EBldIS (GilK AIPMo rjT rm DOUBLE SHEET THREE CENTS. PHILADELPHIA, SATURDAY, NOVEMBER 9, 1867. VOL. VIII-No. 113. u ), H1 ELMBOLD'S EXTRACT BUCHU. The astonish In t sncoess which hM attended this Invaluable medlcln:proTM It to be the most perfect remedy ever discovered. No language can convey an adequate Idea of the Immediate and almoet miracu lous change which It occasion! to the debilitated and Wintered system, lo fact. inlands unrivalled as a remedy (or the permanent cure of Dtobetea, loss of Ifnsenlar Energy, Physical Prostration, Indigestion. jon-retentlon or Incontinence ol Trine. Irritation, Inflammation, or Ulceration or the Bladder aad Kidneys, Diseases of the Prostate Gland, Stone In the Bladder, Calculus, and all Disease or Affections of the Bladder and Kidneys, and Dropsical Swellings existing in lien, Women, or Children. HELM HOLD'S EXTRACT BUCHU. A SOVEREIGN REMEDY. These Irregularities are the cause of frequently re curring disease: and through negleat, the seed of more grave and daDgerous maladies are the result; and as. month alter month passes without an efloit help made to ass'st nature, the dldlculty becomes chron jc, the patient gradually loses appetite, the bowels are constipated, night sweats come on, and consnmp Hon finally ends the patient's career. For sale by all Druggists. Prepared by H. T. HELMBOLD, Druggist, No. m BROADWAY, New York. EXTRACT EUCirU. The astonishing success which has attended this invaluable medicine proves It to be tui jCmost perfect remedy ever discovered. No language -can convey an deo.nat Idsea of the Immediate and aVlnaost miracu lous change which rt occasions to the debilitated and shattered sjystesa. la fact, It Btanda wnrfvftlled -as a remedy tor the permanent cure of Xlabeter 4 Lost 1 of Muscular Energy, t hysksal Prostration, Indigestion, Non-retention or Inoontlneocy of tJriue, Irritation, Inflammation, or Ulceration of the Bladder and Kidneys, Diseases ol the ' Prostate Gland, Btone In the Bladder, Calculus, and all Diseases or A.&eOIOM of the Bladder and Kidneys, and Dropolcai fcavelllngs existing In men, Women or Children, H ELMBOLD'S XTRACT BUCHU. A SOVEREIGN REMEDY, These Irregularities are the cause of frequently re. nrrlng disease; and through neglect, the seed of more grave and dangerous maladies :are the result; and as month after month passes without an effort being made to assist nature, the dlllicolty becomes Chronic the patient gradually loses appetite, the bowels are constlpatsd, night-sweats come on and Consumption finally ends the pa tent's career, Jor sale by all Druggists. Prepared by il. T. HELMBOLD. Druggist, No. 5M BROADWAY, New York. H ELMBOLD'S EXTRACT BUCHU. The astonishing success which has attended this Invaluable medicine proves It to be the most perlec. remedy ever discovered. No language can convey b adequate Idea of the immediate and almost mira culous change which It occasions to the debilitated and shattered system, In fact.it stands unrivalled as a remedy for the permanent cure of Diabetes, loss ol Muscular Energy , Physloal Prostration, Indigestion, Non-retention or lucontiuency of Urine, Irritation, Inflammation, or Ulceration or , the Bladder and Kidneys, Diseases of the Prostate Gland. Btone in the Bladder, Calculus, and all Diseases or . fleet 1ms of the Bladder and Kidneys and Dropsical fuellings existing in Men, Women, or Children. HELMBOLD'8 EXTRACT BUCHU, A SOVEREIGN REMEDY. These Irregularities are the cause of frequently re curring ilseas; and through neglect, the seed of more grav' and dangerous maladies are the result; and as mont h alter month passes without an effort being made ro assist nature, the difficulty becomes chronic, the piWlent gradually loses appetite, the bewela are constipated, nlght-sweau come on, and consumption final! cuds the patient's career. Tot sale by all Dru.lt. Prepared by 21. "i, HELMBOLD, Druggist, NO. ft BJUUDWAY, J. y, FIRST EBiTION OUR NOTIONAL FINANCES. Important Letter from lion. Tbaddeus Stevens. faying the. Rational Debt In Greenbacks, He Denounces the National Bank ing System. Etc.,. lite, Kte., Etc., Etc., Kte JUin aster, Pa.. Oct. 31, 1867. mTii a timers Btuvjnh 'Derir Mr:- As usual, when in doubt upon 'any sub Penl which I suppose you to understand better than I 'do, I never feel the least dltllculty In asking your opinion upon the subject; because I have ever found you willing to answer an old neighbor so far as you And yuurself able. I see an angry controvery has sprung op between two gentlemen as to what kind of cnonuy the national debt shall be paid In. One gentle man argues from what lie supposes to be the law ot the qeestlon and the duty of the Government under its lep.al ' obligations to those who hold its liabilities; tba other seems to deal principally In what he considers oucht to have been the duty of Govern- intnt in the discharge of its debts to those who mom them, at whatever price they may nave oeen purchased, and to deal in strong vituperation against Miese who would pay according to law, it that law contradicts his idea of equity, without any regard to tare letter or the spirit of the contract between the Government and the holder, and to denounce as Im moral the payment of Its debts according to contract, because at other times, other nations have paid more, and because a portion or that present debt is also paid t a higher rate. Now, I am a banker, desirous to do business upon legal principles, and at the same time 10 deal Justly with all men, so that when I have paused away, as I soon shall, I may not be represented as a swindler, a robber, an unjust man, whose memory should be held in execration (or my dealings with my fellow men. While I am unwilling to wantonly sacrifice my estate, I shall not hesitate to aid in paying any por tion or the hall a billion of money necessary, It neces sary to support a good character, although the same should come out ot the taxes and hard earnings of our labor. WU1 you, also, If yon have time, add a word as to your idea of the wisdom of the management of our finances, and of our financial system generally? I remember you, Atone time, did not quite agree with the thea Secretary of the Treasury, Yours, very fruly, JOHN GYUEK. Lancastbb, Pa., Nov. 4, 1867. Dear Gyger: I shall not hesitate to answer the questions which you have proposed to me according to my poor ability, although I know that I thereby incur the risk ot sharp and frivolous criticism by able New York editors, whose age Is scarcely more than eighty years, and who will probably discover in my answer evidence ot old age and of decaying Intellectual powers. Ol all this I am myself conscious, and only regret the pain which it gives those youthful gentlemen to make such delicate suggestions. But as literary pride has never beea among my aspirations, I will not venture