SPII11T OF THE PIIE&S.
EDITOBIAL OP 11058 OF Till LKAWWO J0CBNAL8
VT09 CUKBKRT TOPICS COMPILED XVEBT
DAT FOB TBI BVENENO TEXEOBATH.
General Batter's New Way.
OTO tA A'. 1'. TWbMrwi.
That we may do General lUUlor no injustice,
, or that our readers may dtect it if we .should,
W recopy the material portion of his letter ou
finance, given fully in Saturday's Tribune last.
, IIt Baya:
"My proposition U that Ihe GovernrnBntsliBU
Offer to tbe country a new loan, semirml oy lute-
-real In currency bonds pnvnfole at loin date, l
'which all future lsuos of Ouverniiient loans
Blmll be assimilated, cons lo mnke one class r
Government necurlile only, InHtetuI of the
nineteen diflVient o BHces we have now, anil
wlih the proceeds of mioh loan pay oir om
LlKUcst class of IntercBt-Kold bi arlnR bonds bs
" they become due; not to Increase, and thereby
depreciate the currency, but to render lUe cur
rency and credit of the Government more
stable, and, therefore, all the more valuable, by
reducing the debt by a reduction of interest ami
Inoronse of taxable property, caiiHlng our loans
to be taken op lnourowu country, so iliatjve
may not be obliged to par tribute to foreign
capital, aa we now do, at a rete of luternst ex
oeediD? three times what they charge ttieirown
Governments. .
"To tbe assertion that by this course the pub
lie creditor by Five twenty bonds Is injured , i
reply that I propose to py blin when nlsoblt
Itatlon falls duo In precisely the salne currency
or money which the Government has provided
tor every other creditor, rubllo or private, to be
aid in, and that which It Is declared upon the
Limit of every lepal-tender note be may be paid
In, the best, and m at valuubleinouey whloh the
credit of the country can sustain, bearing rela
tion to-day to gold as 143 to 100-whlIe the
money that these Five-twenty creditors lent
the Government (being the bent which the then
credit of ibe Government could nfl'ord, stood
til mint Inn In vnlfl fui"ftlan,l 2RS 1(1 I (Ml. If the GOV-
rnent pays them in a currency from 60 to 109
percent, better than they lent the Government,
of what have they to complain, save that the
Government will not tax the people to pay them
a usurious share; or, iu other words, will not
tax the people to enable the cm pita lists to make
a speculation out of the war necessities of the
Government 7
; "History tells of no Government which has
?et paid Us creditors all tbcv loaned to It, and
hus made them whole; and J doubt whether
good faith, good conscience, or equity, requires
this Government to pay Its creditors three
times what It received from them, with Interest
at six per cent, ou the treble amount. Of
course. If any contraot, to do that be shown,
'the Jew shall have his bond, but not one drop
Of. Christian blood."'
To all which, thus saith the Tribune :
1. If General Butler proposes ouly that a
single loan (like that of the British bonds)
Bhall replace all our existing Government loans
at the free option of ottr creditors, we have no
Shadow of objection. If we pay the specified
Interest on each bond until the principal falls
due, and then say to the holder: "Here i3
a new bond, which we offer you in exchange
for tlfot vcu hold; if you prefer the cash,
it is ready for you" we ask and wish no
more. .
2. But that is plainly not what General
Butler purposes. lie means to say to the
national creditors: "Here is a new bond,
whereof the interest is payable in green
backs; take this in exchange for your gold
bearing bond, take its face in greenbacks, or
take nothing." And that is, in our view, re
pudiation, which is a longer synonym for
rascality.
3. We always distrust the logio which is
based on falsehood. Now it is not true that
our "Five-twenty creditors" lent the Govern
ment the sums we owe them respectively when
"the money" paid by them for their bonds
"stood, in relation tq gold as 200 and 285 to
100." If it were true, it would be in our view
non-essential; since the vital question is not
"What did we get f" but "What did we cove
nant to pay ?" If our legal-tender money was
temporarily depreciated, that was our own
fault or, if you please, our misfortune; but it
was a circumstance over which our creditors
had no control whatever. But the depre
ciation of our currency below. the gold
standard of mankind was long five, ten, fifteen,
twenty twenty-five per cent., while we were
borrowing it by millions, and giving in return
our notes to pay so many dollars, with six
per cent, interest in coin. We proposed the
bargain; we specified the terms; the public
creditors only accepted what we eagerly prof
fered. The Tribune was largely, zealously
instrumental, at the request of the Govern
ment through its agents, in persuading people
to let the Government have their money for
those bonds. We assured them, day after
day, that every one would be paid in full in
coin, principal and interest. In short, we de-'
luded them"basely, if General Butler is now
correct. General Butler uttered no word of
dissent then. .He now steps in to tell the
debtor that he can pay his debt far more easily
and cheaply than he gave his creditors to un
derstand when he was in urgent pursuit of
that creditor's money. We cannot reaoncile
this substitution with common honesty.
