THE DAILY . EVES IMt TELEGHAPIT PHILADELPHIA, THURSDAY, DECEMBER 5t 1867.
SriMT OF THE PllE&S.
EDITORIAL OriSIOSB OF THE LKADINfl JOURNALS
CPOR CCRBSST TOP1CR OOMPILRD BVBBT
DAT FOR TBI BVENINQ TBLKdBAJPH.
Report f the Secretary of tha Ttury.
From tA A. Y. Jeiald.
Mr. McCulloch'a annual report t0 Congress
is ft ver long one, and we wih we could say
that its ability corrcuponds with lta length;
tout we cannot, for it abounds with absurd
and pernicious financial theories, and shows,
what we have always said, that the Secretary
is merely a small country banker, aud has not
the first qualification of a statesman. But
before we proceed to touch upon his arguments
and recommendations let us look at his figures
at the actual financial condition of the
country. The total debt on the 1st of Novem
ber, 18G7, was $2,G25,.r'02,643. Of this there
was bearing coin interest. $2,204,879,631;
bearing no interest, $402,335,84S; besides over
eighteen millions of Texas bonds and othor
Items of old indebtedness. There was in the
Treasury, however, $111,540,317 in coin and
t22,458,00 in currency; leaving the debt,
less money on Land, $2 491,504,450.
The receipts from all sources for the fiscal
year ending June 30, 18G7, were $190,034,010
The expenditures for the civil service, inclu
ding Tensions, Indians, War Department,
Navy Department, and iuterest on the public
debt, were $340,729,129. Of this the iuterest
on the debt was $143,781,581. The loans
paid, as they are called, were $74(i,3r0,525;
and the receipts from loans were 8G40,42iJ,910.
That is, in the payment and transformation of
this portion of the debt there was a falling off
or10t,9ZJ,(ilO. This won 14 make tne total
drain upon the Treasury $452,652,731, leaving
a balance of income over expenditures of
$37,981,276. ..
The estimated inoome for the three-quarters
of the fiscal year ending June 30, 18tf8, la
$296,000,000, and the expenditures $295,000,
000, leaving a surplus of a million. The Sec
retary makes an estimate, also, of the next
fiscal year, ending June 30, 1869.
But we must remark that, in view of the ex
traordinary changes that are likely to take
place, and the Secretary's ridiculous mistakes
about the Income and expenditures of the
Government, this seems to us a superfluous
labor, and very unreliable.
The Secretary still clings to hla resumption
theory. While he confesses that the trade,
revenue, and condition of the country have
been such as to check him in his efforts to
contract the currency and force specie pay
ments, he still hopes resumption may ba
reached within a short time. He did expeot
to reach this by next July, and notwithstand
ing the adverse circumstances, as he regards
them, operating against him, he says "the 1st
of January, or at the furthermost the 1st of
July, 1869, specie payments should be re
sumed." He takes credit for having done
"much preliminary work" to bring this about.
Of course he means by that that he has con
tracted the currenoy and thereby brought us
nearer specie payments. In this we think he
deceives himself. At any rate, we are con
vinced he has brought u.i nearer financial
trouble, and that unless Congress checks him
serious disasters must soou follow.
By far the greater part of the report is oc
cupied with a discussion of the national bank
system and about contraction of the ourrency
and specie payments. Mr. McCulloch comes
to the conclusion that the national banks
should be sustained. He argues that they
are "so interwoven with all branches of busi
ness, and are so connected wkh the credit of
the Government, that they could not be de
stroyed without precipitating upon the
country financial troubles." Yet he thinks
that when we shall have attained substantial
prosperity "it may be wise for Congress to
consider whether the national banking
Bystem may not be dispensed with." Did
any one ever see before such a jumble of
contradictions f The national banks are the
greatest blessings to the Government, to
its credit, to the trade of the country, and
they cannot be destroyed without breaking
faith and doing them great injustioe; yet
the time may come when it may be wise to
break them up. "What absurdity ! If they
re to be broken up at alL the time to do that
la before they lecome firmly established, be
fore they are rooted and interwoven in all the
transactions and property of the country, At
present they may be regarded only as an ex
periment, but if they should continue long in
existence they may claim vested rights and
privileges. However great the evil may be, it
will be hard to remove it when firmly estab
lished. It took years of the most desperate
struggle with all the power and will of An
drew Jackson to put dawn Liddle's United
Etates Bank; but that was a weak Institution
compared with the national bank combina
tion. A vast moneyed power like this, when
deeply rooted, cannot be removed without the
greatest difficulty without ft struggle that
would shake the foundations of the Govern
ment. -If It be an evil, now is the time to
remove it or never.
