
must be declared part of the Federal Consti
tution before any one of the outside States
can be restored. But all these conditions may
be fulfilled in season for the regular meeting
of Congress in December next, if the Presi
dent of the United States, his commandiug
district generals and official subordinates, and
the ruling politicians and white people of the
ten States concerned, will only act harmo
niously together in view of tho great deside
ratum of a restoration to Congress as soon as
possible.
We expect before next March to announce
to the world the complete re-establishment of
the Union on the new basis of universal liberty
and civil equality, with the restoration of
every Rebel State to Congress. The President
has manifested in his appointment of his live
district military commanders Scholield,
bickleSj'Thomas, Ord, and Sheridan his pur
pose to execute these laws of Congress faith
fully; and from the Southern civil experience
and good services of each of these officers, we
are satisfied that they will carry out these
laws as quietly and kindly as possible to the
people of the several Status concerned. Whe
ther, therefore, the ten excluded States shall
or shall not have a voice in this Congress,
and in the election of the next and our next
President, will depend upon the course of the
ruling white class of each of the States directly
concerned; and that class, though to some
extent aisfrauchised in this work of recon
struction, we are gratified to believe, is rapidly
coming round to the wise policy of a prompt
and faithful compliance with the terui3 of
Congress.
The prospect, therefore, of Southern resto
ration is good; and the encouraging indica
tions we are daily receiving from Virginia and
all the way through to Texas warrant the
belief of immense advantages to all those States
in the way of Northern capital and enterprise
in view of large crops, even this year, of corn,
tobacoo, cotton, rice, and sugar. Cheerful
Submission to manifest destiny will surely
bring to the South, in advance of Southern
restoration, those great essentials of financial
confidence in the development of Southern
industry wealth and prosperity.
The
Constitution, ami the Chsueei
Wrought by th Revolution.
From the Times.
Our correspondent, "A Veteran Observer,"
In a letter published in Monday's Times, drew
attention to the changes in the construction of
the Constitution whUiu the Rebellion has
brought about. lie ooncedes that the Consti
tution of the United States is not now what it
Was believed and held to be ten or even five
years ago. "The Constitution," he says,
'must be construed to meet the wants of the
people; hence it is practically changed accord
lug to the ideas and wants of the day."
This . may be perfectly true. But it is
equivalent to saying that the Constitution is
sham; that our syBtem of constitutional
government is a failure, and that "the wants
f thA TeoDle." the "ideas and wants of tua
day " constitute the only fundamental law of
the land. England has just such a Constitu
tion as that. The opinion of Parliament, the
rotes of the House of Commoas, the will and
vanta vf the people, constitute the "ua -
written Constitution'' by which England is
governed. Our Government is tending to
precisely that result. Our Constitution in its
theory was intended- to bo the supreme law
limiting and restraining the action of the
Government in every department, and puttini
checks and restrictions upon the wants,
wishes, and will of the people whenever they
should transcend its provisions. This is the
theory of our form of government. This is
tin? only object and use of a written Constitu
tion. When it ceases to serve that end
when it ceases to interpose a barrier to popu
lar passion or to regulate and control the
action of Congress, or the Executive, or the
Judiciary, it ceases to perform the practical
duty for which it was ordained.
Our correspondent says these are not
changes in the Constitution, but only in tho
construction put upon its provisions. Either
this is a distinction without a difference or
else the Constitution is too vague and unmean
ing in its terms to have any practical meaning
wniuever. jne onsuiuuou says, for ex
ample, that "the writ Of habeas corpus shall (
not he suspended except when, in case of in- 1
vasion or rebellion, the public safety may re- ;
quire it." Congress has just authorized tho !
huspension of tho writ in ten States. There !
is no invasion, there is no rebellion, and the
public salety does not require it; yet tha i
writ is suspended all the same. Is this a I
mere difference of construction? There is no
room for any such difference. The language j
is just and clear and explicit as it is possible !
for language to be. There is not a shadow of
doubt as to its meaning. There is only one
"construction" of it possible; the suspension !
of that writ is absolutely prohibited except in
one specified case; that case has not occurred, i
and yet tho writ is suspended. What this
means is just this: The Constitution ad hoc
has leen repealed, abolished, annulled, by act
of Congress.