4. General Butler wants to reduce the inte
rest on our national debt; so do We. Our way
is to treat our creditors po Justly, so fairly,
that every one will wish to remain our creditor,
believing ours the best seourity he cn hold.
In other word, we would make a United
'States Consol equal to a British Consol, inte
rest for interest, dollar for dollar. Were it
fixed as the everlasting hills that the promise
of our Government was sure, and better than
any other, we might soon borrow at four per
cent., as .England can, and thus reduce the
Interest on our entire debt below one hundred
millions per annum. . If we try General But
ler's dodge, nobody will ever more choose to
lend us at all. It is not enough that we prove
ourselves a nation of knaves we must be
arrant fools also if we enter upon the down
hill road that General Butler opeus invitingly
before us. '
Vh Situation at (he South from a Hill,
taiy Staudpolut.
From IheTf. Y. Timet.
. The sense of thoughtful citizens of all par
ties does not favor more admixture of civil and
military administration than can ba helped.
We are passing through an epoch in national
progress when the dividing line cannot be
yery clearly drawn. The people, however, in
the existing crisis depend as much upon the
discretion and the judgment of individual exe
cutors of the laws which Congress has enaoted
as upon the forecast and. the precision which
the laws themselves exhibit. Bo much of the
Strong effort of the last six years military
and civil has been done outside of the letter
of the Constitution, that it Is vain labor to
appeal to any absolute constitutional
guide however earnestly moderate and
. conservative men may desire to make
such an appeal. There id not a great
deal of practical gain in the declamation of
military officials however honorable may be
their record upon civil reconstruction; but
army officers on whom there have been im
posed by the laws of Congress combined civil
and military duties, must in fairness be
allowed to Justify the acts of the double ad
minibtration. In the case of naval officers this
has always been conceded, before civil commo
tion arose. A large portion of tLe diplomatio
THE DADjI EVENING TELEGR a FIT PHILADELPHIA, TUESDAY, SEPTEMBER 17, 18G7.
achievements of our own country and of every
leading power in Kurope must be credited to
the discretion, the self-restraint, and the man
agement of commissioned officers of the n tvy.
And the record of these achievements has
seldom leen discreditable to the agent, so far
as the experience of our own Government is
concerned. , .
In his response to the compliment paid htm
by his old comrades of the Army of the l'oto
lxacthe other evening, General Sickles may
possibly have exceeded the demands of the
occapion in adverting so directly to the politi
cal situation. It was, perhaps, neither neces
sary nor expedient for him to allege that the
Government "in all its departments" is not
thoroughly agreed upon the duty to be per
formed iu the work of reconstruction; and yet
if the fight of self-defense is admitted at all iu
such a rase as that of General Sickles, it is
impossible for hint to make any appeal what
ever to the verdict of his fellow-citizens which
should distinguish between the two-fold func
tions of a military and civil administrator.
His position in the army may fairly be held to
have entitled him to the position of a military
district commander. Uia removal from that
position may be held to entitle him to a state
ment of the principles which governed his
conduct. Addressing his old army comrades,
General Sickles says that his endeavor in the
discharge of his duties was to exercise the
authority he possessed for the Welfare of the
people, according to What he conceived to be
the true intent and meaning of the laws. He
did not propose to himself any power of veto
over what Congres3 had enacted. He did not
feel at liberty to supplement the laws with
any extra executive power of judging what
the laws ought to bo. lie simply set himself
to study the intent of the orders under which
he acted, and carried these into effect so far as
his instructions seemvd to warrant him.
This much, we are sure, will be conoeded to
General Sickles on all hands alike by those
who were formerly his political allies, and by
those who were accustomed to associate him
only with the feeble and inconsequent diplo
macy of Mr. Buchanan, a dozen or more years
ago, before the venerable functionary beoame
President.