to smother the free intercourse with my neighbors in advanced life. Tbey need hardly tell you. who reside my near neighbors, what 1 doubt not is apparent in the in trinsic evidence of my poor productions, that these things which lam too often giving to the publlo are dic tated from a sick bed, in the Intervals of pain which Providence indulges nae with and to which those geu" tlemen abroad so kindly refer. But at I may print or not print, as suits my discretion, I have no right 10 complain of the criticism or ridicule which gentlomen In vigorous health see proper to bestow upon my pro ductions. bo far as the financial condition of this republic Is concerned, It Is not. aud never can, be in doubt or peril. With the products which we can readily dis pose of to supply the demand of every kind, there never can be a time wliej, with honest dealings, thlB republic will be unable to pay all her Just liabilities. '1 be beBt mode of managing her finances, ot which you Inquire, and which you are mncb more capable of determining thin 1 am, and I least of all, Is a much more difltcult question, and one which has puxzled abstractionists long beiore Adam (Smith. I have not ai proved and do nut now approve of the financial policy puisued .by our Government for the last six years. I think we have thrown away our bullous, and are still throwing away our millions, by mis management. Yvu are a banker, and a sound one; but you are making more oil' the United States through the national banking system, as Is every other man who has adopted it, than you ought to make. 'l'liismav apt ear dogmatical; but I am only answering the question which you have asked me. Jn all financial questions he who makes an honest bargain and pays dollar for dollar, every cent he con tracted for. Is not a dishonest mau. and does not de serve to be denounced as a swindler or a cheat, what ever may be bis prosperity in life. Let ns come to a brief and true history of the p re seat finances of our country, and see whether you nave anymiDK to repruaon youtHau wun iu ueaung with your fellow-clllens in the exchange ot those finances. Every nation of any magnitude in the pre sent stage of civilization, and with any considerable business and commerce, must and will use some kind of a paper medium to carry on Its business. None but the C'hoctaws, Chlckaaaws, and their kiudred tribes now doubt or deny this. In framing our Constitution it was not doubled that this medium must De used, redeemable by It equivalent in whatever should be the money ol the country. That Instrument provides that the general Govern ment shall coin money and regulate lis value. Under that clause 1 have never doubled that the general Government alone was competent to issue bills of credit, or, in other words, to establish banks ef issue, and to declare what should be the money of the country and lis value. We have fallen, i am sorry to say, Into a different practice, and blatesao that which, for the sake of uniformity, the general Government alone ought to control. The certain result of all large commercial transac tions under auy system is, that sometimes the cur rency ol a couulry will be expanded, and sometimes contracted, according to the supply and the business and lbs prudence of the people. Tuat Is what Is called the expansion and contraction of the currency, and denounced as a thing which might have beeu avoided. That expansion or contraction Is in no wise effected by the kind of money which Is used. If It be too abundant or too scarce It is of no couseqtienue whether II be In coin or In paper. A hundred mil lions loo much of gold Is Just as Injurious in inflating prices as a hundred millions too mucu lu greenoacks. o - : But In my Judgment, whichever is used by uovern menl should be nromntlv redeemable, according to Judgl ment should be promptly redeemable, according to l. 1 . . . .,... n ... I L .. ,.nl, t.n .il-. .......( . . . power that authorised the Issue, who should use It without Hie payment of Interest, and profit by the losses which are incurred in its destruction. The law of redemption, regulating redemption, both as to the commodity iu which it shall be redeemed and lis intrinsic value compared with the money issued, is as much a part of the contract as the price or the article reduced to writing aud sealed by the parties. Not because of the usage of Hie country, but because of the law which says so. When, there lore, you find tnat the standard of the American dollar is one hundred cents, and you are la the pos session ol such dollar, you know thai you are entitled tS-?'l?'tr"?wlu",r,sa ccul for your money and no ff?.i?i .'.e,her u,,kl one hundred cents be made or pointed ouu1"' Brenbuk"' "a ll "ode or payuieut And when the Supreme Conit shall have decided such law to be constitutional ami binding unon all it being the highest tribunal' to decide between man and man, In all earthly affair.. U Is not only Caf but Is Just, as pari or the law of the contraot" W pay your debt In that money, which, if the Gov ernment was wise when It created It, cannot be a loss to the cltlren. He may not be a fool who duubia this proposition, but he lias au excessive folly which all the world except himself and his creditors will ridicule. It was your contract and it was your Gov ernment, created by yourself, thai fixed its security, and who Is responsible, as you are, partly for a fo'jlittb arrangeinent.il there be loss. If you do not like the legislation or your Government and the provi sions It niakts for your welfare, and that of all Its cllireus, choore better meu, or go elsewhere for protection; but do not tell us that, when one-half of the community Impose laws upon lbs other half and make I hem binding, and that other half obey those laws, they are swindlers and vlllalat. The lauguage Is neither decorous nor such as geutleiueu would use. . Money I What Is money T If It be a fixed, unal terable thing of intrinsic aud known value, why does the Coui.lUul.oa put it luto the power ol a legislative tribunal to create It and reaseees II anew f II la all faarr. Money Is Just what (he law make it. aud you must take the shaute Uit.1 yur uevcrniueui luake It toluol nwA m.ri. ., H nn, ,r II mil It. nd ' mteke your contract accordingly. I anhor red d tlnn or clipping the coin: and yet this nation has twloe. or, I think, three times, by Its legislation re duced the price or silver, end man 11 pass to every creonor as en as oentor at me original n; ce. Whoaretheee reasoners. who. with Viimb facts tn View, talk so learnedly of the laws oC finance and the morality ol human dealings? Wl one consciences are so raw, and stick out so far from, tlinlr excited cover ing that no pharmaceutist tan heal tnelr Inward wound: no poultice can cicatrize It Riillliiently to take from It Its lasting plague alter the