THE DAILY EVEK ING TELEGRAPH PHIL. AD K Ll'II I A, SATURDAY, NOVEMBER 1G, 18G7. SriRIT OF TI1E PRESS. EDITORIAL OmtOFg OF TH LKADrRO JO0RNALB rro OTBRisnt toficb COMPILKO ktbrt DAT FOJ TBI BVBN1N0) TILBOBAFH. Th national Dank Currtncjr. From the N. Y. Nation. The approaching session of Congress is likely to fceoome memorable for the number of finan cial measures submitted to its discussion. The questions of currency contraction, of payment of the national debt, of further greenback Issues, and of the substitution of greenbaoki for the notes of national banks, will all be brought up for decision at an early day; but unlike the many financial measures passed daring the last six years, those now to be brought forward are being discussed in advance of Congress, and there is a fair chance that we Bh all thus be saved from further legislative crudities such as now aflliot us. The National Bank aet is one of the many specimens of the blundering .legislation sometimes extracted from Congress by ignorance, cupidity, and party zeal. Under the provisions of that act many honorable men have organized national banks in all parts of the country, ana nave Invested in them time, money, character, and ability. The investment has generally proved ft very profitable one, mainly owing to the privilege given to these banks to issue paper money, the now well-known national bank currency. This currency was at first very popular everywhere, but latterly public opinion has Somewhat changed, and it has come to be generally understood that this currency, while very profitable to the banks, is also very ex pensive to the people: hence the proposition reoently made, and oertain to be urged upon Congress, to substitute greenbacks for the national currency, seems to be received with Almost universal favor. It would seem natural that the owners of national banks should feel aggrieved at an attempt to deprive them of Valuable privileges conferred upon them by law, and should use every legitimate means to defeat it. Stripped of all technicalities, the case stands precisely as follows: When the greenbacks ,or United States currency were first issued, it Was generally understood that they were a temporary expedient only, that they were, in the phraseology of the times, emphatically a "war measure," and that with the end of the War the existence of the greenbacks was to come to an end likewise. An irredeemable paper currency was entirely antagonistic to the general feeling and judgment of the coun try; and although, in the total absenoe of all currency at the time the act was passed, the legal-tenders or greenbacks were received as an inestimable blessing, yet there has been no time since when the sober thought of the peo ple has not looked upon them as intruders to te expelled as soon as possible, and has not reverted with natural longing to the promised retnrn to specie payments and a currency redeemable in coin. This desirable result, among others, it was thought could and would be obtained through the national banks. They jvere to be allowed to issue bank-notes r currency to the amount of three hundred millions (the amount of currency which it was Bupposed would be required in times of peace), and these notes they were bound to redeem on demand in "legal-tender" currency. As long as there were greenbacks in circulation, the national banks could redeem their notes iu that kind of "legal-tender." But the supply of greenbacks was to be, and is now being, rapidly reduced by contraction; a time will soon come when there will be no longer any greenbacks out, and then the national banks ill be compelled to redeem their notes in the only kind of "legal-tender" left, viz.: gold and silver coin, and thus specie payments were to be restored. In order to have ample security that the banks would, according to agreement, redeem the notes so issued when called upon, they were required to purohase and deposit in the Treasury at Washington an amount of United States bonds equal to or a little larger than the amount of currency they were allowed to issue. These bonds of course belong to the banks, although temporarily pledged to the United States Treasury, and the interest accru ing on them is regularly paid to the banks, as it would be to any other owner. There seems at flrBt sight nothing objectionable iu this, but there is nevertheless much. ' The original founders of a national bank contribute in greenbacks a capital of a million of dollars. With these greenbacks they buy a million of bonds; the bonds are deposited in Washington, where they draw six per cent. Interest in coin or seven per oent. interest in currency. The bank thus