The occasion for speech-making, however
sound and sensible, has to be carefully chosen.
The country, at the present moment, is In no
great humor for military serenades either by
the National Guard or the "Grand Army of
the Republic" We all are willing and
anxious to see every tribute of honor and
respect paid to those who have faithfully done
service for the Union in times of peril. But
the country serins to long for the time when
we can dispense with military display as au
adjunct of ivil reconstruction.
General Sickles tells his old associates that
the enemies who surrendered to Grant aud
Sherman aud Sheridan are now ou their
parole of honor to obey the laws of the laud.
But it may be doubted whether it is well for
an officer in General Sickles' position to x
press, even indirectly, a doubt that their
parole would be broken under any condition,
whether the President aims to give effect to
the wishes and intents of Congress or not.
There ha3 not, thus far, been any indioation
that the officers of the late Confederacy those
of them, at least, who have any influence
over political opinion at the South desire to
thwart the purposes of Congress, or to revive
the sectional disagreements of the past in any
shape. There is evidence strong and incon
trovertible we think, in the other direstiou.
The mischief-makers to-day are not the lieu
tenants of Leo and of Johnson, but the scum
and refuse of Southern political conventions
of seven years ngo, who took to secession as
a means of living, and who would revive it
to-morrow, were there any foroe loft iu them,
for the same end.
Words uttered by a loyal publlo servant
and one especially in the position of General
Sickles ought to be scrupulously weighed.
No careful student who looks at the situatiou
dispassionately can safely commit himself to
the opinion that the integrity of the country
is in any way imperilled by the league of
military Confederates now under parole.
The peril is here, first, by reason of the con
llict which the President has provoked with
Congress;- at the South by reason of the vicious
activity of non-combatant politicians who
vainly struggle to revive the sectionalism of
bygone times.
The Coming Political Revolution Its
Cause aud lis Object,
From Vie AT. Y. Berald.
The people are just beginning to understand
the true character of the radical Republican
plan of reconstruction. Ud to this lime thev
have been deceived as to the real intentions of
the revolutionary majority in Congress, and
have supposed them to be actuated by an
honest desire to reestablish the Union upon the
broad basis of universal suffrage and the guar
antee of oivil rights to all citizens, independent
of color. The elections of 1SU5 and 1806 were
carried by the Republicans upon this distinct
platform. On no other issue could they have !
so completely swept all the loyal States and
secured their present overpowering majority in
the House of Representatives at Washington.
The truth of this is established by the resolu
tions adopted by the Republican nomiuatiu
conventions and National Committee pendin
the popular elections of the past two years. In
ICj the Democrats attempted to create a re
action in their favor by endorsing the recon
struction policy of President Johnson, and en
deavoring to convict the Republicans, upon the
evidence of the speeches of some of the violent
radical politicians of their party, of unfriendli
ness towards the administration. . The Repub
licans denied the justioe of this imputation,
and in their platforms took especial pains to
show that it was unwarranted. Their princi
pal appeal to the people for support was based
upon the argument that, as the politioal
associates of the President, they tould be
more safely relied upon as his friends than
could the members of an organization that
had been accustomed to oppose and denounce
his acts. The Republican Convention in
on id.?'8' lwld ln Svrat!use on September
M, lbu5, resolved, among other things, "that
we approve, as eminently wise and
just, the sentiments of kiuduess and confi
dence which President JoLuson has evinced
towards those of the communities and indi
viduals lately In rebellion who acoept the per
petuation of the Union and the perpetual
prohibition of slavery as the legitimate and
irreversible results of the yar ; that we ap
prove the initial steps he Las taken towards
relaxing the bonds of the military authority
Li. bou,tLe,,n States, and in restoring to
rl . iPeo,plB, ful1 aud complete control over
compatible with the preservation of order,
. mv .a .u1 tUat in a11 tLe measures
tkr, w ?J iteUdiDg t0 th attainment of
m, iHl a"dAeneflatends, we pledge him
our cordial and hearty Burmort ' Ti nriv
platforms in the other StaS were nutlets
emphatic than that of the New W Republi
cans in their endorsement of President John
son's endeavors to remove military rule as
S ed;ly as po.eible from the South and restore
the btates to the rights of civil government.