Precisely the same thing is true of other !
portions of the fundamental law. It declares
that "no State shall be deprived of its equal !
representation iu the Senate, without its own !
consent." But ten States are thus deprived of
all representation, in either House of Congress, ,
not only without their consent, but against t
their earnest and indignant protest. Is this a i
difference of "construction t" Nobody pre
tends anything of the kind. Congress claims
that the Constitution never contemplated such
a state of things as now exists, and that there
fore this prohibition has no effect. But this is
sheer nonsense. The Constitution provides
for every case that can arise, and for every
state of things that run exist. Its language is
general, and its binding force is absolute and
universal. The plea cited means simply that
Congress may dispense with tho Constitution
whenever it pleases, provided the people will
sustain it iu so doing. In other words, the
Constitution is the supreme law of the land,
except when tho will of the people sustains
Congress in overriding and overruling it.
Tin n it becomes simply so much waste paper.
''Everything done by Congress to suppress
the Rebellion," says our correspondent, "is
found in tho Constitution, and more would
have been found if necessary." Unquestion
ably ! But this is only a roundabout way of
saying that the will of Congress became the
supreme law of tho land, and the provisions
and prohibitions of the Constitution vanished
in its presence. Congress did whatever it
deemed necessary to be done and it continues
to do so down to the present hour. The Re
construction bill of the last session was, in
nearly every one of its provisions, in clear and
flagrant violation of the Constitution as in
tended by its frame rs, as interpreted by the
Supreme Court, as maintained by every de
partment of the Government hitherto, and as
expresseil in its clear and explicit language.
Yet that bill is the law of the land, and as j
such will be enforced because it embodies the
will of the nation, which has become a "higher
law" than tho Constitution, and as such will I
control not only its construction, but its appli- !
cation to tho practical government of the !
country. '
We may just as well look this matter in the
faco. It is quite useless to ignore the plain j
and palpable fact that the Rebellion and the :
war have revolutionized our Government. We !
are not living now under the Constitution of j
11SU, but under an unwritten Constitution '
which represents the national will as em- j
bodied iu the act of Congress. The limita
tions of the old Constitution have ceased to
have binding force. Congress exercises power J
never conferred upon it, and denies to States :
rights expressly reserved to them by the Cou- i
stitution. And it does so with perfect impu-
nity, because there is no authority to overrule
or reverse its action. Tho President ii power
less, because two-thirds of Congress is against
him. The Supreme Court is powerless, be
cause the case cannot come up for its action,
and even if it should the Court has no meanB
of enforcing its decrees. The people are with
out remedy, because ten States are not allowed
any voiie in the matter, and the remainder
sustain the usurped authority. We are living
under a de facto Government a Government
resting on force, and on the will of the people
who wield it; but an actual Government never
theless.
President Johnson attempted at the outset
of his administration to carry on the Govern
ment under the Constitution of the United
States as it existed before the war, respecting
all its limitations and restrictions of power,
conceding to States all the rights it guaran
teed, and carrying on the Government within
the channels and upon the grooves which it
provides. The attempt proved a failure. The
popular resentment against the Rebellion, the
sense of exultation at the victory achieved
over it, the demand for guarantees, for new
liberties, larger powers, and more permanent
sectional and party control, were too strong to
be resisted. The war had wrought a revolu
tion in public sentiment, which in its turn
wrought a corresponding revolution in the
practical administration of the Government.
Congress represents that revolution to-day,
and acts under its inspiration and in the exer
cise of power which it confers.
This is the actual state of publio affairs. It
is perhaps wiser to adjust our publio action
to it than to waste strength ana time in con
tending against it. There certainly is but one
tribunal remaining to which an appeal can be
taken. The people may possibly reverse their
own action, and decide to stand by the Con
stitution, rather than the revolution by which
it has been for the time supplanted. We
shall know whether they will or not after the
Presidential election of 1808. Until then, at
all events, we must live under the de facto
Government which now holds possession of
supreme power.
Kr South Carolina..
From the Tribune, 1
The tidings we printed yesterday from the
capital of South Carolina are caloulated to
astonish the Rip Van Winkles of the North.