secures six or seven per cent, interest on its capital, the same as any other capitalist who invests his money in bonds; but the bank, in addition, receives from lie Treasury a million of national bank bills, Which are money in all parts of the United States, and which the bank can loan in Wall street or anywhere else for another seven per cent, por annum. It is evident that capital invested in a national bank gets a double rate of interest one seven per cent, from the people who borrow its bills, and another seven per cent, from the United States Treasury lor interest on the bonds deposited with it. The seven per cent, paid by the Trea sury is, of course, paid by the people at large, and it is this interest, amounting to over twenty millions of dollars per annum, which it is proposed to save by substituting green backs for the notes of the national banks. If, Instead of selling to the national banks the three hundred millions of bonds, against which they are authorized to issue their ourrency, the Treasury had in the first instance issued three hundred millions of its own currency green backs it is evident that there would have been no more currency out and no less than there is now; that the total of the national dtbt would have been no larger than it is now; but that three hundred millions more of that debt would have been free of interest instead of costing, as they now do, over twenty mil lions of dollars annually, which are taken from the people by taxation, to be put in the pockets of the national bank stockholders. iuis 8vue great error, the great wronjr, of vue national Mine act, and the all but uuaui . inous voice of the country demands that the error should be corrected and the wrou" re dressed. . ' A . L . . ai maners now stand, a oue-dollar national ban note is nothing more than a promi.se to pay a one-dollar greenback on demand. The popular argument is, that if the greenbauk itfelfis, as it must be, preferable ta any pro mise to furnish it, no mattar how substantial or well secured, and the greenback, the actual thing, can be had without cost to the people, it is a Relf-evldeiit absurdity to make the peo- rmy.j.iii,vy m lor somebody' promise tq lurnisu that greenback on -demand. Tlie argument, we take it, U unanswerable, Hut the remedial measure, so readily deduced from this argumeut, to substitute greenbacks fur the national notes, to let the cheap autual thing promised take the place of the expensive y.os.v, n acre ctu ;o pfjuoa, In the first place, the practical execution of the measure is fraught with great and serious difficulty. The bonds deposited in the Trea sury certainly belong to the banks. Congress may withdraw the right to issue ourrency against these bonds, but it eanuot compel the banks to sell them. It is true, if the banks are deprived of their ourrency they may be forced to Bell their bonds from want of money, but they will then sell them in the open market and get the current price, which is far above the nominal par value of the bonds. If the Government declares its willingness to buy the bonds of the banks at market prim, who is to fix that price, and which market pi ice is to be taken that of the day when the law is passed, or that of the day when the bank surrenders its currency, or that of any other day f And if the Government buys these bonds at market price, paying the heavy premium on them (what injustice to other bondholders!), why should not the bonds of the banks alone be redeemed ? Or if the banks are compelled or allowed to sell their bonds in the open mar ket, what disastrous lluctuations would result from the sudden or even gradual sale of such an immense additional amount of securities 1 what loss would result to the banks and to a thousand other innocent holders I It is very easy to say the banks shall call iu their cur rency, but do they control it ? It is in the hands of the people, who want it for their daily business transactions, and who will not take the trouble to present it for redemption, unless compelled by a threat of depreciation. And what etfect Mould it have on the business of the country if the national ourrency were suddenly threatened with depreciation r Why, every bank and private banker, every mer chant or retail dealer, every manufacturer in the United States would be bankrupt iu less than a month, and thousands of people thrown out of employment and brought to the verge of starvation. A cry of distress runs through the land at Mr. MoCulloch's per dstent con traction of four millions a month; but to com pel redemption of the national currency is equal to contraction of three hundred millions in a day. We could fill a