Before the fall elections of 1800 came round
there had been an open rupture between Con
gress and the President. Violent speeches
were made upon the floor of the Senate and
the House, some looking to confiscation as a
punishment for the Rebels, and others to im
peachment as a revenge against the President.
The prudent men on the Republican side, un
derstanding upon what issue they had carried
their States in the preceding year, rebuked
and checked the nltraism of their reckless asso
ciates. The South was still out of the Union,
and no steps had been taken towards practical
reconstruction. Conservative Congressmen saw
that to go before the country only upon the
issue of a heated quarrel with the lixecutive,
without putting Congress in the right by offer
ing on its part a practical method of reconstruc
tion to the country, would betorushon political
destruction. They, therefore, carried through
boih houses the Constitutional amendment,
the gist and substauce of which was, that
"when the right to vote at any election for the
choice of electors for President and Vice
President o the United States, Representatives
in Congress, the executive and judicial ollicers
of a State, or the members of the Legislature
thereof, is deuied to any of the male inhabit
ants of such State" on account of color, then
"the basis of representation therein shall be
reduced in proportion" to the number of male
citizens thus disfranchised. The National
Union Committee, in an address issued to
the American people, warmly indorsed
this principle of reconstruction, explaining
its intent and meaning in these words:
"A State which chooses to hold part
of its population in ignorance and
vassalage powerless, uneducated, unfran
chised shall not count that portion to
balance the educated, intelligent, enfranchised
citizens of other States. The Republicans of
New York, in convention at Syracuse on the
fith of September, resolved "that the pending
amendment to the Constitution proposed by
Congress, which defines citizenship in the
United States and the civil rights of citizens,
and which equalizes national representation
among the several States, etc,
commends itself by its justice, humanity, and
moderation to every patriotic heart; and that
whenever any of the late insurgent i-tates
shall adopt such amendrnpnt,such State should
at once, by its loyal representatives, be per
mitted to resume its place in Congress."
These were the issues upon which the Re
publican party carried the elections all over
the North in 18(J5 aud 180'(i; first, as the advo
cates of a speedy removal of military rule from
the South and the restoration of the Southern
States to their civil rights; and next, on a pro
posed plan of reconstruction aimitting the
Southern States as soon as they adopted a
constitutional amendment which left to them
the right enjoyed by every other State to make
thfir own laws regarding suffrage, but pro
viding that wherever the colored population
should be disfranchised they should not be
enumerated as a basis of representation. If
the Republicans had declared in either of those
years that they were iu favor of placing a per
manent military government over the South,
and of preventing the readmission of any un
reconstructed State to its position in the Union
unless it should retui u with a registered ma
jority of negro voters, the popular verdict
would have been as emphatic against them as
it was in their favor.
Subsequent events have proved that in both
these elections the people were defrauded out
of their votes under lalse pretenses. The revo
lutfonary Congress has paid no heed to the
Constitutional amendment, so universally en
dorsed by the people of the North; but, on the
pica of confining the right of suffrage to the
"loyal men" of the South, have put that sec
tion of Ibe country under the rule of Ave mili
tary kings, ignored the exeuutive brauch of
the Government, aud laid the foundation for
negro supremacy in all the unreconstructed
States. At the same time it is well known
that ihe blacks of the South -were . just
as much Rebels as the whites. The whites
fought for four years, but they could not
have done so without the aid and assistance
of the three or four million negroes who took
care of their families, worked in the
fields and raised provisions during their
absence at the war, or followed the army,
digging trendies, building earthworks, acting
as scouts and spies, and doing a great, share
of the hardest work of active service. As the
war progressed and drew near its termination,
the whites got tired of fighting, and, according
to Jett'. Davis, two-thirds of them deserted and
returned to their homes. The blacks remained
tiue when the whites thus fell from their alle
giance, and were, therefore, the worst Rebels
of the Confederacy; yet, by a miserable' and
contemptibie trick, the revolutionists of Con
gress seek to enfranchise all the black
Rebels of the South aud to disfranchise only
the white Rebels, in order that they may
secure a negro voting majority in the Southern
States.
As we have said, the people are just begin
ning to understand the real objects of the
Republican leaders, and are preparing to
sweep them from power. The overthrow in
California, and the result, nearly as disastrous,
in Maine, are only the l'oreshadowings of what
will follow in New York, Pennsylvania, and
other States. It is folly to talk of these popu
lar revulsions as Deinocratio victories. Jeff.