The Secretary speaks of the banks being
"connected with the credit of the Govern
ment." He has not the hardihood to say they
are necessary -to its credit. Yes, they are con
nected with the credit of the Government
that is, the Government lends them its credit
to bank upon, and makes in addition
gratuity to them of a national circulating
Medium. It is a one-sided affair, and the
panxs get au me Dttmmi. i ny are or no
earthly use to the credit of the Government
and never can be. They draw seveu and-a
half to eight per cent, in currnncy on their
bonds deposited and make about as much on
their circulation. It is a monstrous monopoly.
drawing upon the credit lent to them, and the
circulation given to tliem, fifteen or sixteen
per cent from the industrial earnings of the
people Mr. McCullooh aud the Comptroller
?, the Currency endeavor to make it appear
r"" ao not receive tnis enormous
banelit, MUhat there would be no savin by
" BUP?u,luu of a legal-tender currency for
fariv0 rSer ?oheLul4n' nd T PrLu-
This is- simply rldlouSlV . i
the common sense of tbJfg n ,,.n?uU V?
known that the property orT?t 8 1
ness of the banks are not UxedMl, L , , ha1'
property and business of all our? "lu M
deed, they are not taxed aa much, la"
profits on their three hundred millions o,fe
cnlatlon. amountiux to twenty-five milliou FT
currency a year, at least, is a clear gift from
the Government. It is giving away to au
overgrown monopoly twenty-five uiillioiia a
year which belong to the people,' and which
ought to be saved.
If the national banks lie such a blessing to
the country, let them sliew it by doing their
business with Govurnment legal-tudttrs, and
let the people Lave the profits that belong to
them of a circulating medium. There is no
objection 'to thse bauklot them exist if
they will only let the people aud Government
Hot be robbudfor thuir xi;1uh1. .lr.nair
- . - .
and M us not perpetuate an enormous mono
poly that will control the Government itself,
rule the roarkpta and swallow up all the
profits of industry. Mr. McCulloch, through
out tbe whole of his long rigmarole about the
national banking system, has but one idea,
and that is to favor tbe banks and banking
capital at the expense of the industrious
olanses and the Government. -
It would be an interminable and profitless
labor to go into all the contradictious and
absurdities of this report, or to endeavor to
sift out any grain from such a mass of chaff.
But some things should be noticed. For ex
ample, he concedes the general prosperity of
the country, the extraordinary stimulus that
has been given to production through an
abundant currency and an easy money mar
ket. He could not do otherwise; for his enor
mous revenue and the condition of the people
show that too plainly. Yet at the same time
he calls this an unhealthy state of things,
and urges a further contraction of the ourrenoy
to give health. The country is remarkably
well, he says iu one breath, and in another he
declares there must bt some disease not
actually seen. He would bleed the patient for
an imaginary disease, and then, of course,
when the patient dies, he, like all other
quacks, would deolare the experiment was a
legitimate one. We do not want Mr. McCul
loch's experimental quackery. The oountry
is very well, and will go on very well if the
currency be let alone. We want no contrac
tion, and only a uniform currenoy by substi
tuting legal-tenders for the national bauk
emulation. We shall grow up to specie pay
ments, if that be desirable, within a few years,
thiough the natural growth of population,
business, and the country.
With regard to 1 he payment of the debt in
coin or ourrenoy the Secretary makes a long
and labored argument for the bondholders.
He quotes the proceedings of Congress
(though, nnfortunately for his object, they
are against him) to show that the principal of
all the debt, the five-twenties included, should
be paid in coin. He talks a great deal about
national honor and all that to sustain his
weak argument. The whole truth about the
matter is simply this, that there is no obliga
tion to pay the principal of the debt in coin,
except where that is expressly stipulated on
the bonds; that whenever paper or speoie is
the currency of the oountry it is perfectly
legitimate for the Government to pay the
bonds or buy them up in either; that it was
so understood in Congress when the bonds
were issued, as Mr. Stevens has clearly stated,
and that we are not called upon to force specie
payments for the special benefit of the bond
holders, so as to pay them forty or fifty per
cent, more for their bonds than they gave for
them. There is no fear about the national
honor so long as we pay in the same money
in which every one is paid.
