THE DAHa MENIfrcr TELEGRAPH TRIPLE SHEET PHILADELPHIA, TUESDAY, DECEMBER 22, 18G8. ! SPIRIT OF THE PRESS. EDITORIAL OPIHIOSS OF THB LKADIHO JOURHAt.8 BPOM CD BBS NT TOPICS COMPILED KTKBT dit for tbi xvBsnra teleqbaph. ltesTjinpUon. A LETTER TO SENATOR MORTON. From the 2V. Y. Tribune. lion. Bin I was absent trora the cur wiien yonr speech on the currency appeared; bat I did not the less read it with joyful apprecia tion. To find your great abilities and just influenoe arrayed on the Bide of a resumption of specie payments was to me a theme of te Joloing. It was not what you said in faror of resumption though that was of oourse well and forcibly said bat the fact that you said it which gave me unalloyed pleasure. . For I am sure you will admit that, if an irredeema ble paperourrency be indeed the baleful thing which you have declared and I believe it, there should be no avoidable delay in super Beding it by a better. We need to differ, then, only as to the practicability of prompt resump tion. You think it cannot ba effected; I be lieve it can be. Let us consider what you say on that point. Here it if: Another obstnole to the adoption of any plan for returnlut? to specie payments Is tbe cry that the rlRht way to resume Is to resume at once. I have labored to And that thin means anything but the tndellnlie postponnmenl of reHuniptton. Every one must comprehend tont the Government cnnnot redeem the greenback currency without first collecting the gold to do It with; that It cannot return to specie pay ments by contraction without taking time to contract, wlluall itsattendlug calamities; laat, In short, there Is no process by which it cau be done, however ruinous, that does not involve time. If the Government should pay out tbe 70,000,000 surplus gold now In the Treasury In tne redemption or an rqual amount of green backs, the whole country would know that It was not prepared to redetm any more. The gold paid out; would pass Into circulation but sink back Into an article of merchandise", the balance of the greenback currenoy be but little Improved, and the not result of the operation would simply be the contraction of the cur rency lo the extent of 70,000,UOO, and the Inde finite postponement of the redemption of the balance." Bear with me, Benator, while I stow you why I think you here in error: You assume that, if we resume, the Gov ernment must "redeem the greenback cur rency." I think not. Our backs have re peatedly resumed, after months and even years of suspension, aud have never been re - quired thereupon to redeem their outstanding issues. On the contrary, the fact of their re sumption has uniformly precluded all desire or disposition to exact suo'u redemption. Yet their notes were not a legal-tender, had not the Federal Government behind them, but were the mere promises the long-falsified promises of private corporations. Yet we all went on receiving and paying them out without asking for specie to the extent of one dollar in twenty of the notes thus suddenly made redeemable in coin. If you think the people, who have so often shown faith in and forbearance towards private moneyed corpora tions, would not now evince at least equal faith in the Government that is, in themselves you have given me no reasons for sharing your distrust. Now you seem to ignore tho fact that most of our greenbacks and bank notes are kept in perpetual use in performing an important and necessary service to industry and trade. This service nowise results from the fact .that our currency is irredemable: on the contrary, it is embarrassed and hampered by that fac. In Texas, in California, and throughout our vast Territories, neither greenbacks nor bank ' notes are current they are simply merchan dise, and are seldom seen. Let us resume, and greenbacks becoming equal in value to gold, and being far more convenient for cheap and safe transmission would inevitably ooma into nse there to forty times their present amount. Men would send us $2, $3, $5, $10, and $20 greenbacks for Tribunes who do not now send anything, because they have no paper money and will not risk the transmis sion of specie. Every hour, after resumption had become a fixed fact, would witness a wider and s'rouger demand for greenbacks in that western half of our country, where they are now almost unknown. Mr. Morton, can you really believe that we workers and traders captains of industry aud distributers of wealth are bo short-sighted and foolish as to stop working and trading in order to run the Treasury dry of gold f We, for example, pay out nearly all the money we get in some years, quite all of it in pay ments for the materials and labor required in our business. As the money comes in, it is wanted to be paid out again. Do you think we shall withhold it from our paper-makers, our workmen, etc, and run to the Sab Treasury to convert it into gold t Do we not know that this would be to bring all business to a standstill, our own included ? Do you suppose men in business to be natural fools ? Yet it is by us not by brokers and gold gamblers that money is kept in circulation. 