Davis' exploded Confederacy might just as
Well claim them as triumphs of the principle
of secession. The old Democracy and the old
Confederacy were twin brothers, aud both
were buried by the surrender of Lee's army
beyond the hope of resurrection. These up
risings of the people are independent of all
parties, and they are designed to rebuke a
set of revolutionory leaders who have deceived
the country; to denounce the distinction that
has been made between black ttebels and
white Rebels, and to defeat the conspiracy
which seeks to-rule the uatiou by the corrupt
aid of the National Banks and the united
votes of Puritans aud negroes.
Sobbing Over the Wrongs of President
Juhuauu,
From the N. Y. World,
And now bis betrayer proclaim, through the
World, the Albany Argut, etc., that, he is not a
liemocrHt that they will not bo responsible for
his Presidentul cxreer that Democrats must
not accept places in his Cabinet, eto. etc
It is the old case of the libertine required to
fulfil bis perfidious vows alter their end hus
bteu answered, their object attained. 'JYibune,
In tlte long article from which these ex
tracts are taken, the 1'ribune pictures Presi
dent Johnson as a frail fair one who has
"loved not wisely but too well," and the
Demooratio party as the gay deceiver who
forgets in satiety the vows he made in pas
sion. Mr. Johnson is another Ariadne watch
ing the vessel of her faithless Theseus as It
recedes over the distant waves:
"The oalhs thy pasblon urged thee then to
swear
Are now all scattered to tbe senseless air."
"Since the case of Eve and the Serpent,"
exclaims the Tribune, with impetuous fervor,
"there has been no more deliberate, deter
mined, persistent seduction.". It insists, with
pleading sympathy, that the seducer is bound
to make his victim an honest woman. "Fallen
and detested as he ia, Le is their dupe, their
tool, their victim, and they have no right to
reproach nor even desert him. He ia what
they have made him, and entitled to their for
bearance not only but their affection," and the
7 nouns gives broad hints that the only way the
Demooratio party can repair the injury It has
done to Mr. Johnson is to make him its candi
date for President.
The sympathies of the editor of the Tribune
are rather apt to gush out In odd, unexpected
directions. His party has found more than
one occasion to complain of his too compas
sionate nature; but for our part, we pay to
these eccentricities the humble tribute of our
sincere approval, and think they ought to be
regarded by Mr. Greeley's Republican revilers
as a proof that "e'en his failings lean to
viitue's side." The Democratic press very
generally did justice to his motives at the time
of his famous peace mission to Niagara, as
they did with entire unanimity when he
braved the maledictions of his party by sign
ing the bail bond of Jefferson Davis. But
(merciful Heaven 1) did we thereby obligate
ourselves to regard Mb Greeley aa a Democrat,
and to make him our candidate for Vice-President,
on the same ticket with Mr. Johnson ?
Tbe two cases are In all essential respects alike,
and we are by no means sure that Mr. Greeley
in Mr. Johnson's position would not have
been even more commended than Mr. John
son has been by the Demooratio press. He is
iu favor of universal amnesty; but Mr. John
son still excludes a number of excepted
classes. He outstripped President Johnson in
kindness to the Rebel chief, and we are sorry
that he falls behind him (if he does, which we
doubt) in good wishes for the honest mass of
Rebel dupes.