A gteai meeting of the people has been held
preliminary to a reconstruction of the State
under the reoent act of Congress, and such
eminent chiefs of the late oligarchy as General
I Wade Hampton have fraternized heartily with
' 1 most capable and trusted negroes; the
lending whites and blacks vying with each
other in expressions of mutual confidence and
good-will. The whites concede to the blacks
every light which they claim tor themselves;
while the blacks take the lead in asking Con
gress to repeal all disabling and disfranchising
acts, so as to allow the State to command the
services of the ablest and most trusted citi
zens. In short, South Carolina has already
taken her stand on the tru', broad, generous
national platform ol universal amnesty with im
paitial suffrage, and will soon be in Congress,
shaming the obstinate owls of the Middle and
Western States out of their lingering preju
duesnnd affectations of prejudice against a
recognition of the inalienable rights of man.
Such is the natural, beneficent operation of
the Reconstruction act of Congress, so fiercely
denounced by the President and by the Cop
perhead Congressmen and journals as an act
"to organize hell" in the South, to destroy
liberty, and to whelm the whole land in an
archy and military depotism. So far as wo
can now see, every ex-Rebel Stato but Texas
will promptly and cordially reorganize on the
basis pioposed by Congress, and have its dele
gation ready to take seats iu Congress before
the close of this year. What patriot heart
does not swell with gratitude and joy at the
prospect?
Close of the Nrfrrophlllst Cycle In Our
Politic.
Vom the World.
It is certain that the next Presidential elec
tion cannot be carried on the negro question.
By the passage of tho Supplementary Recon
struction bill that issue will be taken outof na
tional politics. There may, indeed, be a pretense
of maintaining what has been done, and prevent
ing its overthrow; but as there is no proba
bility of its overthrow being attempted, that
would be an idle issue. These two things
can easily be make to appear: 1. That
nothing further can be attempted in behalf of
the negro. 2. That the franchises acquired
by him will not be revoked.
First, then, in regard to the possibility of
doing more for the negro. If a stick of timber
lies prone upon the ground, you may raise
one end of it, and bring it nearer and nearer
to a perpendicular, until it stands vertical;
but any further application of force in the
same direction only tends to prostration on
the other side. In the same way, they who
elevate the negro under pretense of lighting
the battle of human equality, can do no more
for him by political action than to make him
the political equal of the white. If they
attempt to raise him higher, they reintroduce
the inequality between diitereiit races against
which they have always been protesting. By
the recent legislation, the negro is raised as
high as he can be put by any other action than
his own. By the abolition of slavery he was
elevated to the rank of a freeman; by the Civil
Rights bill he gained equal advantages of
person and property, and equal protection in
the courts; and now, finally, ho is raised to
full political equality. If imagination were
tortured to find anything more that could be
done for him in the removal of disabilities,
imagination would be incapable of the task.
Nothing more is possible. Certain it is, there
fore, that the negrophilists can present no
new affirmative issues. Unless, then, there is
to be an agitation for repeal, the rights of the
negro can never again be an issue in our
national politics.
This brings us to our second position, that
the franchises now conferred on the negro can
never be revoked. The desirability ot revoking
them is not the question which we discuss,
but the possibility. If our Government were
so constituted that revolutions in public
opinion could immediately take effect in
reversing past legislation, the question might
be dillerent. But the six years' tenure of the
United States Senators is an impassable barrier
to the sudden repeal of the new law. With
every Northern State at present in possession
of the Republicans, some time is required for
changing the political character of the State
Legislatures, which elect the Senators. Until
this is accomplished, the Senate will remain,
as now, overwhelmingly Republican. But
when the Senatorial changes begin, they can
proceed but slowly, owing to the lng terms of
the Senators.
There is, therefore, no possibility of a repeal
of the Reconstruction act until it has accom
plished all the mischief of which it is capable.
Agitation for its repeal would be political
folly, because the Southern States cannot, and
will not, stand unorganized and unrepresented
until a repeal could be effected. Nothing is
more certain than that the Southern States
will be reconstructed on the basis of that act;
and the negroes once admitted to the suffrage,
can never afterwards be excluded, inasmuch
as their own votes would have to be counted
on the question of exclusion. Neither the
Democratic party, nor any other party of
practical men in their senses, will go into the
next Presidential election with the repeal of
the Reconstruction act as their leading issue.