One of tne most absurd and mischievous
E
repositions of Mr. McCulloch in this report
s relative to taxing the bonds for the benefit
of the several States. No doubt this kind of
property ought to be taxed as well aa any
other; but for the general Government to col
lect the tax and then distribute it among the
States is preposterous. The Secretary-knows
nothing of history, or he would be warned by
the land and surplus revenue distribution
funds in former times in this oountry. It was,
as history shows, a frightful source of corrup
tion and dissension. This proposition is
nothing more than a gigantio bribe offered to
the States and politicians to support Mr. Mo
Culloch's infamous system of finance.
Mr. McCulloch is not very explioit about the
progress and amount of contraction of the cur
rency, nor upon the eneot produced, lie has
touched this matter very gingerly. He has
utterly failed to propose a good system of
revenue, so as to reduce the burdens of taxa
tion, to prevent the stupendous frauds prac
tised and to provide for the rapid liquidation
of the debt. On all these important topics he
deals in vague generalities, or says nothing.
In fact, there never came from ahy Secretary
of the. Treasury such an unsatisfactory mass
of wordy, meaningless stuff as we find in this
report.
Tbo Secretary and th Financial Situa
tion. ,
Fi omtheN. T. Times.
The first point in the present Treasury Re
port is one of figures, relating to the revenues
and expenditures of the fiscal year of 1867,
and to the progress in the reduotion of the
public debt out of the surplus of the former.
These figures approach much the estimates of
the Secretary made in December, 186G, than
the actual revenues and , expenditures of the
previous year contrasted with his estimates of
December, 1865. The' gold customs of 1867
amount to $176,000,000. The estimate' was for
$160,000,000. ' The direct Internal taxes to
1270,000,000. The estimate was for $285,
000,0(0. The miscellaneous receipts, includ
ing land sales, to $44,000,000. The estimate
was for $29,000,000. The total income to
$490,600,000. Tbe estimate was for $475,000,
1)00. The public debt compared as follows on
the 30th of June, the close of the fiscal year:
18B9. 1887.
Juueftfl. June an.
TVbt outstanding..... 2 7h:U2S,89 2,flstt lt 2IR
Ubacuiuvu btuil..,., 182,887,649 ISO aH,2u2
Debt unprovided for. ,
J? urikier reduction to Nov.
.. '2.o0,6il8,30
l.loJ7... ..
2,61 1.HiJO.UIS
2U .o6'i
Public dcot at date of present report......'. 12,491 M,i u
The receipts of the first quarter of the our
reut fiscal year amount to $121,000,000 that
is, July 1 to Sept. 30 as against $158,000,000
for the corresponding quarter the previous
year. The estimates for the remaining three
quarters amount to $296,000,000 as against
342,600,000 received for the same period
last year. Total actual and estimated receipts,
417,000,000; expenditures, exclusive of re
duction of publio debt, $393,000,000. Of this
estimated surplus of $24,000,000, the sum of
20,295,563 (as above stated) , had already
been applied to the reduotion of the debt at
the close of the first four months of the fiscal
year. x
It is scarcely safe or necessary to anticipate
the Secretary's estimates for the suooeediqg
fiscal year ending June 30, 1869. He places
his revenues at $381,000,000, and the expendi
tures at $372,000,000; thus aUowing f jr only
$9,000,000 as applicable to the prluuipal of the
public debt. But he hopes for a largely re
duced expenditure, by Congress, Iu all
branches of the servioe. We notioe tint he
calculates on only $145,000,000 in gold from
customs, as against $118,000,000 which will
be required for gold interest, assuming that
his funding process will stop at $2,000,000, of
w uien nine-tenths will bear six per cent., and
$200,000,000, or one-tenth of the whole, will
',iar Ave per cent, in gold per annum. This
"'mate has at least the recommendation of
$40 00T(Jieve U wlu ta found $30,000,000 or
country is v00 lowj tue huslness of the
distrust aud uUet to 6 without the
almost sure to ?rUlnt7 wU,cU wouia l"?
nii)rtruii,i.-"Td any violent or forced
aud of th New York
on Specie I'aywent bytbmVBr of, 4Co'
question, June 30, l8(Ji. T oth
a 1ia farm
yar iu
I bin11. vt.i.1,H a.. e former has
. - . j v-ivmkvu iitw whj vi cracfl t
tbe decree in bis previous annual report. On
th other hand, the estimate may provrt
$25,000,000 too high, or bandy up to the sum
of gold interest required to be paid, should our
foreign trade and commerce, sympathizing
with our doniestio interest, as they nearly
always do, be convulsed by the question re
ferred to.