column with the enumeration of practical difficulties in the way of the measure proposed, but practical diffi culties rarely trouble visionaries and dema gogues. We have said that the practical difficulties in the way of substituting greenbacks for the national bank notes will prove very serious, and, perhaps, insurmountable. We now pro pose to show that the object sought to be ob tained by the proposed substitution can be better obtained in a different manner. The real cause of complaint is none other than the excessive cost to the people of the currency furnished them by the national banks. If the banks desire to retain the business of furnish ing the people with money, let them oifer to do it at less cost. The banks now get seven per cent, per annum on their currency from borrowers, and seven per cent, per annum on their bonds from the Treasury, or the people at large. Let the bauks be satisfied with seven per cent, per annum on their currency, and three per cent, per annum on their bonds. Let the National Bank act be amended so that on all bonds deposited in the Treasury as security for national cur rency only one-naif or the usual interest be allowed; or, in other words, that the banks be required to pay into the Treasury one-half of tne interest on their deposited bonds m return for the privilege of issuing currency. They will still make money out of the privilege; not so much as they have been making, but tully as much as the people are willing to let them make, and much more than they will make if the privilege be entirely withdrawn. .business throughout the country is In a very unsatisfactory condition. The natural reaction from years of wasteful national and individual extravagance is aggravated by the wretched condition of our currency. The cur rency can only be made worse and all its attendant evils intensified by violent changes now. It is not to the interest of the banks or of the people at large that these changes should be enforced; but enforoed they will be, unless the banks meet the popular demand by voluntary concessions. The feeling pervades the community with almost perfect unanimity that a law which gives to the national banks four teen per cent, interest on their capital, in the midst or general depression in business, is an anomaly and absolutely unendurable. The difficulties in the way of substituting green backs for the national notes, and the indispo sition to tamper wnn the currency now, incline the people to concessions. Let the banks meet them in a similar spirit, and they may sun save a part or their valuable privi leges; if not, they will lose the whole. Impartial vs. Universal A Distinction wnn a JJill.reuce. From the X. Y. Timet. We notice that most of the Republican jour nals deolare themselves in favor of "impartial suffrage" in the Southern States. The Tribuna habitually U3es this word iu defining its de mands. The Albany Evenina Journal also uses it. our btate Convention declared that "suf frage should be impartial." Indeed, since the lute elections scarcely any of the ReDublioan Newspapers even tnose that were most ex treme in their radicalism insist upon univrr tal suffrage; they only hold that suffrage, like all other rights oivil and political, should be impartial that men should not be excluded from voting solely and exclusively because 4 1iilT n A tint rtVi ! i . . " But the Reconstruction act under which the Southern States are required to reoreauizn their governments, gives the negroes of those States universal suffrage; and requires them to frame State Constitutions which shall do the mime linng. nsKTy uegru in mo noutll Over twenty -one years of ae is to be allowed to vote. Now we certaiuly are hot mistaken in saymg that this is not what the settled judg ment of the Republican party demands or ap proves. It is not what a majority of the Re publican party in congress demanded or desired. It was forced upon them, against their bettt-r judgment and against their delibe rate decision in caucus, by a coalition of the democrats and the radicals, who joined their strength to enforce the position that either no negroes should vote, or else that all should vote. They drove the Republican party in Congress to this alternative, and, as a matter of necessity and not of choice, they decided in favor of universal negro suffrage. But the Republican party has never taken the eiound. or held the doctrine, that voting wss a nower' to be exercised as a matter of lieht. without any regard to qualifications, No rartv in the country has ever taken that pround. All parties, from the foundation of tbn Government, have held that mere musi be evidence of qualification f some kind, before the franchise should be conferred. livevy preon born on the soil yjust reach the age ot twenty-one before he "can vole. All parties approve these requirements, and they ,U,U1V tne theorv that suffrage is a poliu- V1. Per to be exercised under responsi- u p()a proof of certam quaiiuoa- t.uiia.uru-auu not a natural riKht to be en- joyeuwuuoui regard to qualifications or re- vi-ai wui,.g v ttuy sou. Aul tUi id tlitt , position held by the Republican party, and by the great body of the people to-day. The action of Congress lias placed them iu a fal.