But if the next Presidential election does not
turn upon that issue, it is certain that no
subsequent one can. We may accordingly
regard the negro question as settled.
There being, then, nothing further to agi
tato for in behalf of the negro, and no pros
pect of any agitation to deprive him of what
he has gained, our national politics can no
longer revolve around him as their centre,
which ought to be considered as a happy rid
dance, if we could but lay out of view the
enormous and appalling cost at which it has
oeen purchased, liut it is childish to cry
over spilt milk; and as to the negro vote, we
have no doubt that it will be controlled by the
Southern whites. It is certainly some relief
to think that the negro can no "longer be tho
pivot of our politics.
To accomplish the emancipation of the
negro, we have burdened the nation with a
colossal debt, impoverished and Wggared one
half of the country ; we have deranged our
currency, subverted our Constitution, cor
rupted tie public morals, clothed hundreds of
thousands of families in mourning and maimed
hundreds of thousands of surviving citizens ;
we have created famine priceB for food, have
turned our trading classes and banking insti
tutions into cliques of speculators ; we have
destroyed our shipping interest, and, worse
than all, have filled tho hearts of our people
with rancorous and malignant passions, aud
poisoned the whole social and political at
mosphere. If the negro has been elevated,
the white laborer has been depressed half-way
to meet him. For what is the essence of
slavery ? .What but this, that one man works
and another takes from him the fruit of his
labor? Before the war, all that the white
laborer earned was Ids own ; now, half of it
is wrested from him by the Government. It
is with difficulty that he can feed and clothe
his family ; but food and clothing are what
the Southern slaves never wanted. The white
laborer's children go ragged aud shoeless to
meet the cost of emancipating the negroes.
The price must be paid to the uttermost
farthing, and our politics must turn, for many
years to come, on questions connected with
the just distribution of the burden.
! Up to this time, the burdeu Las been appor-
tioncd in glaring disregard of justice. The
manufacturers, speculators, and money
dealers prow rich, and the industrious poor
are still further impoverished. A. the nation
as a whole is immensely poorer than it was
before, and certain classes immensely richer,
it is evident that those whom tho times are
oin idling really bear no share of the public
buidrus. The manufacturers, to be sure,
have paid their three per cent, tax; but they
have added a hundred and fifty per cent, to
the juice of their goods, so that their taxes
are returned to them, fitly times over, by tin1
coiisiimei-s. The boavy real estate owners
have paid their ten per cent, income tax; but
they have added two hundred per cent, to
their rents, so that their taxes are returned to
them, forty times over, by their tenants. The
holders of Government securities are not taxed
at all, and the intciest on those securities,
with the expense and waste of collection, is
paid by the labor of the country. From com
miserating the hardships of the negro, the
laboring people will presently come to lament
their own; and the emancipation of the white
man will soon become the rallying cry in our
politics.
Now that the negro question is dead, let us
waste no time over tho carcass, but promptly
(dear the decks for the new issue.
MEDICAL.
Sold ty all dniRpMa at (1 per bottle.
I'KlM'IfAL DI VOT, K HOMER'S,
Wo. 4(mCJlEHNUT Street, Philadelphia, Pa,
CONSUMPTION CURED.
USE IIASTINQ'S
COMPOUND SYIIUP OF NAPTHA
fcOLD BY
UVOTI A CO., AUKXTS,
No. 2.TJ North SECOND Ktre ,
Mm
LEGAL NOTICES.
7i THK ORPHANS' COURT FOR THE CITY
I AMD COUNTY UF PHILADELPHIA
hHiutd ol Mi CLlNTUiK. MINORS
The Auditor appointed ty Hie Cuni t to audit, settle
anil uiijuHt the account ui u. r. cormimu, juiij., uimi'
(liun ol Auiitt, James, Juhi), llelcnii 11., Caroline M.
litioriieu.. Klizubeih is. tind Win. J). Mct'llntock
M luors, and to rt'port distribution of Hie tiuluiice la
tlie hamlH ol the uccountitnt, win meet the purties In
lert'sttd fur the uiiruoee of his uupolniinenlou TUKB
DAY, M arch M. lMti", ttt lour (4) o'clock, 1. M., at
liis otlice, Io. 4i WulDut street, iu the city or l'hllu
delDhia. 3:15 tu w5t W. D. BAKEH, Audltor.S
TN THK ORPHANS' CoURT FOR THE CITY
X AND COUNTY OF PHILADELPHIA.