To the rapid funding pfooess of the pait
twelve mouths, nearly five hundred million
in amount, we hve nothiug at present t
object except to say that if it had been
routined to the four hundred millions of
7 30 per cents , taken up and cancelled, iu
place of including about one hundred mil
lions of common and compound greenbacks,
the grand total of $2,000,000,000 of gold
bearing lKHids would have more nearly
covered the remaining 7 30 per cent, than
it is likely to do if contraction of green
backs had not fo persisteutly adhered to.
The Secretary, in his present report, con
tinues to iiiMst upou this favorite but un
equal and oppressive theory to depress gold
and to arrive at early resumption. We be
lieve that herein he makes a grave mistake,
or we should ray that he repeats the blunder
of his Foit Wayne speech and the grosser
miscalculation of his last annual report.
The latter he tacitly admits by extending
the time a whole year. The New York
gold room tills the story of the Fort Wayne
speech.
The Secretary now says that he deems it
important, to this end, to fund or pay off the
remaining interest-bearing notes compounds
and 730 per cents and to continue to con
tract the paper currency greenbacks, be
condly, to maintain faith in regard to the
funded debt, to which all good men should
heartily assent. Lastly, the restoration of the
Southern States. All these look to an early
return (July, 1869) of the specie standard.
He admits that he "was authorized and
directed" by Congress to substitute $50,000,-
000 of new three per cent, legal-tender certifi
cates lor tbe compound legal-tenders, falling
due from June to December, 1867, inclusive.
Thus far he has used only $11,500,000 in re
demption of October and December compounds.
We deem it almost certain that the Secre
tary cannot reach hia object of specie pay
ments by the inexorable contraction of green
backs, or by destroying their circulation alto
gether, which seems to be the ultimate end of
his theory. It is quite oertain that, thus far,
such contraction has not brought down the
premium on gold. And it is tacitly conceded
that the third element to resumption is the
restoration of the Southern States as an essen
tial element; and how remote this is, at pre
sent, will he understood by relerenoe to the
President's Message. ihe second element.
the funding or paying of the remaining interest
bearing notes, Is also deemed essential to the
resumption of gold payments by the Treasury,
but not by the national banks. We do the
secretary the credit to believe that he contem
plates no partial resumption.
ihe banks must resume at the same time
with the Treasury to make it general. They
cannot do so with nearly all the available gold
in the country locked up in the Treasury, and
the greenback legal-tender circulation, whioh
would be the equivalent of gold under Trea
sury resumption, wholly withdrawn from em
ployment. A reterence to tae last quarterly-
bank Ftatement is sufficient to demonstrate
this difficulty $537,000,000 of deposits and
$293,000,000 of outstanding , circulation,:
against which an average reserve of 20 per
cent, or $207; 500,000 in greenbacks or gold is
required to be held by law, and would be de
manded to be held by publio oonfldenue to
make resumption permanent.
We have not time or space to follow Mr.
McCulloch in his unsupported assertion that
we have far too much currency for the busi
ness of the country, as it is now conduoted
while he admits that even paper money is
now scarce at the financial centres nor to
enter, at present, into the discussion of his
novel proposition to create a consolidated six
percent, gnld-beanug loan, upon which only
five per cent, shall be paid to the holder of
the bonds and oue per cent, in gold divided
annually to the States by way of quieting
their claim or pretension to tax the present
securities of the Government, which Congress
has said snail not be taxed, and which the
Supreme Court will never suffer to be taxed.
Ihe states have preferred no such claim
thus far, and made no demand upon Con
gress to grant the right of suoh taxation.
When they do so in form, either by menace
or memorial, it will be time enough to alter
our funding laws,' which have already so very
nearly accomplished their mission. We had
supposed that the War of the Rebellion had
quieted tbe pestilent doctrine of State rights:
and the right to interfere with the power of
the General Government to borrow money on
its own terms is about the last we should
have exptetfcd to see revived, under the sanc
tion or "sympathy" of the Secretary Of the
Treasury.
Ttia National BanUc-Ilaak Notea Orn
Prom the N. Y. Time.
The Report of the Comptroller of the Na
tional Currency is . an extremely satisfactory
exhibit of the working and seourity of the
national banking system through the past
year, and indeed sinoe its establishment.