-ie position Upon this subject, and has apparently committed them to a principle which they do not hold. If the question were free from "side issues," it would be easily and promptly settled. If it were simply this: "Are the negroes of the South, as a body, qualified to take part in the reorganization of the South ern State Governments; is it wise or safe to leave them to decide what principles shall be embodied in the State Constitutions, what rhall be the form and powers of the State Governments, and what shall be the securities for life and property under thera?" there are not ten men out of a thousand in the Re publican party who would not say no. No body believes tuey are. now suoum tney ner The great mass of them have beeu kept in the most stolid ignorance all their lives; they can neither read nor write; they have heard nothing of politics and know nothing of the tinmlest facts or our history or our uovern- ment; they have neither the capacity to form ntininns nor the material to lorm mem irom and as a matter of necessity, as well as of fact, they will be and are simply tools in the bands of party leaders and wire pullers on the one side or the other. Circumstances jubt now throw them into the hands of the Republicans. The weight of their votes can and will be thrown into the Kepublican scale. And it is this fact which leads the Republicans to accept for them the the principle of univer sal tutlrage, and which, we may add, leads the Demccrats to oppose it. We do not think it would be wise to auompi to chance the Reconstruction aot in this par ticular now. In the first place it cannot be done: and in politics nothing is wise which is impossible. Moreover, it would arrest the whole progress of reconstruction, and involve fresh conllicts, complications, and delays in a matter where delay is of itself one of the worst things that can happen. But the Recon struction aot reserves to Congress the whole business of revising the Constitutions that may lie sent no from the States ror us approval, u thev contain provisions which Congress does not approve, it can strike them out and send them back for revision and amendment. This seems to us a power which Congress should exeroise freely and boldly; and it may so ex ercise it regard to suffrage as to make the Southern constitutions conform to what is the real sentiment and purpose of the Republican party upon this subject, it can substitute impartial suffrage for universal suffrage. It can forbid the State governments from making bolor alone a ground for disfranchisement, without compelling them to admit ignorance, stolidity, and incapacity to the ballot-box. It can permit them to prescribe sncn qualifica tions for the suffrage as they may deem expe dient, insisting only that whatever qualifica tions may be prescribed shall apply to all inhabitants of the State alike, without regard to race or color. By some such action as this it seems to us the rights of the negroes at the South may be protected, without putting in peril any inter est or principle which the Republican party has at heart. General Grant's Position Defined. Prom the IV. Y. Herald. In one of those fits and starts of inspiration which seized poor old afflicted Job, as he lay groaning in the ashes, he exolaimed, "Oh I that mine enemy would write a book." That enemy was doubtless a candidate for some important office, and Job, before the election, wanted to have a crack at him. So it i3 with these impudent questioners of General Grant, radicals and Copperheads. As Pat said of his pet owl, "He hasn't spoken yet; but from that quizzical look out of the oorner of his eye I rather guess he is treating me with silent con- timpt, Let the country rejoice that suoh is the posi tion of General Grant towards all these imper tinent, self-appointed, cross-examining and pipe-laying politicians, who want to know whether, on the nigger question, and all other questions, he sides with Ben Butler, bumner, Wendell l'hillips, Chief Justice Chase, "Old Ben Wade," "old Buck," Vallandigham, or Andy Johnson. Silent contempt is the proper