1 doubt whether tbe aggregate money pay ments of the United States are so little as one thousand millions per month. Ninety-nine of every hundred pay out as fast as they receive only the merest traction hoard money. Do believe, Mr. Senator, that money is kept afloat because it is needed, aud perform a beneficent function, and that this was the case before EUrpeLsion and will be alter re sumption. Let ns suppo?e the jvernu-'nt to resume to-morrow, or, if you choo.se, on tun tirtt, of January at hand who will hasten to drain the titucury of its seventy millions of coin ? Not you ami I, certainly not the great niaa of our busy, active woikers and traders, for, the money in our hands being ujw equal to coin, we have no indnivment, no motive to do so. We should go on working aud trading, receiving aud paying out, precisely as we notv do; only sending to the Mint or the Treasury for a little coin a change or to fatiaf souii Other need. Tne fact that our money was at par with and would bring coiu at will would divest us of all desire to exchange it But there would be a class I am sure not a large nor a strong one who would rtub for coin, either fearing that the Treasury would, or desirous tint it should, be run dry. Ilow eoou, think you, oould these gamblers in national insolvency raise money enough to drain the Treasusy of seventy millions ? Min i that every publio officer, every pensioner, every solvent banker, every bondholder, every man in an honest, useful business, every rail road, every creditor, every one having a salary or other fixed inoome, would have a strong personal interest in the success or the effort to maintain specie payments. Can you imagine that the lame ducks of Wall street, the speculators in national dishonor, are strong enough to overoome them r But I do not rely on the seventy millions of coin in the Treasury. I would have them backed by the inoome and the oredit of the Government the country tbe people. I would forthwith issue an American oousqI, and urge every one who has (100 or over to spare to invest it therein. I believe a oonsol, payable expressly in specie, having one hundred years to ran, untaxable, and paying interest auar terly, oould be floated at four per oeat.; 1 am very confident that su oh a oonsol drawing five per cent, interest oould be brought to a p re in' um and kept there. Say that it stood barely one per cent, above par, the Govern- I ment could issue it so fast aud so far only as I to meet the run on tbe Treasury for speoie. This oonsol, backing the seventy millions of . coin, wouia give me lame auoxs more man they oould digest. But I would arm the Treasury, moreover, with power to borrow on temporary loan at snob, rate as should be found nnoessary to maintain resumption. If coin ran low, and tbe consols fell below par, I would authorize the Seoretary to go into the market and bor row, at three, six, nine, and twelve months, on tbe faith and credit of the United States, such sums as he might need, and at the bast attainable rates, if six per oent. would not serve, I would have him pay more. Now be good enough to remember that every dollar of coin taken oat of the Treasury must be placed somewhere else. It would not be annihilated; and very little of it, under the stringency that such a struggle must pro duce, would go abroad. Those who owned it would wish to have it safely plaoed where it would enrn them something; and what oould they do better than lend It to the Government f Two-thirds of it would return, like Noah's dove to the Ark, after a very brief sojourn elsewhere. The lame ducks, if they should draw it, would be unable to bold it. Let us now imagine the case, whioh I deem most improbable, of the Treasury being wholly depleted or coin what or it r We have honestly and earnestly tried to make good our promises we have paid out our seventy mil lions on hand, with all we can borrow on long bonds at moderate rates and ou temporary loan at higher: where is the harm ? Tue sum has gone to pay our debts, and we owe at least seventy millions less than at present. lbere is so much more coin in circulation; there are so many fewer greenbacks alloat; and these are still in demand to pay taxes, wages, debts, and obligations of every kind. I insist that our credit would be stronger aud onr ourrency far nearer specie par than at present. And, if our expenditures can be out down and our income brought up, so that the latter shall exceed the former by one mil lion per) week, we would very soon resume again by simply hoarding or burning our surplus ourrency. Hokach Greklet. New York, Dec. 21, 1E08. Executive Nominations to Office. From the A. T. Timet. Benator Edmunds has introduced a bill to prohibit any officer of the army or navy from holding a civil office. What the preoise mo tive of the bill may be we do not know. If it is to prevent the drawing of double salaries, that object is already attained by existing