That only ten associations out of 1673 banks
all over the country should have gone into
receiverships .in four years, and that these
failures should not have entailed the loss of a
single dollar on the note-holders, and that
the exceptionable cases of gross mismanage
ment which led to them leave a loss of less
than thirty per cent, on the sum due to de
pt sitors, to be assessed on the stockholders,
are fuc-U not ouly remarkable in themselves,
but extremely creditable to the system aud
its carefully considered legal safeguards. ' The
capital of the 1673 banks established sinoe
If-63 amounts to $424,394,861. The amount
thn.wn iuto receiverships by failure, $1,870,
H00. Tbe total circulation is $299,103,996.
The amount assumed at the Treasury, where
the Securities held were equal to 120oeuU on
tbe dollar, $1,187,900. These securities re
turn to the general assets about $250,000, after
paying every dollar of circulation.
l'ai-bing over the various suggestions of the
Comptroller for the improvement of the law
in regard to the periodical returns of the banks
aud the central redemption of their currency,
and the prohibition of the allowance of iuterest
on country bank balances by city banks, we
come to his defense of the privilege of circula
tion, which certain parties in Congress would
repal ou tbo fccore of eoouomy to the treasury,
and bin figures of the relative Federal aud
local taxes paid by tbe banks to the interest
derived from tbe United States stouks pledged
a) security for their 'circulation, appear rea
u nab'y couolucive. The difference is not suoh,
iu any view of the case, as would Justify Cou
ptess in wl hdrawiug thla privilege and sub
stituting greenbacks, thereby diiviug to liqul
il:iou a vtry large number of the coun
try bunk, whose . chief ruliauoe U
upon their circulation. We use tbe terra
a very lare number, ' without admitting,
by any means, the theory of the Comptroller
that nine-tenths of the banks would be in
clined to wind up under the National system
altogether. We have no idea that one out of
ten, much less nine out of ten, of the city
national banks would wind up because of the
loss of tbe privilege of droulation; nor would
more than three out of ten of the substantially
e&tablirhed country banks, having tbe basis
of a stockholding Interest of real substance
and a liberal as well as profitable line of de-
fosits, and altogether a safe local business,
i found ready to liquidate on this account.
The withdrawals from tbe system would be
tbe country banks of circulation mainly.
Their expenses in very many instaiiies un
doubtedlycould not be supported without
the profits derived from this source.
But we are yet to believe that the proposi
tion to do away with national bank notes will
receive tbe approval of either branch of Con
gress. Tbe Comptroller argues, however, on
tbe apparent belief that it has the favor of a
considerable party in that body, if not in the
country, and we think that he greatly weakens
bis own reasoning by attacking our greenback
legal-tender circulation, not ouly as a present
hindrance, but an original blunder, and insist
ing upon its withdrawal as essential to finan
cial soundness. His referenoe to, and quota
tions from, the debates in Congress, pending
the original bill to create the greenback circu
lation, are quite foreign to the argument so far
as the well-understoed popular preference
since the war is to be consulted, and they will
be quite as foreign to the question, we under
take to prediot, when the oountry returns
to specie payments. Greenbacks will then
be used as a valuable auxiliary to the perma
nent maintenance of this standard. They
v.i l be made by common consent to share,
with gold, in the offices of bauk reserves, cus
toms duties, interest disbursements, and, in
short, to participate in the whole banking and
Treasury machinery,'' so far as the publio are
in lined to accept greenbacks, redeemable in
gold, for the gold itself. There might have
been some doubt of the permanency of this
circulation, when it was resorted to during the
war, but we believe there has been none since
the war closed. And, as we have contended,
Mr. MoCulloch never made a greater mistake
than in the pertinacity with which he now,
after two years of acknowledged failure, in
sists upon destroying the greenbacks of legal
tender, as a first necessity in breaking down
the premium on gold, and the main condition
precedent to the resumption of speoie pay
ments. And his indorsement of the Comp
troller's view on this subject, while it may
contribute some official importance to the Re
port of the head of the Currency Bureau, will
add no strength to the arguments of the
latter for perpetuating the National banking
system. .
Gen. Grant's Report aa Secretary of War,
SYomtheN. Y. World.
The man, of all onr countrymen, in whose
opinions the publio takes the liveliest interest,
steadily bailies curiosity. His report as Secre
tary of War will be scanned in vain for a clue
to the enigma. If he is without opinions, this
strange reticence is explicable, as it might be
also, perhaps, on principles of military pro
priety, if General Grant was not understood
to give his implied consent to the free use
made of his name as a candidate for President.