treatment for all these prosuming interlopers who come to ask for the precise opinions of General Grant in reference to the issues of the next Presidency. This thing of bringing to the witness stand, and to the test oath of this faction, or that faction, every Presidential candidate, is a vicious innovation in our party politics, which crept in with the beginning of the decline and down fall of the old Jackson democracy. Sup pose such a fellow as Forney or one of the Blair family had called upon Washington in his day as a Presidential candidate, and had said to him, "Jones proclaims it, General, that your opinions are so and so. We, on our side of the house, don't believe it ; but to. end all doubts on the subject. I have come to 'ask, General, what are your opinions f Are you with Jones, or Smith, or Johnson f" What answer would Washington have given? Simply this: "John. Show this gentleman the door, Nor do we think any old bookworm can pro duce any report of any such visiting loafer to old John Adams, or to Jefferson, or to Madi son, or to Monroe, or to John Uuincy Adams. General Jackson was tortured by all sorts of gad-flies, but, when he was first taken up for the Presidency by popular spontaneous com bustion, his New Orleans record was deemed enough. It developed the man and the char acter in which popular instinct detected the practical, resolute statesman wanted at the White House. Van Buren was a trimmer. He came into the Jacksonian succession by promising to "tread in the footsteps of his illustrious pre decessor;" but as a candidate for another term new questions confronted him. and the poli ticians began to bother liim. So it was in 1840, when a cunning inquisitor, Williams by name, questioned him bv letter on slavery in the District of Columbia, Van Buren, looking to the South, pledged himself to veto any bill as President that mielit be presented him abolishing slavery in the District. This was a shrewd move, but, unfortunately, in that campaign the nigger was swamped in the great money question of that epoch, and Van Buren was swept off in a financial wlnilwind. Be turned up again in 1814, 1 owever, and then, the money question oemg setiieu, me nigger on tne Texas ques tion loomed up into bold relief. Here wo have acuiiousbit ot inside political management. As we remember, to get this thing out of the way it was agreed between Clay and Van Buren early in 1844 that both, if questioned, should oppose the immediate annexation of lexas as involving a war with Mexico, and when called upon by a letter-writer they both" did take this ground; and what was the result f Van Buren was shelved in the Democratio Convention by the Southern slaveholding oligarchy. He had a majority vote, but they reached him by a new dodge the two-thirds rule; and Clay was swamped in the election by Polk a man who wrote no letters, made no speeches, and of whom the people only knew In 1P43 General Cass. candidate, was crippled South by his letters and speeches on squatter- sovereignty, and killed off in the North by Van Buren with his free soil movement against the slave oligarchy. The tide on the nigger question was beginning to torn. Still, General Taylor did much to help himself by refusing to write letters or rnane ppeecnes on political affairs. All that niey couia gee out of him was that he was 'a ing, but not an ultra Whic" th ticket for General Grant as a Republican very 111 IMA Ueneral Bcott. the finnnuarnr Af Mexico, the first soldier of the land in that day, was literally buried out of sight by a second-rate militia general and county court lawyer, poor Pierce, in consequence of Soott's ioonsu letters and speeches. The scurvy noll- tioians plucked him and skinned him and cut him into minse meat with the weapons he was Kinu enougn to lurnish them. Grant is wiser in his day and generation than Scott. In lHOt) "Pennsylvania's favorite son" the Lord have mercy upon him! poor "Old Buck" came in on an alibi yes, an alibi. He was not responsible for the blunders of poor Pierce, for he was over in Kngland at the time, and if "Old Buck" wrote any campaign letters he wrote them on the sly, and kept well on the south side of Mason and Dixon; and a pretty mess lie made of it. His blun ders and his imbecilities brought on the Re bellion, and, whining and drivelling under a cloud of shame and disgrace, he gave way to Abraham Lincoln, whose record was enough for his election, without any more speeches or letters. What a volume of instruction is here on the flips and fatal mistakes of letter-writing and speech-making Presidential oaudidates. and how forcibly they vindicate the sagacity oi General Grant in