laws. No military officer appointed to a civil office can draw the salaries of both positions. If its purpose is to require an army officer to resign before taking a civil office, we see no special objection to the law, nor any special nee eesity for it. But if its object is to exolude officers of the army and navy from the list of candidates for civil office, it seems to us detrimental to the public service, and unjust to the distinguished officer of the army whom the people have just placed at the head of the civil service. If General Grant should see fit to continue Gene ral Schoiield in the War Department, and to appoint Farragut or Porter Secretary of the Navy, Congress ought not to ioterpose, by special legislation, to prevent him from doing so. Ilia judgment and his action in the mat ter should be left untraminelbd. Both those departments are to a certain extent technical in their duties and their character, and it may be that Gen. Grant will think that their duties can be it be pel formed by men who have had training and experience in the special matters which belong to them. We can easily understand why the large class of professional politicians who assume tbe exclusive taek oi governing the oountry should object to putting these great depart ments into the hands of military or naval officers. The distribution of their patronage the making of their contracts aud the dis bursement of the large sums of money at their command will be better managed by politi cians tLau by professional men, the politicians thtnuelves being judges. We may exDcot. therefore, a determined resistance on their part to any attempt to make an army officer Secretary of War or a naval officer Secretary of tie Navy. The whole political aud party interest of the country will be arrayed against it. The proposed bill will be equally injurious in us application to the Indian Bureau. The transfer of that bureau to the War Depart ment will be of little advantage if all its pre sent machinery of Indian Agents, Superin tendents, etc, is to be transferred with it. The great utility of the measure lies in getting ria oi an mis, ana in naving tbe duties now assigned to the vast army of office-holders created for the purpose performed by the army cmcers on amy at tne various Indian posts, who have become familiar, iu tbe discharge of their regular duties, with the various Iudian tribes with whom they have to deal. These Briny officers ought to be the Agents aud Euperintendents thiough whom the Govern ment distributes its gil ts and makes its arrange ments with the Indian tribes. They can do it more intelligently; they are less likely to b interested in jobs and schemes of fraud; they have more of the conliduuoe aud renpeot of tLe Indians, and are in every way better lilted to teiform these duties than tho Agents sent out by tbe Government for that special ser vice. We should be sorry to have any law passtd which should prevent the War Depart ment or the President from tiecuiiug the ser vices of the officer of our army iu this capacity. Ir.detd, we fee no ntcussity whatever for any laws which shall inUrire m'ilh ihe indejtm dtnt judgment and dUrrntUm ' (lie J 'risident, iu his Fe'eclion of Bul'Oidiuates for carrying ou tbe Lxtcutiv Dt-pailmtntof tbe Government. One of the wisest things done iu Congress thus far was General Butler's introduction of his bill to repeal the Tenure ol Office Jaw. The law was paused under pressure of a necessity (real or a-sunied) whiuu will no longer exist when Mr. Johnson's tfrm expires; aud we have never had au Llxeuutiv in whose pa triotism, judgment, and dUin'erested regard for tbe publio good tbe whol oountry has plaotd a more undoubting confidence than in General Grant's, lie has a great ask before bim one of great difficulty and of great re sponsibility iu nothing more weighty or more important than iu clearing the civil ser vice from the abuses, the oorruptious, aud the imbecilities tbat have gathered around it. He ought not to be needlessly fettered or ham pered in this matter. Until, at all events, he gives Congress reason to distrust his wisdom and Lis purposes, he should be left free to consult his own judgment iu this important blanch of bis own department. Tbe Senate retains absolute control over all the President's nominations to olflae; anl recent events show that it is not likely to lelax the rigor with which this oontrol is ex ercised. It is much more likaly to dictate to the President what nominations he shall make, than to confirm, with too much defer enoe to his wishes, those whioh he may send in. While this state of things lasts, where is the necessity of making new laws to prohibit him from sending in such nominations as he may think fit f Is not the Senate's oontrol of the whole matter absolute enough already f ' Whisky Frands and the Internal Berenre Department From the jr. Y. Herald. The report of the Committee on Retrench ment gives a view of whisky stealing to date, dealing almost altogether with the