It is not very fitting that a soldier, as suoh,
should be a dogmatist or a brawler in politics.
The strict subordination of the military to the
civil authority, which . is one of the cardinal
maxims of free government, renders it inde
corous for an officer who must be equally
ready to enforce by his sword the polio y of
whatever party is in power, to be a very active
and demonstrative partisan. But when mili
tary'efiicers consent to be candidates for the
highest political trusts, the country is enti
tled to know their opinions on important ques
tions. And yet we think the close reserve of
General Grant deserves more commendation
than censure. Though politicians make free
with his name, no . responsible party has
nominated him; nor is it certain that any
will. To flaunt his opinions (if he has any)
would look like a bid for support, and if he
should fail of a nomination, it would be a
gratuitous humiliation. He probably thinks
that the proper occasion for setting forth his
views will be in a letter accepting the nomi
nation of one of the great parties.
It might seem wonderful, if the speoimen
before us did not show it to be so easy, that a
Secretary whose report touches upon several
of the most exciting and debatable topics of
the time, can pick bis steps among - them so
dexterously as to avoid any oommittals. He
is Secretary of War against the spirit of the
Tenure of Office bill; he oooupies a position in
which the Senate may attempt to reinstate
his predecessor; it falls In his way to recite
the proceedings under the Reconstruction
laws of the fire military districts; he reviews
the operations of the Freedmen's Bureau; and
he coolly travels among suoh ticklish topics
as safe from detection as a cunning spy in the
camp of an enemy. The process by which
this feat is performed is not wonderful at all;
it is as simple as silence. The greater part of
his report has been got up by the mechanioal
process of condensation; it consists of mere
digests of the reports of his subordinate olli
cers, and is as dry and colorless as the news
summaries in journals that lack skill to make
suggestive head-lines. It is right to add that
on matters purely military the report has the
decisive precision of a conscious master.
The single respect iu whioh General Grant's
repoit has any obvious politioal bearing is In
its opening paragraphs, where he gives an ex
culpatory explanation of his being found at
the head of the War Department. He brings
to the front, and parades iu fall, the corres
pondence that took place on Mr. Stantou's
suspension, although there is no man in the
United States, certainly no member of Con
gress, who was not familiar with it. We sup
rose these letters are again brought forward
for the sake of reproducing the compliments
which Grant paid to Stanton in bowing him
out of office. "Thou canst not say did it,"
is the spirit of this part of the report. He
furnishes, however, a pretty conclusive proof
that it was a 111 thing to be done, in the ac
count he gives of the large and necessary re
trenchments he immediately undertook, and
Stanton had neglected. But it is too evident,
both in the matter and manner of the report,
that General Grant is solicitous to excuse hlin
relf and stand well with Congress. He is care
ful to insinuate the Idea that he accepted the
Secretaryship from a sense of military subor
dination, and he signs his report as General of
the Army as well as Secretary of War. A
voluntary participation in an administration
whose chief deserves impeachment for high
crimes, would be rather awkward for a Repub
lican candidate for President, aud yet nothing
is clearer than that General Grant was free to
do as he liked. His fluessing on. this point is
more objectionable than his political silence.
The President's Utmas;.
The New Yoik Tribune closes a Bevere article
upon the President's Message as follows :
Mr. Johnson has plaoed himself iueffaoeably
on record sa affirming and exercising the right
of the Union to exact conditions of . th ex-
OLD E YE W H I S K I E S.
THE LARGEST AND BEST STOCK OF
fine old nor e whiskies
In tho Land is now Possessed by
HEN11Y S. IIANN1S & CO.,
Nos. 218 aud 220 Eeuth TROUT Street,
WHO CI I F.H THE SADIE 10 TUB TRADE, IX LOTS, ON VERY ADVANTAGEOUS!
TKBSIiV.
Their Stock of Rye Whiskies, in Bond, comprises all the favorite brands extant, am! rans
through the various months of 18C5, 'CC, and of this year, up to present date.
Liberal contracts made for lots to arrive at Pennsylvania Railroad Depot, Ericsson Line
Wharf, or at Bonded Warehouse, as parties may elect.
-ENGLISH OAEPETINGS.
MW COlDS OF OIK OWN IMPORTATION JUST ARRIVED.
ALSO. A CHOICE SELECTION OF
AMERICAN CARPETINGS, OIL CLOTHS, ETC.