1-iilHieol WILLIAM KITCHEN. Deceased.
The Auditor tiiniouited by the Court to uuilit, settle,
and adiuat the iiccount of JOHN CONKY and
,IOl.l'll N. P1UCK, Executors, ami to report uiS'
mbution of the hulunce iu the hands of the uccouut-
unt, will meet the parties interested for the purpose
ol his appointment, on MONDAY, March 2.5, 1 167, at
11 o clock A. M., at his ollice. No. iVi WALNUT
Street, in the city of Philadelphia.
8 ir tuiwol W. JJ. 11AKKR, Auditor,
TN THE ORPHANS' COURT FOR THE CITV
L AMD COUNTY Or PHILADELPHIA.
Estate of AMOS C. MAKWEKU'M, Deceased.
The Auditor appointed by the Court to distribute
the fund In Court In the said estate arlstng Irotu sale
ol real estate of decedent, Kill uieet the parlies in
terested lor the purpose of his appointment, on TUES
DAY. March ihi, at u o ciouk a. ju at ins wmce,
No. 4(C WALNUT blreet, In the city ol Philadelphia,
: 15 f row si w. D. isAJvii.it, Auuuor,
FERTILIZERS.
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S17PEB-F1IOMPUATE OF LIJIE.
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Dealers supplied by the carRO, direct from the wharf
ot lue ojanuiaeiory, oo iiuerai terms,
ilauulaciured ouly by
BAUGH & SONS,
;Office No. 20 South DELAWARE Avenue,
8 4Hmw Philadelphia,
MO MATED PHOSPHATE,
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For Wheat, Corn, Oats, Potatoes, Orasa, the Vegetable
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This Fertilizer contains Ground Bone and the best
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Price '.u per ton of 2U0O pounds. For sale by the
manufacturers,
WILLIAM ELLIS fc CO., Chemists,
lllimwfj No. TH MARKET Street.
gTRENCH STEAM
SCOURING.
ALBEDYLL, MARX fit CO.,
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"4
FINANCIAL.
PENNSYLVANIA
STATE LOAN.
rnorosALS for a loan
OF
$23,000,000.
AN ACT
10 CRKATE A LOAN FOE THE REDEKTn.05
07 THE OVERDUE BONDS OF THE
CODt&IOWWEALTH.
Whereas, The bonds of the Commouwealtrj
and certftiu certificates of Indebted nts,
amounting to TVVKNTY-TUHEK MILLIONS
OK DOLLAHS, have bevu overdue and unpaid
for some time pnt;
And whereas. It 1b deslrnble that the dame
should be paid, and withdrawn from the market;
therefore,
(Section I. xfe U enaeiea oy me arntur utki yioi
Of JirjH-esenUUivts oj the Unnmunweullh of JJenn
sulvunia in Oenerat Asemblj met, and it is hereby
enacted bi the autliorUu of th same. That the
Governor, Audltor-Oinerul, and Htate Trea
surer be, and are hereby, authorized and em
powered lo Borrow, on tne mini oi tue tjoiu
inotiweulth, in bucIi amount and with such
notice (not less than forty days) as they may
deem mont expedient for the interest of the
HlHtu, twenty-three millions of dollars, and
issue certificates oi loan or oonus oi me vajiu
nion wealt h for the same, bearing Interest at a
rate not exceedlnpt six per centum per annum
payable semi-annually, on the 1st of Februiuy
and 1st of August, in the city of l'hiladelphiu;
which certificates of loan or lHnds shall not be
subject to any taxation whatever, for Htate,
municipal, or local purposes, anu hiihu ue paya
ble as follows, namely: Five ml 11 Ions of dollars
payable at any time after live years, and
within ten years; eight millions of dollars paya
ble at any time after ten years, and withiu fif
teen years; and ten millions of dollars at any
time alter fifteen years, and within twenty-ttve
years; and shall be signed by tne Governor and
htate Treasurer, and countersiened by the
Auditor-General, and registered In the books of
the Auditor-General, and to oe 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.