malefactor shall have lain himself down in tbe hope ol seeking rest In another world? Now let us come to the Govern ment loan, and fov a single moment consider It. which, even without the monstrous doctrine of Greeley and Cootce, Is the ninet profitable Invest ment ever made by money lenders, and Is a mon st run swlnd le on A merlcans, on the part of Kuropean capitHllsts. In what I say I would not depress that loan by a single dollar, for all the profit which it were pomlbie for me to make by It; for It has done Itsnervlce, and no more than Its service, to tbe American Government, In the days of her need; and for such service It has been trebly rewarded by the nation. When I say this I do not begrudge the poor speculator or the rich capitalist who has entered the ?old room a beggar and come out with a princely for one, his earnings; that is not his folly, but the folly or tbe Government, which, though a hundred timet warned, would never take heed. Would to God that my intellectual vigor might Increase In pro; onion to my diseace, thai I might properly depict this Im portant subject to the American people! But ion a phenomenon will never again be louud to exist this side or Port Royal. In lMO-tl, vi hep tbe war broke ont.lt was found that the then administration 'or what purpose I will not undertake to pronounce bad left the coun try bare of all defensive weapons, and not only with an empty treasury but vtto.i Ue.ow) In debt.. The first few mil Inns needed to equip our army and navy weie eaily borrowed, for our tiovernmeat iiad a very poor and shallow Ides ol the intensity or feeling of the Independent belligerent with whom we had to deal. Bui II was soon round that all the energies ot the nation were necersary to defend freedom trom the plunderers, the robin rs, the revolutionary cut tlnoitis, our Southern brethren I thiuk they are called, whom we had to deal with. The next lean of fioS.noo.otio was readily taken by the J'btlapelphla, New York, and Boston Hanks, but when t on Rress assembled, the hanks complained that theTreasury had so planed their loans, by aggregating them in the deposit banks, as lo render them, tbe lenders, unable longer to pay coin for them. They, however, went on and paid them in currency, at some discount, which, I think, cost tbe Government some millions 01 dollars. Mill, tue Treasury was Boon emptied, such was Ihe enormous draft upon It for war material. Inquiry was then made of bankers and brokers by the Committee on Ways and Means, of which I happened to be chairman, as lo the proba bility ol obtaining a loan, and at what rale. The answer was discouraging, and did not give reason to hope that we would be able to obtain sufficient money to carry on the war at more than eighty-five per cent., with Interest at six per cent, on the loan. The Committee were unwilling to take eighty live per cent, principal aud receive the loan In a depreciated currency, which vould have probably brought H lo seventy-five percent. '1 his was borrowing millions at so ruluous a rate that we looked around lor other means. Two ol us, Mr. Spalding, of HuHhIo, and myself, were lu favor of Issuing notes of the United States, and mak ing them a legal tender, but receiving them at par for all transactions with the Goverumeut, believing that they would pass at very nearly par for all the supplies or war material which the Government might need; as all demand, both by tbe Government and In dividuals, tor snylblngbut legal tender would thereby be taken away. No reason could be seen why, to the exteut ot the demand In this country, which proved to be nearly the whole, they should go much below par. Tbey would auswer every purpose for which the farmer, mechanic, merchant, aud manufacturer eslred 10 purchase material. We remembered tnat in England for most of the time that specie payment was suspended her bank notes were at about fourteen per cent, discount. After having repeatedly attempted to purchase loans at a less sum than what In coin would be about 40 on tbe fioa, we urged the Secretary of tbe Trea sury to give bis consent to ofl'erlng a loan and Issuing tberefcr Lulled males notes, aud making a legul tender. To this two members of the Committee agreed, but the others, together with the isejretary, decidedly relused their consent, as he (the (secretary J bad very consistently done In bis report. TueCom mlttee waited, again consulted the moneyed men of the country, and found that no large loan could be obtained in coin except at a most ruinous price. They again Importuned the Secretary lor his consent, the Committee having become a tie. A bill for the Issue of sion.rKNMioo of legal-tender had been drawn and oOered by Mr. Bpalolng. and was allowed toremaia In that position till February, when a Democratic member or the Committee, reserving the right to vote sgainrt it, consented that It might be reported. In February, after severe opposition. It passed tbe House aud was sent to the Senate. Then nothing was said about the currency in which either principal or Interest were lo De paid. No one, I suppose, doubted that the loans of tue Cnlted Stales of every descrip tion were payable In the money of tue Uulted states of every description; but 10 change that aspect as It regarded a portion of the fund, the New York money changers again made their appearance, Jew and Gen tile mingling In sweet communion to discover some cunning invention to make In a day what II would take weeks lor honest men to earn. They went directly to the Committee of Ways and Means, and asked that the interest should be made payable in coin, leaving the principal as it was. The Committee utterly rejected the absurd propor tion ot two currencies two legal-lenders In theoaiue empire and for the same commodities. Tney had once heard ol such a transaction in Austriau bonds, which utterly destroyed their credit. The brokers then resorted to tbe Secretary of tbe Treasury, lie was more easily persuaded, and. It Is understood, went with them to the Com mlttee of the Senate and pressed the change. The Finance Committee of the Senate agreed to It, and sent it back to the House with that amendment. The House rejected It, and the ontequeuce was a Committee of Coufeieuce, and as Kmc bill was neceisary, U resulted in the present law, making the debts of the United States, so far as regaidcd their interest, payable in a different kiud of currency from the debt uselt. One ot ihe House Committee proposed then, In order to raise a sum sufficient for that purpose, that tbe duties on Imports should be paid In coin. That pro fiositlon prevailed, aud tbe result was and Is that the merest on the national loaus aud Die duties ou lin- fiori aliens are payable lu one kiud of money called egal-iender, and the principal In another kind ot money called legal-tender, but made ol a different