We can safely assure Mr. Greeley that, in
his own case, the Democratic approbation
whioh greeted certain of his acts was never
meant as political cajolery to lure him to his
ruin. He never bad any title to consider it as
the vehicle of an insidious and deceitful pro
mise to make him the pet, the idol, or the can
didate of the Democratic party. We treated
him as an honest man, true to his convictions,
and intrepi 1 enough to dissent openly from
his political associates. He differs from Pre
sident Johnson not in principle, but only in
degree. Both have knowingly, and we do not
hesitate to say, nobly, sacrificed personal com
fort to a sense of duty, and flung away chances
which more sordid men might have
deemed valuable. Mr. Greeley destroyed
his Senatorial prospects by a few manly
strokes of his pen. For another manly act
his whole party howled at him like a herd of
hyenas, aud he had a narrow escape from
being pitched neck-and-heels out of the Union
League. We never considered him any less
!' a Republican, nor any less a Democrat,
when on those occasions we applauded his
conduct. We scorn and deride the idea
that we cannot be just to a political op
ponent without laying ourselves open to
the imputation of a backstairs intrigue,
or of exciting expectations which we mean
to disappoint. If Mr. Greeley should
set np for himself such '"claims as he
makes for Mr. Johnson, he would be laughed
at. But the two cases are in principle
Identical. In both, men belonging to the
Republican party and continuing their con
nection with it, have done conspicuous acts
which cost them much popularity in their own
party, and elicited the praise of politioal oppo
nents. It is a gratuitous aspersion to suggest
of either that, under pretense of patriotism,
he was angling for Democratic votes or Demo
cratic compliments. It would not be more
injurious to Mr. Greeley to assert that he has
differed from his party in the expectation that
the Democrats would make the Tribune their
chief organ, than it is to charge that Mr. John-
duu ubo amerea ironi ms party in the hope
that the Democrats would make him their
candidate for President.
The Democratic party will continue to prac
tise towards Mr, Johnson and Mr. Greeley the
same candor As heretofore; praising when we
can, dissenting when we must, and sympa
thizing none the less heartily with humane
sentiments or moral intrepidity because they
appear in a political opponent. We shall
always aim to state the fact as it is. It would
be absurd to class Mr. Greeley as a Democrat,
and almost equally wide of the truth to call
Mr. Johnson so. His greatest mistakes have
resulted from the pains he has taken to repel
such an imputation, liis abortive Philadel
phia Convention, last year, had no other ob
ject. We assuredly do him no wrong in say
ing that he does not belong to a party which
he ha3 steadily shunned.
Natleual Bank Troubles.
From the AT. Y. Com- and Fin. Chronicle.
Two small and unimportant banks have
been reported in trouble during the past few
days. The First National Bank of Kingston,
N. Y., whose capital is $200,000, has lost
$91,700 in consequence of a defalcation on the
part of its President to the amount of $91,700.
The entire property f the defaulting officer
has been assigned, and the loss it is believed
will be wholly covered, except about $10,000,
so that the bank will go on under the manage
ment of a new President, and its credit will
not probably suffer, nor will its business be
impaired. The other case is that of the
Farmers' and Citizens' Bank of Brooklyn, and
is not bo favorable. Its capital was $300,000,
and the reported surplus $32,000. The de
posits were over one million, of which a con
siderable part is said to have been in reality
money borrowed at high rates on call and on
time. The bank held no Government deposits,
and its circulation was $234,279, which is, of
course, fully secured by the bonds held at
Washington, which amount to $285,500. The
Comptroller has already given notioe that
these notes will be redeemed at the Treasury
on presentation.
The bank has long been in low credit, but
the reason assigned by the Comptroller of the
Currency for closing up the bank and appoint
ing a receiver is a default in the.reierve. The
law requires all banks not in New York or the
chief cities to keep 15 per cent, of legal-tenders
against their deposits and circulation,
and if any bank, thirty days after warning of
its defective reserve, shall have failed to make
np the deficit, that bank is liable to be in
stantly closed without further notioe. Three
months are said to have elapsed in the present
case since the legal warning was given. But
the bank was still foui-d with the same fault,
and a week ago its assets were suddenly and
unexpectedly taken possession of in the name
of the Government for the benefit of the de
positors and other creditors. A preliminary
examination has been made and the result,
we are informed, is as follows: The amount
due to depositors is about $1,200,000; the
assets will yield almost $700,000, which,
added to the paid up-capital of $300,0tK),
gives one million, and leaves a de
ficit of $200,000, which must be
raised by assessment on the stockholders, who
are responsible by law to an amount equal to
the par value of their shares.. Of the stock
holders, a part will not probably be pecu
niarily able to respond. But enough money,
it is supposed, will be raised from such stock
holders as are solvent, to pay all the debts of
the bank in full. Sinoe this statement was
Old Bye
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IN THE LAND IS NOW POSSESSED BY
HENRY S. HANNIS & CO..
Nob. 218 and 220 SOUTH FRONT STREET,
tvno OFFER THE RAM E TO THE TRADE IW LOTS ON VERT ADVANTAGEOUS
TERM.