Hectlon 2. The bids for the said loan shall be
opened In the presence of the Govei nor, Auditor-General,
and .State Treasurer, and awarded
to the highest bidder: iTovidea, Tiial no certin
cale hereby authorized to be issued shall be
negotiated for less than Its par value,
Section 3. '1 he bonds oi the State and certifi
cates of indebtedness, now overdue, shall he
receivable in payment ot the said loan, under
such regulations as the Governor, Auditor
General, ami State Treasurer may prescribe:
and every bidder for the loan now authorized
to be issued, shall state lu his bid whether the
snme is payable In cash or In the bonds, or
certificates of Indebtedness of the Common
wealth. Section 4. That all trustees, executors, admin
Istrators, guardians, agents, treasurers, com
mittees, or other persons, holding, In a fidu
ciary capacity, bonds or certificates of indebt
edness of the Slate 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 seo
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 this act, at a rale of premium not exceed
ing twenty per centum.
Section o. That from and after tho 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
State, municipal, or local taxation, after the
interest due 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-
Peale1, JOHN P. GLASS,
Speaker of the House of .Representatives.
L. W. HALL,
Speaker of the Senate.
Approved the second day of February, one
thoiibaud eight hundred and sixty-seven.
JOHN W. GEARY.
In accordance with the provisions of the
above act of Assembly, sealed proposals will
be received at the Ollice of the State Treasurer
In the city of Harrlsburg, Pennsylvania, until
12 o'clock M., of the 1st day of April, A. I). Isti7,
to be endorsed as follows: "Proposals for Penn
sylvania Slate Loan," Treasury Department,
Harrlsburg, Pennsylvania. United Slates or
America.
Bids will be received for 16,000,000, reimbursa
ble In five years and payable in ten years;
JS.OI'O.OOO.reimbursableinten years, and payable
iu fifteen years; and 810,000,000, reimbursable In
fifteen years and payable in twenty-rlve years.
The rate of interest to be either live or six per
cent, per annum, which must be explicitly
stated In the bid, and the bids most advanta
geous to the State will be accepted. No bid for
less than par will be considered. The bonds
will be Issued in sums of 850, and such higher
sums as desired by the loaners, to be free irom
State, local, and municipal taxes.
The overdue bonds of the Commonwealth or
Pennsylvania will be received at par la pay.
ment of this loan, but bidders must slate
whether they Intend to pay in cash or la the
verdue loans aforesaid. ...
No distinction will be made between bidders
paying in cash or overuue loans.
JOHN W. GEARY,
Governor of Pennsylvania.
JOHN F. HARTRANFT,
Auditor-General
W. H. KEMBLE,
State Treasurer.
N B: No newspaper publishing the above,
unless authorized, will receive pay. ZT
7 3-lOs,
ALL SERIES,
CONVKRTBD INTO
Five-Twenties of 1865,
JANUARY AND JULY.
WITHOUT CHARGE.
BONDS DELIVERED JWWKDIATBIT.
DE HAVEN &BROTHER,
10 2UPU Ko.40 SOUTH THIRD St,
AUGUST
SEVEN-THIRTY NOTES.
CON TESTED WITHOUT CUABUE
INTO THE
NEW HVE-TWENTT GOLD INTEUEST
BONDS.
Large Bonds delivered at once. Small Bonds fur
Dished m soon received from Wuulngton.
JAY COOKE & CO..
IIU N, lit h, TUIBO MTUEET.
FINANCIAL.
f-Jw six per CENT.
KKOIIrTEIlHD L.OAN
Of THE
I-HUGU COAL AM) h'AVlGATiON CQJ
in is7.
INTI REST PAY A ELF. QUARTERLY,
FliFKOF TJNITK1 STATKS AND bTATE TAXES
HUt MAI.K
AT THE OFF1CK OF THE COM TAN Y,
NO. 18 NOUTll NEl'OKD HTBEKT.