material and ol a different shape. Thus, as auy one can see, the Congress declared luat while she created two kinds of money she hud made them or uuequal value and lor different purposes. For nearly two years the greenbacks were the most popular currency that was ever used In the United states, and, had there been no other, would not have railed to buy every necessary commodity for every use, public and private, without the least complaint. And If il swelled the currency or ihe country it also swelled tbe business of every kind, foreign aud do mestic, agricultural and manufacturing, tij also It swelled the income of buslners men, aud thereby vastly increased the revenue of the Government. No man was ever known to refuBeauy article which he had to sell, during all that time, fur one of the green backs or certificates of loan or the aallon. Under tbe easily excited imagination or tbe Ameri can public, and seeing a system of finance whlcb no human lolly had ever before witnessed, hopes were excited much more rampant than the lottery dealers or the faro players; and, in Ihe belief that a slugle turn of the card wonld bring up the holder's fortuue, palaces were opened for the purpose of Inviting speculation and dealing In ibis new system ot gam bling. Home beeame rich while others went to beg garydoubling aud doubling their ventures 10 Indem nify themselves; everything became excited aud In flated, Irum the commonest labrio 10 the most valu able estate. Thus tbe articles necessary to supply the war were vastly Increased In price, while the honest Jews of the gold rooms, Sliadracb, Meshack, aud Abeduego, came out unsigned. Tbe violation ot an undertaking to do rr net do may be compensated In money. Sometimes Hie amuuui is liquidated by the parties and sometimes let to be fixed by ajury. In either event it Is to be paid tor lo tbe money or the country lu this country lu dollars and cents. No one ever supposed that the non-fuiulmeiit ot a contract is 10 be paid lor in kind. A plaintiff recovers a verdict for i(m, the non-payment of a farm, execution Issues for flood lu money; and the defendant can lender the sheriff llnoo or the legal lender or the country and he is obliged lo take il lu full payment of the debt. How Inconsistent Is that with the Idea that Ihe Creditor can select his medium ot payment! A man sells his property for forty horses, worth loo each, amounting lu cosh to llooO: if the purchaser do not I tay and is sued for the debt. Judgment is given against 1 lin lor 40t(i, not lor forty horses. How would you execute a judgment given aud an execution issued for forty horses? Indeed there Is no breach of con tract, either sounding in damages or In contract, which cannot be paid by tenderlug the amount assented In a legal tender note. As to the equity and morality ol these transactions, I have never discussed them. A colleague of mine In Congress, an excellent man and rich, asked me whether 1 supposed the United Stales loan of '81, made before the passage of the act, wiiuiu no paia iu coin or ourrsucy, 1 toiu niua it might be paid in either by the express terms or the law; but that I did not know how Hie Secretary of the Treasury would treat II. He told me the next day that he bad consulted Hit Secretary , who said he would pay it In coin, being then due. He had Invested i.w.000 In legal-tenders at a cot ot sju.000, for which he received Imi.oiiO In greenbacks, or its equivalent in S'i unsilluent of mine, within two mouths ?,.i? iJ dJol,rnment of the Congress that pawed .nti.,W,iLuL?T,1JD,.e.lbM he had guaranteed to a gentleman In Philadelphia, before the passage of the Ihe lawful money of the United States which hid t!iln offered him. Whether the tr.nHLTToo was a moral r Immoral one, every gentleman must Judge for him self, and will Jadge accordiug 10 his poeltioiu If a man be dealing lor himself, with his own uoaev I u understand Li right to bestow the bail r tic The rrJrtfJr?- exuressly payable In gold. IBS creditor deuiauded the money. Ilwu tlits Wks ' il2 f.lt'l.t"",rd amount lo green M,,ud to accent and iwuexl execution. iidiuvcuiiriMi 11 axilla whole ol tbe sum upon his creditors, either nnder the fancy of generosity or honor. But when be is acting s tri'Siee for others and paying out the money of rr-tttiiirttr trusts and wards. It seems to me thai there may be in morals, aitnougu not in law, id a question about the difTereuoe. It Is but Just lo Mr. McCnlloch here to say that he does not pretend that the principal or the filve twen ties (as his letter shows) Is payable In coin, as the bonds are silent upon that subjeot. and as that con clusion Is excluded by that very silence. It Is Just, also, to Ihe Democratic party to say, that when the question has been discussed In tbe House no lawyer among them has set up such a foolish pretension; and when the bill was (in Its final passage lbs question was expressly ssked ol the Chairman of the Com milteeol Ways and Means, and asexpreasly answered by him. that only Ihe Interest was payable In coin. Iltil every instrument speaks ror Itself, and when II is silent upon the subject or currency. It Is always made payable In tnorvy, which means the legal tender ot ihe couniiy. I rear, however, I am elaborating this point ml no i' r vm, unless a newspaper editor or a country broker can enact laws and alterwards enforce them. There Is nothing snort of the sheerest folly In this argument, and It will not be persevered In by those who have sufficient strength to carry them genteelly over tbe "asses' bridge." Nay. more: I rear that what jam going to slate may set New York editors and brokers upon a dangerous rampage amid the flowery fields and golden images of Chlrlqul and Golfonto; and yet I shall venture to say that If the Umled Stales chose to be faltbless enough she could tender and pay not only the principal but the interest in legal-teuders, although tbe latter Is xprestly contracted lobe paid lo coin. The law or legal lender means this or It means nothing. Let not tills alarm any one, for no nation short ot lbs boseat Asiatics would ever think ol such an act, however capitalists might ask ti ustees, guardians, and admin istrators to violate the law aud tnelr sworn oaths to double the revenue which the public debtor is to pay them. W hat would be the difference In effect between the two modes or pay lug the public creditors la green backs, as Hie loans tall due, or exclusively In cola I once had a calculation made, when I brought In a bill to borrow greenbacks for that purpore (iiid ed, I brought In three bills, hoping 10 save two or luree billions thereby). But each session the rattle of the gold room wbs mucu louder than what I whs pleased to call tbe voice or reasou, aud what I still think de served that appellation. lake the number or millions whlcb, through six f eats of war, have been expended, which is aiarm Dg , and count it, as I wish some one would do, on the nrlncinle I have laid down, when for soma tlm the premium was at 281 per fjlcu, and the sum will be appalling. Take 1100 aud couut it Into greenbacks at the above rate; It will produce you fil. Now, so con vert or use It every day for one year, and you have at the end of tte year a difference ol fdo.oss, the gold bearois costing the Goverumeut thai much more than the it gal-lenders, 'l ake CliKi.tKio, and suppose tbe legal-lenders to be worm at all limes at least hair as much as cola ror all articles which the Government may need, which no man can doubt, convert or use it daily for a year st thai rate, and you have a difference ol tw.