JiJiVl various
I"
Kl'riV.lL ?!"rC'tT ,d fr lots toarrlvoat PcuusylvaBla Railroad Dn
Brrlcs.oi Elm. Wb.rf.or at Uouded W ar.bous.s, as paitlos nVlict. D,pt
CARPETINGS,
OIL CLOTHS VIVr DHUGGETS.
REEVE L.
812 tbstoZm
given reports, have reached us that the assets
of the bank are not so valuable as was esti
mated; and until the official figures are pub
lished, the real facts will not be positively
known. A dividend, we believe, may, how
ever, be looked for of some 60 per cent,
within six months, a part of which will pro
bably be paid in two or three months.
These two events are suggestive at the pre
sent moment. To the managers of our banks
throughout the country they show very clearly
that the loose management which under the
State bank system might pass undetected and
unpunished, cannot long survive the checks
and restraints imposed by the National Bank
ing law. The publicity which is secured by
the monthly and quarterly reports, and
by the frequent visits of the official
examiners, who go through the books
and cash of every bank in the county at fre
quent Intervals, give admonition to such in
stitutions as know themselves to be unsound
to amend their ways, or prepare to have their
doors closed by the salutary action of the law
for the preservation of the publio Interests and
of the publio credit.
Secondly, we have evidence that out of the
1G00 banks which make up our national sys
tem, the great majority are sound. More was
not 10 De expected tnan this. For during the
stimulus of the war inflation, amid financial
excitement greater than ever before pervaded
this country, there was the greatest possible
inducement to sanguine speculative men igno
rant of banking, and unprovided with adequate
means to avail themselves of the goldeu facili
ties which the new national banking
scheme seemed to . oiler, to get wealth
without working hard to earn it. Such In
stances there were. Less than a soore of such
national banks have failed in consequence
during the past three years. And there is
every reason to be assured that the weak, in
solvent institutions which are left are ex
tremely few, well known, and closely watched.
Thirdly, the directors of national banks
should remember that their office is not nomi
nal, but reauires that thv InnV nineuio n
the affairs of the institutions under their
charge. A card has been issued by the
Directors of the Brooklyn bank above-mentioned,
stating that they were not aware that
the Comptroller of the Currency had warned
their bank of the defective reserve. This de
fense is oulv an aeeravation nf thir nivnoo
For each of these directors made oath, on re
ceiving his appointment, that he would
"diligently and honestly administer the affairs
of the bank;" and that he would "not
knowingly violate or willingly permit
to be violated any of the provisions of the act
oi vungress - unuer wnicft the bank was
organized. Now these pentlmB
gltcted utterly to look into the books of the
uhijk, or mey Knew mat the bank was short
of its reserve. And in either case they vio-
aieu me solemn oongauon assumed when
they accepted office. What penal conse
quences may in such cases be incurred we do
not here innuire. The ntTHnxn in a ,.i
. . j . M wulnl
point of view, is sufficiently heinous. The
uuciHUJo arv oy iaw appointed the sworn
guardians of the property of the depositors
and stockholders, to whom they are responsi-
uie. jub hiucKuoiuers themselves, moreover,
should, from these failures, accept an admoni
tion. For when the capital of their bank Is
lost, if there should be any deficiency, thev
uiuoi. uiaco ii. up uui vi tneir own pockets.
So far as the publio is concerned,
these responsibilities attaching to stock-
jiujuoxb ana directors, and the mo
tives urcinir them to Hat it fir II,
selves as to the sound management of
u,j uauno m vniiun mey are interested,
oiler so many guarantees, besides those which
wo tnureu oy publicity a.nd Uovernnient in
spection, that the banking 1
are so vital a part of the- finanoial organism of
w uo .ei Hound and trust
worthy. Our national banking system is still
in its miancy and needs improvement. But
sucn as it is, it will compare favorably with
any this country has ever had before with
any of similar magnitude
- .V-v V4 tica-
tun tbat Las ever been established in any
Some of those persons who are anxious and
concerned that a few national banks here and
there should fail, may be reassured by the
lact that these institutions fail because they
cannot comply with the searching provisions
of the law, and that this law, while by its
stern application it destroys the rotten part3
of the financial machinery, only does so in
order that the rest of th fn!,-in mm, i.im
force and elasticity enough to resist all the
shocks with which future monotary revulsions
may try its stability and strength.
GARDNER & FLEMINQ,
COAOII MAKERS,
NO. 814 KOETII FIFTH STREET.