English Dmggetlnga, from rial yard to four yardawldei Mattlaart
Rags Mat. '
ti9?'I,tir Bt0fk' h)C,udiDl? new Roods daily opening, will be offered at LOW
1 KICKS FOR CASH, prior to Removal iu January next, to New Store, now
building, Ho. 1222 Chesnnt street. ! '
REEVE L. KNIGHT & SON,
U 14UiBtu2m KO. SOT lUEtiNVT STREET.
Rebel States. Let us now see by wkomhe holds
that that power should be exercised.
The Convention of Florida, assembled by
him, proposed to submit the repudiation of the
Rebel debt to a vote of the people of their
State; but receded on learning that this would
not do, and repudiated that debt outright.
A Legislature was thereupon convened, which
ratified the Constitutional amendment abolish
ing slavery, but appended the following con
dition: "Jicsolved, That this amendment to the Con
stitution of the United H tales Is adopted by the
Legislature of the Btate of Florida, witti tbe
understanding tliat il does not confer upon the
Co rg reus the power to legislate upon the politi
cal ttatu of the freedmen In this Btate."
Governor Marvin, having issued a proclama
tion with reference to reconstruction, Mr.
Johnson's Secretary of State telegraphed him
as follows:
"It must, however, bo distinctly
understood tbat the restoration to which your
proclamation refers will be tubjeet to the decision
of Congress. . William U. Sxwabd."
So we might go on, quoting Johnson
against Johnson; but why need we t Having
turned against those who elected him, how
could he help turning his back on himself f
We leave the subject, with an avowal of our
conviction that the President obstinate as he
is will regret having uttered this most per
verse Message. ;
On a single further point do we dare to
remark to-day. ills views on finance . are
generally sound, and in nothing more demon,
strably so than in this forcible statement of a
primary economic truth:
"The proi onion which the currency of any
country should bear to the whole value of the
annual produce circulated by ita means. Is a
question npon which political economists have
not agreed; norcen it be controlled by legisla
tion, but must be left to those Irrevocable laws
which everywhere regulate commerce and
trade. The circulating medium will ever Irre
sistibly flow to those points where It is iu
greatest demand. The law of demaud and sup
ply Is as unerring as tbat Which, regulates the
tlces of ocean."
In palpable, overt defiance of the above, we
read in the next column this absurd recom
mendation: "Specie payments having been once resumed
by theGovernment and the banks, all notes or
bills of paper issued by either, of a less denoml
tion than (20. should by law be excluded from
circulation , bo that the people may have the
benefit aiid conveDienoe of a gnid and silver
currency, which in all tholr business transac
tions will be uniform lu value at home and
abroad." , , : i
Here "irrevocable laws," including "the
law of demand and supply," are ignored, and
Congress asked to deprive the country of such
a currency as it may choose to employ, in
order that "the people, may have the benefit
and convenience of a gold and silver curren
cy." But such a currency happens not to be
either beneficial or convenient to us, who have
always supposed ourselves a part of the
people. We receive at least f 100,000 per
annum by mail in small bank notes money
which could not be sent us in gold and silver
unless at a heavy cost and rhik. Those notes
are indispensable to the successful proseoution
of our business; for what reason shall we be
depiived of them f Who is to be benefited
by that which will work us so grave an injury?
We need those notes so do thousands of
others whose need is subserved by depriving
us of them r iet ns nave specie payments
and liberty of choice those who need .or
choose specie drawing it at will, while we who
need notes of less than $20 are likewise ac
commodated. Why cannot the President
trust to a law which he says is "unerring as
the tide," and let the people use suoh cur
rency as experience has proved most conve
nient and usefut f
L O OKI ft C -CLASSES
OF TUB
BEST FIUNCI1 PLATE,
In Every Stylo of Frames,
ON HAND OR MADE TO ORDER.
NEW ART GALLERY
F. DOLAND & CO.,
Il l lm2i No. 014 AIIOH Swoet.
u
ki ariier iirotlifw, Aonerie!i raoi rwK-ieiy, ana ollirn.
M'l t, gem. 1. I CiiAUUt St CO., Nu, 44) Oft.
AtUtUS MM-. ,... . W
KION PAbTE AND SIZING COMPANY.
A VkI lor Bna-UJUff". BuoktiliiUrs. I'aoi-
liMi'gern, tilioeumkera. mkenn"'" m !, mil
eio. li lil uvt wur. ,1" cUeBp aud always
ready l r ui.R Id li i ! n. JJiliicou Ui.,tii'vr
A Keller, W!llln' M. rhilnilHpliia JiKuiiut
WATCHES, JEWELRY, ETC,
AMERICAN WATCH ES.