&ue.ouo in lavor of greenbacks. But the busluehs of the Government during the war amounted to more than ll.SOO.ouo per day, 1 presume, For one year It would amount to S47,&lv,(ion, ami during the war, upon an average of three years, It would amount to l.Wi,&00 Ooo; and this vast sum the same length of lime, rate of expenditure, and at tne aoove uuiereuce in price, w ny is in is clamor against a legal tender, which answers all the purposes ol solid metal, and which has never been complained of by the business men or tbe community? Whr is there such a headlong desire for the resumption of specie payment, mucu earner man j.ngiaiiu returned lo 11 alter her wars, which left her a leas debt than ours ? She was not able to resume until more than eight years alter cessation 01 Hostilities, notwithstanding her great commercial advantages over the rest of ih world, and notwithstanding she bad In circulation but a little over 20,000,000. Is she deluded by tbe free trade ouacks Into tbe belief that tloo.ooo oald out to her owu industrial classes is more useful than 1200 000 paid out to the industry or our own farmers, laborers, and mechanics? Issbe again to be taught that cot ton crippled, humpbacked crooked-shouldered as she Is Is still to be king? Still you see that every advantage Is lakeu of circumstances by the Kngllsu Government to build up, not only her foreign trade, but her farmers and mechanics. We have heard great praises bestowed apon Cobden for his liberality iu granting free trade to France lu ber late treaty, alter he bad succeeded lu abolishiug toe corn law duties. Short sighted sciolists I Forlhe Navlaatlou sot. the most stringent that ever oro- tected domestic industry trom tbe posslbiiltr ef roi eigu competition, gave to cngianu tue command of the ocean; since Kugland never consciously entered Into any treu.y fir arrangement which gave to foreign nations any industrial advantage In mechanics or manufactures over her own people. It It were in her power to prevent It, as the late treaty with France conclusively shows. Alter she had driven the Flemings from the ocean. nu uenoA iuu wis irea luwua ui jioiishq naa oeea compelled to surrender their advantages to the supe rior skill and hardihood of the fishermen or 1110 the lowlands after Vau Tromp had lowered bis naughty nag, ana no longer threatened to sweep tbeocean with a broom, ibis masterly Navigatlou act ot the Commonwealth of England was intro duced, and prevails in many of Its features to the present day. While other nations had more nume rous harbors and ports, F'uglaud, surrounding tbe world from drum-beat to drum-beat, stood seutluel to protect her own people agulust the encroaching Industry or other nations; so that ber sentinels could call oul almost audibly to each other " Watchman, whatot the nlghl?" All lb s was produced by the protection of the in dustry of the country wherever she could protect It without interfering with some other of her own In terests. That which other nations called a masterly stroke of liberality and tree Iraue, In that treaty with France, was nothing more or let's than a moat cun ning contrivance lo protect the mecbauical industry of the looms ol' L)0iis, aud the spludles of Marseilles and Koueu, by allowing tue silk spinuers aud weavers ot Fraice to use un what was before taken to Eng land, and there convened Into thread aud woof. Be fore, ibrt was done by France sending her cocoons across the channel to be spun by English spluners and woven by English weavers after It had been half wrought on its native stem, aud then sending It back to be tklilully manipulated by tbe cunning fingers whlcb near the spot ol Us production twirled tne fly ing spindles. By that single provision In tbe treaty wh'ch took a third ol ihe export duty from the English tariff ou bituminous coal, French operators saved their mil lions of dollars In tho cost ef fuel alone, with which to drive their motive power. You are aware that all that oower Is produced by bituminous coal, which England furnished in ample quantities or the best quality, and at the cheapest price, and France pro duced only an Inferior quality, and at an expensive rate. That single article, In the Cobden treaty, rela tively protected both France and England, whilst it lea other nations precisely as they then stood with re ference to them. By this article I doubt not that Eug Ufch operators saved more aud imposed la tbe aggre- f ale a heavier duty than any American tariff ever evled upon tbe Importai ions of England. How cun ning are American economists to shout pieaus to the tree trade of V nglandand France, aud exhort us to follow their noble example I Will one never be obliged or allowed to cease their marvelllug at the shallow examination ot the teachers of political eco nomy In this country the mlsleaders ot the valley ot the Mississippi nay, or the whole country. Although not strictly connected with what we are considering, I do not know whether this not a proper place to con sult my constituents upon a question that has always pusKled and somewhat amazed me. That question regards tbe conduct, not of our Exe cutive, but Legislative branch of the Government upon the subject of protection. By our Constitution all export du les are prohibited. That Constitution was made before either cotton or tobacco were arti cles ot any account iu our foreign trade, and was evi dently Intended lo prevent the power of checking the exports 01 grain, templed by what were then the Corn laws or England , which laid a heavy duty upou the Importation or all grain. But there is now no daniieroranexcesslveezportatlonnor or an excessive prohibition by auy duly upon any ol the agri cultural products of this country; and tbe ouly question for us Is, can we by export duties increase our reveuue, encouarge domestic manufactures aud our foreign trade? I admit that, with the exception of tbe two articles mentioned, cotton and tobacco, they would never be rt sorted lo, for it would Increase the prosperity ol no part of the country. The great manufacturing prosperity of England, as