New and Second-hand Carriages for sale. Par
tlcnlar attention paid to repairing. 6 80 6
WILLIAM S. GRANT,
CO At MISSION MERCHANT,
Bo 88 8. DhUWAHK Aveiius, ilillsdelpbla,
Iupont' Gunpowder, Rrllued Nitre, Charcoal, Eto.
W. Baker A Co.'s Chocolate, O ooa. sad Brow.
Creek er ltro. it Co.' Yellow Meutl blieulhlug.
BoIib, and Hain IH(
COTTON AND FLAX, '
BAIL VVVK AND CANVAS,
Of all ii uiiibein and brands.
Tent, Awning, Trunk, and Whkuii cover Duck.
AIho, Pai.fr Manufacturers' JJrler telm, from one lo
neveral lett td-: Knulli'tf, Bpltlnif, Hull Twine, eui.
JOHN W. EVUltMAN A CO.,
6 !No. ins JUNE' Alley.
Wliislcies.
AND BEST STOCK OI!
RYE W H I 8 K 1
C G
moutlis of lb04, 00, and oftuls uptj
KNIGHT & SON, .
NO. 807 CllESSlT STREET.
GROCERIES, ETC.
fRESH FRUITS, 1007.
rHAC'IIES, PFAR. PINEAPPLES,
PLUMS, APBICOTH, CHEBBIEsi
M.ACKBERBIES, QUINCES. ETC.
PBCSEKTEB AND PBESB, IN CANS AND
UIiAftS JABS,
Put op for our particular trade, and for sale by the
dozea, or in smaller quantities, by
MITCHELL & FLETCHER,
9 10 8m NO. 1801 CIIKSNUT STREET.
Q U PER I OR VINEGARS,
etlSUINK FBKNCU WHITE WINS
AND
PUKE OLD CI DEB VINEGARS,
FOB BALE BY
JAMES B. WEBB,
9it Corner WALNUT and EIGHTH 8t.
"yDITE PltESERVINGBRANDY,
PURE CI DEB AND WINE VINEGAR,
GREEN GINGER. MUSTARD SEEDBPICES, ETO.
All tbe requisites for Preserving and Pickling pat
poea.
ALLERT C. ROBERTS,
Dealer ln Fine Groceries,
7frP Corner ELEVENTH and VINE 81
L O O K ING -CLASSES
OF TUB
BEST FRENCH PLATE,
In Everv Stvle of Frames,
ON HAND OR MADE TO ORDER.
NEW ART GALLERY,
F. BO LAND & CO.,
8 2-lm2p No, Ol-X ARCH Street.
UIKAKD H'JtV.
E. M. NEEDLES & CO.,
Elivntb and Clie.nut Strta.
HOUSE-FURNISHIHG DRY GOODS,
Bought at tbe Recent Depressed Prices.
b.l,;tl?.?' 1CI"0WJ th,et,n8- nd Tab'e Linen.
Table Cloths and Napkins, to match
VVineClotliH. Doylies, Towels and ToyelliD
Marseilles Quilts and Tollut Coven.
.Hlunkrts.
Honeycomb. Lancaster. AllHiidnia .T
and other fcjireaOs. i
I
DOMESTIC MUSLINS AND SHEETINGS,
In all qualities and widths, at tbe lowest rates.
BALTIM ORE
IMPROVED BASE BURNING
F3 EE-PLACE HEA.TEIJ,
. , WITH
Uaaazlne aud Illuminating
"ar ' liaori, "
... . . . IlkCiArflll D T, . DamC . ...
be had Wholes vie anu Ketall ol J. N, VtAHif
Clmip
oireei, 1'tiua,
QEORCC PLOWMAN.
OAIlPENTKIt AND BUILDEIi.
To No. 134 DOCK Stroot.
PHILADELPHIA.
JOHN CRUMP,
OAliPlSKTISn AND BUILDEIi;
SUOPSi NO. BIB LODUE STBEET, AND
0, ITSB CHEMNUT STREET,
FHXL DELPHI.
PKIVY WEIX8-0WSEHS OF PKOPERTT
Tbe only place to rt Privy Welia cleaned aa 4
oislniucied at veiy low prioea.
A, PKYBOI.
Mannfltotnrer of Poudrewe,
1 1C GOLDSMITU t) UAUU LAUAAX. IftWreet