W. W. CA8SIDY, No. 12 South SKOOWD Street
Philadelphia, ant's attention to bia varli-d and exten
sive ku cm ol HOLD aJNjV BLLVKlt VVaXCUK j AJiO
SI LVfeK WARK.
Custoruen may he a mured that none but the beat
articles, at reasonable prices, will be sold at bis store.
A One aaaor.ment of FLJlXKD-w AiUJ, constantly oa
band.
Watches and Jewelry carelnlly repaired. All orders
by ruall promptly attended to. 11 18 slulh
LEVIS LADOMUS & CO.,
DIAMOND DEALERS AND JEWELLERS,
No. 803 CHEHNUT BXKE2KT,
Would Invite tbe attention of purchaser to their
'orge stock of
GENTS) AND LADIES WATCIIES. '
Juat received, ef tbe finest European maker. .
Independent quarter, second, ana eli-wlndlnc, la
gold sua silver cases.
Also, AJU KKICAN WATCHES of all Buses, . -
Diamond is, fins. Blurts, Kings, eta
Coral, Malachite, Oainet, aud JCtruscaa Beta, ia
great variety, 61940
SOLID SILVERWARE of all kinds, Including ft
large asMortmeut suitable lor Bridal Prcenta.
FINE WATCHES.
We keep always on band an assortment ol
LADIES' ADD tiENTS' "FINIS WATCHES'
Of the best American and Foreign Makers, all war
ranted to give complete aatlslacllun, and at
GREATLY REDUCED PRICES.
FARR & BItOTHEB.
Importers of Watches, Jewelry, Musical Boxes, etc,
11 Uamthjrp No. S24 OEESNTJT Bt,, below Fourth.
Especial attention given to repairing Watches and
Musical iioies by ilKaT-CLAtw or kuiiea, -
C. RUSSELL & CO..
Ho. 23 N0BTH BllTH STREET.
OFFEB OJHB OF TBE LABOEST STOCKS
- FINE FRENCH CLOCKS, :i
OF TIIEIB OWN I SIPO STATION, U IU!
' : ' CITY, 6 2
AMERICAN WATCHES,
The best In the world, sold at Factory Prices,
C. A. PEQUICNOT.
MANUFACTURERS OF WATCH CASES,
No. IS South SIXTH Street.
- Manufactory, jfn.tZ. 8. FIFTH rt .
gTEKLINO BILVEEWARE MANUFACTOL
. KU. 414 LOCUST STREET.
G IS OltGE 8 II AB I?,
Patentee Of tbe Ball and Cnbe patterns, manntactares
every dencription of flue STERLING SILVER
WARE, and oners for sale, wholesale aud retail, ft
choice assortment of rich and beautiful goods of new
styles at low prices. (aft 3m
J. M. SHARP. A. ROBERTS.
FIRE AND BURGLAR PROOF SAFES
C. L. MAISER.
MAKorAcrrnaiB or
FIRE AMI M li HULA R- PROOF
SAFK8,
K4CKK9tITfl, HGLlrUAHHKR, AN ,
l)AUUt IJK HI31U1S4 HAHDVvARM,
Et Q. 411 Msl K STKKIST,
A LA KG 12 ASSORTMENT OF F1KB
and Rurslar-nroofHAFES on hand, with Inslda
doors, Dwelllug-bouse Snip, free from dampness.
Prices low. (kUAssKMruUbKH,
s so. res una mreas. '
PAPER HANGINGS, ETC. '
pAPER HANGING 8.
EW EKTAnUSUMKST.
E. COBKER OF TENTH AND WAIJSTJT.
J.O.FINN dTHONS
Have opened with an extensive assortment of DECO
RATIVE and PLAIN WALL PAPERS, embracing
every quality to suit all tastes. titu ,
o
OWN K X C II A
"tt A fl MA Vl:irifvlAlltr
' . lunn t'fAV ivni
JOHN T. UA1LKV A
CO.,
H KM 1V ICD TO
. N, E. corner of U UK kt ana WATER Street.
DEAI.FTtH IN MA(ir AND ruuciiara
Or every lt-Tl,i l". ", . ,
drain, Flour, ball, Mu-pii")bte of Lime, Bona
Larpe aud small fJTTKN V 'hacih ronstauUy on baud
S221, t. liiiT WOOJj OA,..
L2