well as many other countries ol Europe, is dependent solely upou the cotton or America. It was believed bet,. re, aud Is now cl arly proved since the war, that other countries cannot, or will not, produce It of a suitable kind, even at a cost of two or three limes that at which It is produced by us. Hence it follows thai an additional burden of one half the present native price of cotton could be Im posed without checking the export or a pound, ir we then were to Impose au export duty of one, two, or three cents per pound, It would be Just so much tax upon the foreign merchant aud mauu faoturer, and so much or a clear revenue put into the eofTerxor the United Slates. How much that would produce, with the Increasing business of the world. Is almost Im possible to adequately estimate. Heretofore our ex ports or cotton have beea as high as i,7H7.itsi,3JH pounds per annum, aud ror years have averaged l.ool.twi.rjtf pounds, The lucreaslbg business of the world will no- doubt soon add one-third to these amounts, making the average exports a,o2.si,UJu pounds per annum, which, at three cents a pouud export Cuty, would make tn,OT4.4H7. The lulerual lax or Iwo cunts a pound is now upon our own manufacturers; Ihen it would be levied exclusively upou the foreign operators; and would be a protection to American fabrics ol five cents lor every pouud of cottou produced: and not an Ameri can would pay one farthing ol It, nor would It. by that auiouut. diminish the product of the planters, who would charge II upon the consumers. II with that protection, which upon an average, I suppose, would be more Ibau too ceula a yard upon all their fbbrlns, the American manufacturer uid not niODOpollaa thecoltou market of the world, It wou d argue great waul of skill aud enterprise. Bslde I hat, it would take from the other taxpayers ol the Cnlted Siaus the sum of W,0'0 Soo or Internal duties. And yvl when I proposed an amendment lo Hie Oor.alltu tloo to abolish Ihe prohibition lo export duties aoil leave Hie waller discretionary with Cvugresa, 11 was rrSlKted by Ihe representatives of the Mississippi wim wo rlnthril In cottons, and who ought to have been anxious, one would think, to build up Cotton machinery; and what was more amar.lng still. It was resisted ny me manufacturers 01 rnew riix who are not charged with llberall.y or In overlooking their own mlere its for the benefit ol others. But we return from this ep'sode. Various methods are suggested to redeem the Five twenties In currency. One very able writer suggests a loan In greenbacks to tbelrsmonnt.se that after wards the greenbacks may be redeemed with the others. II we are satisfied that there Is not more than at sufficient currency together with Its probable In crease, then that would be the proper method, with out inhaling prices as a counterbalance to tne saving. But If It is believed that the present and prospective business or the country would lairly absorb an amount large enough to redeem these bonds as they become due. and not Injuriously Increase the business, then the true way would be for the Government to Issue legal tenders equal to the amount to be redeemed, and thus save the Interest both or the old and a new loan. Indeed, but a small portion might be Issued monthly, say ft.OOO.lKiO, so as to Imperceptibly aO'ect tbe currency. The business men here complain that the retiring or ft toe.oro a month without any substitute, causes a strlrgency In the money market very Injurious to busiuef s operations. I doubt not that tnat additional Issue would in some way be taken up In the course of business vtlihoul being Injuriously felt as an expan sion I msy here slate that I do not see why nearly IKO.OOO.OtO in coin has been constantly lying Idle In the treatnry, when It might have paid at least twice that amount of Ihe national debt I do not attribute any undue motives to the Secretary of the Treasury, whom I believe to be a very honest man. B it I think he errs. How specie payment is to be resumed within the lime spoke n of by the department I cannot conjecture. Be'ore tbe banks can be expected to resume the Government must resume the payment of legai-ten-ders. What m,ans has It or raising Iiihj.Ooo.oio. and bes'de paying its ordinary expenses lu coin, which must be done at tbe same time, thereby adding one hundred and llftiy or two hundred millions more, thus requiring three-quarters of a billion? The In terest upon ihe public loan, about fJlil.'Mtu 000. added to the ordinary and foreign expenses of the Government, about I. too .000,000. make au aggregate or flU.OOO lion, which must first be paid in coin. Ot that sum f 120.000,000 would bo paid In coin from foreign importa tions, and with the then contracted business of the country about a like sum by internal taxes, making In all $240,000 000, which, taken from the aggre gate of interest and expenses, leaves a balance of ftt3,ooo,oro. So It will be seen that the coin revenue raised bv the ordinary means ot tbe Government will be In suf ficient lo meet wbat Is required to be paid in coin be fore resumption Is touched the difference belBg fJS3,C0O.0O. But if all the gold-bearing bonds were oul or tbe way, the legal-tenders would undoubtedly be absorbed 10 a very large amount by other equivalents which the Government could furnish, and which the holders would be willing to receive; but tbe process would be a slow one, aud any attempt to hasten It would be ruinous to the business men of the commu nity. My notion, therefore, is that the sooner ths Government converts all its Indebtedness Into a paper cuarency which, the people will be willing to accept at a long loan and to a considerable amount, the sooner it will be able to resume specie paymeut. I observe that respectable New York papers have for tbe last year or two charged me with wishing to delay the lesumption of specie payment. This Is wholly false. I have been anxious to resume the use or coin as a legal tender exclusively, not because it is any better as a token of debt, but because It has been adopted by most ot tbe other civilised nations. But I do not wish to resume by breaking the boues of every manufacturer, mechanic, and agriculturist ror the benefit or foreign operators, who have now their fixed capital. I tblnk that even the (4,000.000 a month which the Treasurer Is retirlug will be found quite as stringent as they can endure. I admit that such restriction might beneficially cramp for a short time foreign lm- f orlations, because they now are introduced beyond he means or payment. To my mind thai is a recom mendation lustead or an objection to resumption; but It would be an objection to many who think that coin alone should be used In the business ol tbe country. It has been said that tbe present national banking system. Instead ol being a loss to the Government, has