standing upon the platform of his official acts and his glorious achieve ments ! Siand fast. General, for you hold again your lines of Petersburg ! Our Treasury Policy. From the If. Y. JYibune. , The prioe of gold for the week ending No vember 3, 180'6, varied from 145J to 14SJ During the past week it has stood at about 141. During the week ending May 20, 1865, soon after the surrender of Lee, and before any policy of contraction had been inaugu rated, the premium on gold stood at about 30, with a tendency to still further decline. We see no event in the political hUtory of the country that should have since raised the pre mium from 30 to 42 cents, and kept ft steadily at this higher figure. . One would think, from the persistency with which gold keeps up, that some enormous "gold bull" was engaged in hoarding all the cold he could keep out of the market. Our reconstruction questions are progressing as satisfactorily as could be expected. Their dis cussion has no more effect to retard industry than political discussions usually do. Nobody seriously anticipates danger from them. Oar crops are fair. Why, then, this high premium on gold r it cannot result from want oi con fidence in the credit of the Government. This never stood higher. Again we ask, is anybody boarding the gold Yes 1 Secretary McCulloch is hoarding now the enormous sum of about one hundred and twenty millions in gold, or about half the actual quantity of gold in the oountry. Far more than any individual gold bull could do to keep up the-price of gold, by withdrawing it from tue market and noarding it, is done by the Treasury Department, which purports to aim at a return to specie payments. No sooner does the Secretary sell any gold, how ever small the quantity, or pass it forth in payment of interest, than the prioe of gold drops with a most suggestive and encouraging promptness. Does it not seem a natural in ference that, by selling all the gold in his hands not needed for the payment of interest, he might send the premium down much further ? Why not ? Gold, now withdrawn from the currency, is like any other commo dity. If thrown on the market, its price goes down. If hoarded, its price keeps up. Suppose the Secretary, by diligent hoarding, could collect $240,000,000, or all the gold in the country. Would not the price of it treble and quadruple f Certainly it would. The greatest hoarder of gold does most to keep up its price. One practical bar to specie pay ments is, therefore, the hoarding policy of fcecretary McCulloch. On May 20, 1865, when gold was down to 130, the Secretary had but $36,000,000, all told, iu the Treasury. Now, he has nearly four times that sum in gold. Hence the rise in the premium, when every other circum stance should conduce to a fall. But it is said the Secretary must hoard in order to have the means with which to begin specie payments. Indeed 1 If hoarding sixty millions more than he needs to pay interest adds from 12 to 18 per cent, to the price of gold, how much must he hoard to bring it down to par f Ihe theory of the Secretary seems to be, that the way to return to specie payments is to collect gold enough to pay all the Govern ment's debts. This is simply impossible. Under the former period of specie payments, before the war, there was at no time gold enongh in the country to pay one-tenth of the obligations of banks and individuals, if pay ment had been demanded according to the tenor of the obligations and without credit. The way to return to specie payments is to enhance credit and remove distrust, especially in the obligations of the Government. The present policy of the Government in hoarding gold has precisely the opposite effect. Fear and distrust dictate the policy. The Govern ment fears to take its own promises for its gold, and so practically says to the people, "Beware of these legal-tenders; they are dan gerous. Nothing but gold is secure." The Government thus lays down distrust in its own promises as the corner-stone of its finan cial policy. What wonder that the people are led in some degree to follow suit f How, then, can our currency, which 1h now so universally acceptable at a certain uniform discount, be made redeemable at par, dollar for dollar, in gold ? We answer, only by re moving the mass of causes which operate to put it at a discount. Is inflation of the cur rency one of these Only in a very slight degree, if at all. In 1861, Secretary Chase estimated the whole amount of ou currency in circulation as follows: Gold, $275,000,1)00; bank notes, $202,000,000. Total, $477,000,000, How much have we increased it f The report of the Comptroller of the Currency for Octo ber, li67, gives the , Total of I.egul-lroers In clrculoilou at Air.T.roo.fKio Nallc lml Hunk Kolut.. Slate Hunk Not on AilU 1 mcUuiittl Curreucy. o.ixio 4.'0i.l51 7,000,0.10 Total Currency now circulating (471.UU2.153 It thus appears that there are about $6,000,000 less of currency in circulation now than before the war. Meanwhile the corn in Illinois, which then ooBt 10 cents per bushel now requires 80 "oeuts in currency to move the crop. So of cotton, beef, pork, etc At least twice the amount of curreuoy Is mjuired to transact the same amount of business. Does it exist 1 It would not, were there no ortier elements of currency in circulation than legal Jvtlcrs. 