This LOAN IgRPcured by a Firm Mortgage on
t'omrany'e Railroad, ronMructcd, and to be Co
strucied, extpndhiff from the southern boundary e
the borough ofMnucli Chiuilc to the Delaware River
at Eauton: Including tlnMr bridge acrons the said river
row In process of construction, together with all the
Company's rights, liberties, and franchises appertain
ing to tlie snld llalJroiid and Bridge.
Copies or the mcirlgMge n.ay be had on appllcatlo ,
at the Ollice of the Company.
SOLOMON HI1F.P1IF.RI,
8 28tf
TRKASURER.
Oir-
JayCooke&G).
112 and 114 So. THIRD ST. PHILAD'A.
Dealers in all Government Securities
OLD 5-2 Os WANTED
IN EXCHANGE FOR NEW.
A tllll BAL DIEFEBENCE ALLOWED
Compound Interest Kotcs Wanted,
IK1KBMT ALLOWED ON DEPOSITS.
i
Collections miide. Stocks bought and soil oa
Commission.
Special business accommodations reservd for
ladles. 12 24 Snip
P. S. PETERSON & CO..
I
No. 39 S. TIIIItr Street
60VEBN9IENT SECVBITIES Of ' ALL
HINDIS, AND STOCKS, BONDS, ETC.
BOUGHT AKD BOLD AT THB j ' '
Philadelphia and New York Boardi of Broken.
COMPOUND INTEREST NOTES WANTED
r
DRAFTS ojt NEW YOBS
Always for sale In sums to unit purchaser. I"! JO lira
7 3'IOS. SEVEN - THIRTY NOTES
CONTESTED WITHOUT 1 HA HUE INTO
THE NEW
C - S O s.
BONDS DELIVERED AT ONCE.
COMPOUND INTEREST NOTES wante ai dtgudst
market rales. ,
WM. PAINTER & CO.,
12 VMm NO. 36 SOUTH THIRD ST,
f IRST-CLASS SEVEN PEICENT. BONOS.
North Missouri First Mortgage Seren Per Cent
Bonds for tale at
8 5.
AH Information cheerfully given.
JAY COOKE & CO.,
BAHKEBS,
No. 114 South THIRD St,
1 21 lm
RATIONAL
BANK OF THE REPUBLIOJ
Nos. 809 aud 811 CIIIMJT Street,
PHILADELPHIA.
CAPITAL, $300.000 FULL PAID.
DIRECTORS
Jos. T. Pulley, IWilllam Ervlen,
KUw. B. Orne. OHgood Welsh,
Ntttlmu lillles.lB. Rowland, Jr.,
Sam'l A. Blapham.
l iml A. Hoyt,
Wiu. H. Kuawn,
PRESIDENT,
WILLIAM H. KHAWN,
CANHIEB,
JOSEPH P. MUMFORD.
1 SI tm
REMOVAL.
DEEEB & REARS REMOVED TO NO. 4
PRUNE! fsiret't.-DREKtt & BEAKS, former!
oi Uoldsuiltli's Hull, Library street, huve removed t
No. 412 PRUNE btreei. between Fourth aud Pile
streets, where they will continue their Manufactory
of Gold Chain, Bracelets, etc. In every variety. Also
the sale of tine Gold, bilver, and Copper, Old tiold
and bilver bought.
January l.jsw. l l3m
CUTLERY, ETC.
CUTLERY.
A fine aMort ment of POCKKT and
TA 11LK C'UTLttKY, HAZOK.H. HA-
plTiLlt AND TAILORS' bHEARa, ETC.. at
rM L. V. ifKLMOLD'S
Cheap Store, No. isu South TENTH street,
11 Three doors above Walnut.
CALIFORNIA WINE CO.
WINES,
From the Vineyards of Sonoma, Los Angelos, and
Wapa Counties, Calllornia, consisting of the
following:
WINE BITTEBS,
AI''AJ
1IIHKY,
UOIIi,
jaiNC'ATF.L,
1 ATA U lit,
, IXAHIT,
JPOKT,
UBANDT,
CHAMPAGNE.
These WINES are warranted to be the pnre Juice ot
the grape, unsurpassed by any In the market, and ar
highly recommended lor Medicinal aud Family pur
poses. For sale by
E. L. CAUFFMAN.
AGENT,
NO. SI NOUTII rOUBTH STBEET,
UwsUt PHILADELPHIA.