been a large gain; because, In addition to the amount ol money paid to the National Government by individuals, tbe banks also have contributed their taxes. It baa been said also that the establishment or national banks contributed to tne sale ot bonds. Now I do not suppose that one sane man in America believes this. Those bonds were taken with an avlditv never before known In a national loan. True It required agents and promises, as do all efforts ot tbe kind. But point out ihe man, who had any money to lend, ana, preferring Interest to Us lying Idle, ever refused to entrust this Government with It 011 to counlof the security, and then I will admit that they assisted in the s ale ot the bonds, The banks were established to absorb the the bonds already be d, rather ibau tbe bonds Durchitsed to establish the banks. But why would they help to sell bonds of tbe Government, and certificates of loan.' bearing six per cent., unless those kinds of securities were worth less than six per cent? If they were worth less who made tiDthe d I Iterance? But, It Is said that, besides the hanks paying taxes, the capital Itself pays some taxes In the hands or ire holders. If these bauks bad not erected vaul s for the protection of this wrong, where would It have been hladon away to est ape taxation ? Could it have been put lu any other form less likely t o be protected? They must deduct these, and other Just as absurd Ideas, not one or whlcb can be chargeable as an In crease to the taxation or the couutry. What should have been done after the establishment or this system to relieve the country or its burden ? By Its provi sions, If the national basks deposited six per cent, bonds ol the Government, redeemable In coin or its equivalent, the Government became liable to the noteholders ol the bauk to which it made Its circula tion to guarantee tail such circulation and to make good any loss which tbe holders mignt sustain in case ol insolvency. These bones were to be deposited In tbe banks, not to lie Idle, so tar as ihe owner was concerned, but to bear the highest rate or six percent. Interest, payable Just the same as If the bonds remained iu the han ls or the original holder. Did Ihe Government gain any thing In the way ot Interest by this deposit? Un tun other band, II withdrew a portion of ihem from the taxation of tbe country, so far as State and municipal corporations were concerned. It gained nothing in any ollur way that I can perceive, but the chance of law sulis, vexation and cobIs, lu case of the failure o the banks to redeem their notes; and for this c.hwh e thus to deposit for safe keeping and distribution the fJ.'JCO.roO.OOU the naelonal banks w ere to receive I8,0ii,(m 0 rather a high reward lor such a duty. If any gen tleman can show me any other advantage, either in the loss ot notes or In the dlmlnutiou of lu lor est. It Is yet to be pointed out to me. Alter tbe establishment of these banks and their palpable Injury to the country. 1 bionght in, as I have already said, two or three bills at different sessions of Congress to borrow a sufficient -quantity of money iu greenbacks, and as fusl as tbe Five-twenties fell due to redeem these bond whose interest was payable in coin and principal In money. That day bim now ar rived, and had that law been enacted the outstanding Flve-twenlics would have been paid, not purchased, at the rale of their lowest figure, and might have been bought. I have no doubt, at a much less sum Some time back. Here Ihen would have been the payment of tbe national debt at the rale of (tuOlor what is now worth 1143, The amount saved to the nation would have been f 737,646,729. Had tbe bill prevailed at the time, with eave to borrow Ihe money and make tbe lender, the probability Is a ball million more might have been saved, making ten or twelve hundred ml lllous. But tender consciences have compelled the nation to pay this turn lu addition lo ber legal debt, because Mr. Jay Cooke and the Tribune had pledged their word that It should be paid. I have no objections to their f aying It, but I dislike to take the balance left me by he Rebels to pay my part, uuless the law requires that my trustee should do It. How does tbe European creditor stand with relation to these bonds ? I have no documents here to tell me where they are held; but most of them, I presume, are held In Frankfort and London; for the money lenders there are more sharp scented than those who weie cudgelled out of the Temple. At tbe time they were bought lo gold was 2si,or rather greenbacks were at that discount by the arrangeiueut of the market. . , Gold was made to purchase greenbacks at the rate or about 2M0 to a dollar. But suppose tharu to have sold at that lime lor 40 per cent.-whlcli was the blithest I think, they commanded what was the operation ? The pure hsser paid to-day 100 In gold for 11000. and next Monday, quarter day , received the interest on lou0 in gold, and so ever since; aud now claims thai when tbe principal tails due in a year or two It shall be paid In coin. This is what they call honor, conscience, J istlce, through the custom ef the country, aud tell the farmers of America that they were bound lo pay the money dealers of Europe this enormous rate to save their property from desiruciton, aud the moral men ol New York denounce you and me and others as dis honorable robbers and swindlers If we do not In forty years quadruple the capital of the Rothschilds, Gold smiths, and other large money dealers, 1 must beg leave to Judge for mysolf of this monstrous proposi tion, and to see whether I am bound lo pay auy more that be demands who, with pistol at my breast, com mands me to stand and deliver. I do not blame the European and American holders, at whatever price the loan was fairly obtained: but I seoiu the denunciation which would drivo me to pay such enormous rales, most probably 10 those who never advanced the money, aud which I was never legally bouud to pay. I find, my dear friend, I am likely never to slop the sure symptom ot chronic old age. But It Is sweet, when you have discovered an old friend or made a new one,, lo be permitted te hold unrestrained Intercourse with him. Gsrrullty Is one of the enticements lo old age. If any Inducement were neooasary 10 carry you to that point wblca should always be mentioned at sweaieit of them all. I advise Cicero, when be aga'n attempts to Instruct OS upon the chief solace ot old age. Use Demosthenes, who proclaimed action, action as the chief merit ol an orator. If he had not already doue II, for It is a long time since I read JOt tycixctutv, to lnsrt garrulity I garrulity I garrulity I Yours, TUADDE0S 8TEVEN3. WENDELL PHILLIPS. His Great Oration at Horticultural Hall Last Evening. What He Thinks of The of the Hour." Perils Ills Opinion of Statesmen and Fools A. J. Is