13 ut la fairt cur wLcU xwilwtfal UvW L D EYE TUB LARGEST F 8 U C OLD In the Land HENRY S. Nos. 218 and 220 WHO Of FEB Tilt! 0 NAKIK lO T11JH 1 HADE, tH E.OTN, ON VERY IDVANTMJ Rt VB TKB5I.V. Their Stock of Rye Whiskies, in Bond, comprises all the favorite brands extant, and rnna through the various months of 18iX5, '(id, and of Liberal contracts made for lots to arrive at Pennsylvania Railroad Depot, Ericsson Line Wharf, or at Bonded Warehouse, as parties may elect. ENGLISH O AE PETIN GS. SKW OOOIMI OF OIR OWN IMPORTATION 4VHT ARRIVED ALSO, A CHOICE SELKCTION OF AMERICAN CARPETINGS, OIL CLOTHS, ETC. Enftllah DruggetlnRS, from half yard to four yard wldei MntttBgi, Hugs, Slat. Our entire stock, including new goods daily opening, will be offered at LOW PRICKS FOR CASH, prior to Removal, in January next, to New Store, now building, No. 1222 Chesnut street. REEVE L. u 14 tiiBtuZm s part of our currency. The legal-tenders and the bonds are both alike promises ofThe Government; and the only possible difference in their value must arise from the amount of interest they bear or the time they have to run. They rise and fall in the market, pari pawn, like two reservoirs of water conneoted by a subterranean channel, and which must maintain the same level. It is impossible, therefore, to bring legal-tenders up to par without adding in an equal degree to the gold value of our entire $2,500,000,000 of debt. It is the whole bulk of the debt, and not the bulk of the legal-tenders merely, that pre vents resumption, llut to make a debt, now worth in gold $1,700,000,000, to be worth in gold its face, or $2,500,000,000, is to add 100, 000,000 of the actual value to it which it does not now possess. Whence can this value be infused into it f If depreciation were the result of inflation of the currency merely, its mere contraction might bring the currency to par; but the inflation of the whole debt from $(J5,000,000 owing before the war to $2,500,000,000 owing to-day, affects the value of the currency or the price of gold, and must be estimated in all efforts to reduce gold to par. Nor is this all nor the half. Government and individuals must resume at the same time. The whole mass of the private debts of the people of the country, whether iu the form of notes, bonds, mortgages, bank deposits, or any other, and amounting probably to not less than $5,000,000,000 of debt, now worth only 75 cents en the dollar, must be made worth par. How can all this be done f Not by col lecting in the hands of the debtors gold enough to pay them with, but by imbuing oreditors with such a confidence that they will accept the credit, both of the Government and of in dividuals, as equal in value to the gold. This must be done by increasing the confidence of the people in our currency, by showing the Government's own confidence in it, and by being willing to part with its gold for it. The policy of hoarding the gold of the. country should be abandoned, as an act in itself savoring of distrust by the Government in its own paper, and tending directly to promote distrust in others. Other policies, also, should be pursued; but the above is indispensable. Wanted A Man for the Platform. From the N. Y. Tribune. The Democrats for many years have done nothing but blunder in the seleotioh of their Presidential candidates General MoClcllan being their last monstrous mistake. It will certainly add to the festive energy of the next election if they will pass over their lean and slippered pantaloons like Buchanan, their available young gentlemen like Pierce, with all the tag-rag-and-bob-tail of patient ex pediency. Seymour is stale. Johnson ia a squeezed orange. Pendleton is promising, but performances are better than promises; and although G. II. P. is our man, and may be said to combine all the political vices whicn go to make up a perfect Democrat, yet there must be some practical Secessionist some unreconstructed Judge, or Governor, or Geneial, or Colonel somebody warmly in favor of the following really Democratic mea sures: 1. The repudiation of ihe National Debt. 2. The asbumptlon ol the Confederate Debt. 3. A Constitutional provision auulust Negro Suffrage. 4. A full, complete, universal, unconditional Act or Oblivion. 5. The restoration of all Confiscated Estates. 0. The re-establlshment of Human Slavery herever It has been abolished. 7. The repeal of all the reconstruction laws. 8. Liberty for WlUte Men, Kquullty lor White Men, and Justice for While Men. U. (slavery for Black Men, with its conse quent Inequality and Injustice. This Is the Democratio platform, pure and" natural, without any salt or pepper or conven tion cooking. Pendleton might stand upon it firmly; but the question is whether Admiral Semmes, or Pollard, or Pike, or some such man, would not make a more majestio and graceful exhibition upon a stage constructed of such materials. Why should an imitation be forced upon the Democracy-wheu the real article can be had for the asking ? Pendleton is good. Pendleton has about as little loyalty as you can reasonably expect in a man who may need Northern votes. Pendle ton holds to several beautifully outrageous doc trines. WTe are for Pendleton, always pro vided a more venomous enemy of the Union cannot be found. This, it may be contended by his promoter., is unlikely; bijt the Demo cracy cannot tell un'-il they have made an ex haustive examinatifu. We are afraid that they do not do perfect justice to the diuiinu tive virtues and caoutchouo consciences of several of their most disreputable leaders. We are for fair play, and the prize to the foulest ! piTLER, WEAVER l CO., MANUFACTURERS OF MANILLA AND TARRED CORDAGE, CORDS, TWINKS, ETC. No. 53 North WATER Hirottt. and , , , No. 22 North KVK WARE Aveuuo,' V UlLABIcr.J'HIA. I DWIN U. Fiti.kh, Mlf HAtU WKAVER. WHISKIES. AND BE3T STOCK RYE V H I is now Possessed II ANN IS OF 3 IC by & I r? CO., South FROKT Street, this year, up to present date. KNIGHT & SON, NO. SOT C IH.SNTJT STREET. LOOKING- CLA8GEG OF THI BEST FRENCH PLATE, In Every Stylo of Frames, ON HAND OR MADE TO ORDER. NEW ART GALLERY, F. BO LAND & CO., 11 1 2m2p No. 614 ARCH Htreet. gTEAM ENGINE PACKING. The modern and extremely popular packing, called HJIXEB'S HJBKICATIV, OB NOAP-STOHE rAt'Hinre, Baa already been adopted by over 20,000 Locomotive and Stationary Knglnra, and la beyond queHtiou tha eiiMent applied, tbe muni durable, tbe cheapest, and civr the machinery the leant of any steaui englna pucklng yet Introduced. It Ih not liable to burn or cut, dotB not require oil, and there la no waste in the use. B8 It Ih made ot all sizes to suit the boxes, from M to 2 luches In dlumeter. All persons Interested In the use ot the steam engine are particularly requested to give this packing a trial. A liberal discount will be made to dealers. NO. 630 ABC'II STSJEET, P1IILA. Bote Agent for Pennsylvania aud Delaware. bee certlllcale betow. OK'IfK OF T1IK RVPKRINTFNDFNTOF MoTIVB POWJCB iKl MACUJKKHY. KuIK RAILWAY. Nkw Youk. bent. 2. i860. J 860. Mt Dkab Sir: In reply lo your Inquiries Iu rela tion to the comparative economy of Hemp Packing, as compared with Lubricating Packing, I will say that Hemp Packing, at an average cost of.38 cents per pound, costs us 2 3-10 mills per mile run, while the Lubricating Packing costs, at an average cost of 81 2 8 cents per pound, 1 1-10 mill per mile run. We propose to use ft exclusively for all Steam Stuffing lloxes. Very truly yours, JI. O. iUtOOKS. Bupt. It. P. fc M. . P. B.-Tbe popular UYUIIAI'LIC PACKING, Adapted tf cold-water pump., and made similar to the Lubrlratlve Packing, but 61 dlflerent material, will be furnixhed promptly any size from H toil Inches, and will be found a superior.arllcle for pumna, lstuili2tup M.V.kk GROCERIES, ETC. pRESH FRUITS, 1067. PEA CUES, PEABS, PIKEAPPLES, PECKS), APBICOTS, CUEBBIES. BEACHBEKBIEN, QUINCES, ETCt PBEMEBY D AND FBENII, I If CAMS AMD ULAaS JABS, Pat np for our particular trade, and for tale by tha dozen, or In smaller quantities, by MITCHELL & FLETCHER, - 9 10 8m NO. 1204 CHESNUT STREET, JAMES R. WEBB, TEA DEALER AND UROCEB, H. E. COB. EIGHTH AND WALNUT HTS. Extra Fine toucbong. or English Breakfast Teas. Superior Chulan Teas, very cheap. Oolong Teas of every grude. Young H json Teas of finest qualftfcs. All fresh Imported. 8 Hk EW BUCKWHEAT FLOUR, WHITE CLOVER HONE Y, I FIKST OF THE SEASON. ALLEHT C. BOBEBTS, Seale r In Flue Groceries, U 7rp Comer ELEVENTH and VINE Bta. 1 REMOVAL. I) E M O V A E.-Il EJSOVAU t C.V. A. TRUMPLER m EEf, CVED HIS MUSIC STG2E IKUSI SEVENTH AND "" ' ro Zfo. ?0 CJIESM'T STREET, , ' F1ULADEXPHIA,
Significant historical Pennsylvania newspapers