De molished, and Central Grant Pahe4 Aside The Negro Occupies an Enviable Posi tion Impeathment and Recoil. Mrucllon Synonymous Terma. to., Kte., Etc., Kte.,- 3te Kte. Last evening:, the series of meetings under the auppiccs of the Pennsylvania Anti-Slavery Society nno brought to a close by the annual festival, at Iloiticuitural Hall. There was a large attendance, the attraction of the evening being a promised cation by Wendell Phillips on "The TeriU of the Hour." Mr. Phillips spoke 11s follows: - Ladies and pentlemen, the hdur is one or moment; not only ot apparent great material danger to the public, but it is one of which men's opinions are continually divided as to the character of the danger, and the method by which it is to bo averled. Of oourse. In speak- lng of it I shall have occasion to refer to, and, pernaps to criticize, parties ana men. nease understand me, that in all the process of criti cism, I have no motive distinct from that of any one of you, and that It le to benefit the republic; to endeavor in the speediest and easiest manner to secure the end which every good citizen naa in view. I have no deMre to refer to the paBt, except so far as it will throw light hereafter distinctly in the future. I am sure I have no desire either to wound the feeling or to mar the reputation of any American. The crew on ooara me snip in tne toss ot winds, ao nor, quarrel. There is no time for quarreling; there is no time for angry dlsputings. Every man fit to address his fellow-citizens is not only bound to take it for granted, but his labor is vain un less he can rightly take it for granted, that the great mass ot his fellow-citizens have bntone sincere, single-eyed and honest desire, and that is to serve the republic. THE DANGKB OF TBI HOUR. In my contemplation, to-day, as in the summer ot 1861, after the proclamation ot Abraham Lin coln, there should be neither a Republican nor a Democrat. We are all citizens. We have one longing desire, and that is to have an united country, prosperous and permanently happy. I take it for granted that every man before roe, no matter what his idea may be as to the me thod; 110 matter what his preference as to men; no matter what his line of party, has but one central purpose and point, and that Is in the shortest time, at the cheapest rate, in the most effectual manner to cure the great disease of the republic, and to make us one again forever. Bo, whatever I have to say, if in the fervor of the moment I should trespass upon your sympa thies, remember it was not intended for any thing but to throw light on tbe path I think the republic ought to tread. I consider we are to-day in as great danger as in 18C1. In the great statesmanlike contest, or civil battle, we stand just where we did then. We have to call on the same loyalty for inspiration and. strength. We are to dig down to the same guarantee. Every man fit to have an opinion on this question Is bound to base it on the purest principles. THK MISSION OF OCR. FOREFATHERS'. I believe that the idea of American civilization is a single one, the one idea of faith based on humanity, and totally unconscious ol partlee, of colors and of races, and all other distinctions that are accidental. I believe that the one essential .idea, the underlying tendency, the point to which we gravitate is humanity, simply diveted of its accidents. It is the corner-stone ol the republic. It was to rise to a nobis level, it was to throw off the garnishing of wealth and moral education, not knowing exactly what they cmc lor, that the Puritan and Cavalier, the New Eneiander and Virginian, came to this coast. They obeyed a great impulse which a vtTy lew of them comprehended. They built much btter than they knew. It was an appa rent exigency of Fortune's, that they went forth, but they were charged by God . with a mission which they feebly and imperiectly com prehended to fouiid a State where every germ, ot the t-oil and thougbt tbat God trusted to tbe world should have free and nndisturbed space lo grow. Feeble were the faltering steps in the dnrk of that twilight; but a lew of our futhers stumbled onward in the foundation of such a State until at last, at the dawning, tho whole-souled Jefferson found tbe sagacity and the courage to enunciate the great principle in words for the first time in the history of the race. He discerned the great law which gov erned aDd enwrapped tbe mind of a continent and immortalized It in that most glorious law which Is the first in the Declaration of Inde pendence. All men are free and equal I But the men who enunciated it did not comprehend the principle, could not see its application, would have been unable to reduce it to practice. Like a thousand other Instances in history, they staled a truth which they were not broad ana powerful enough to practise. So, the old Colo nies, formed into States, retain still tbe rags and the sores, tbi hamperlngs and the fetters from which they sought to be free. Tbey thought to abolish slavery partially; but all the institutions of New England were crippled by its rule, by the limitations of its wealth. As well might one atlemnt to breast the mighty current ot Niagara, as these exceptional insti tutions endeavor to dam up the progress of tbe great idea God launched up in this race to free this contiuent, and secure tlis blessings to this land. (Cbeeis.) " THEIB PERILOUS EXPERIMENT. , So then, In spite of ourselves, unconscious, if not rcluctaut, tbe racu made its way forward. All the time a very few men were conscious of tbe antagonistic elements wrapt up in the civil lite ot America. Ho doubt a few tar-sigh ted men standing on the highlands of thought, saw, a conflict like tbe chaos ot Milton that surged and boiled around them; but the ntultltuJe comprehended It not. Mr. Seward touched this point in 1858, at Rochester, before he lost his brains (laughter), when he analyzed the his tory of the Indepundeocy of tbe American, thought and said our fathers knew well enough; tbey understood perfectly well that when tbey acknowledged, not guaranteed, slavery side by side with the great principle of freedom, that they were putting into the Constitution an arwo lute certainty of conflict. Tbey only hoped thoydid not care to cxpect-lhet rouJy hoped thai the great development of normal unWdlng icf th. force o "ffl. would so temper and Wot o Anjerioft"would element of s avery th" Per M uhout 8Ctual t?"?8." that Pa?ty conflict, intellectual dls bloodsbed; that F J physical, would ?en,.h-ioEtTTi? that they would have to en nfire That was the ultimate goal, as much as fh Fatlieri dared to hope. In other words as . once be"re Illustrated it. our Fathers built a cannoS, filled It. bor hair full of anthracite coal at white teat, poured opon H quaatity ol
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