question of the President's relation to the subjeot and the Hinckley muddle. It sets out by accus ing Mr. Johnson of framing apologies for official robbery by his declaration that the removal of the robbers was beyond his power, and charges him with shielding thoie whom he might punish, and who, it is alleged, are the more reckless in their villanies because confident of bis protection. The committee charges Binokley with corrupt practices in offering bis assistanne in the Investigation of fraud only to fool the members and delay aud prevent their investigation until it should be too late- to make it effective, and with other wise acting as a shield to accused parties. Binckley's expenses amounted to twenty-five thousand dollars. The report regards Court ney as "a faithful publio officer" and the movement for his removal as a "base con spiracy." In short, all this portion of tho report presents the doings of Biuckley an 1 Fitch as very rascally transactions, and seems to regard thePresldeut as cognizant of the rascality. Enormous losses to the revenue are reported as occurring through fraudulent, false gaug ing, a ease being given in which a lot of whisky gauged for taxation was put down ouo thou sand gallons short of its real quautlty. It is shown that the taxation "on estimated capa city" of stills fails beoause distillers by push ing the processes oan produoe a third more than a fair estimate, and thus the rogue has, under the law, a clear advantage over the honest dealer. The provision of law to pre vent fraud through rectifying houses is now evaded by substituting for these compounding houses. Two important points are touched. One is tbat under the tax of fifty cents more revenue is collected from whisky than was collected under the tax of two dollars. An other is tbe effeot of the fraud on houest offi cers. "The moLt wonderful feature in the ex amination," says the report, "is the fear and dread with which revenue officers disoharge their duty; and while they have a willingness to expose frauds, they feel they are exposing themselves to the vengeance of the whisky ring and the risk of removal by the power of the very men the expose. Humiliating as is the confession, honest officers know that they incur the odium of the base without the com pensating advanta.of protection from the head of tbe Government. The following is printed in tbe report as the opinion of Commissioner Rollins: "Tbe chief obstacle lo the full collection of the revenue lies in the character ol the loculolll f.ers. It Is iu Die power of Ihe nssct-soraud ol lector, with euoh assistants es the law hIIoa', to enforce Ihe lequlivments of the law. rae.se cflict is should httve the full c loll '.once of the comiiiuuiilFS iu which they rve, a od possess (like integrity and ability. Their sahordlaats should be men of like character. Wherever a collection district Is poorly ottlcered there will frauds abound and the service be dlsgrucad. Tax- payeiB in other districts, competing wl'.h l hose paying only a pr.rlion of their indo'utd kiss, are driven mil of buKlntssor to the c y.a mission of Iruud. The Commissioner suoukl have more than Feeinlosj power. Tuis he once hnd and exercit-ed: He snout tr-tve the control of Ll subordinates aud tho support of ins supe rlor olncers. If he is to have I't KuonslbtUiy he iLoulu have powers prcl orlvll-.tcs." Hcueral Grant's Administration. From the If. T. World. If General Grant were as wise as he is fortu nate, he oould do much to tranquillize aud reassure the couutry. But to accomplish this be would need to have a definite policy and support it with great steadiness aud modera tion. The silence under which he has thus far veiled his intentions is not a bad omen nor yet a very good one, unless there is soins thing behind the veil worth concealing. If he has no higher aim than merely to fill the offices and let things drift, passively perform ing only ministerial duties, he will fail to appreciate opportunities such as have seldom fallen to the lot of a high officer. The sense in which his reticince is favorable i3 the absence which it displays of frothy elation at bis success. We wish it might turn out that this freedom from foolish vanity is the conEequence of a manly estimate of the value of substantial power, when it can be exerted for the publio advantage. We should be glad to believe that he wishes to make bis Presi dency remembered in some other light than as a reward for his military services. If he desires to make his mark on the oivil history of the country, and signalize his administra tion S3 the dawn of a great era, he must eet out with a policy aud use the great authority ot his office to insure its buccoss. There is, of course, a oertain kind of fealty that General Grant owes to the party that elected him. We suppose he will regard him self as bound, in honorable fidelity, to stand by the reconstruction measures, since he knew perfeotly well what they were when he ac cepted the nomination, and their stability was the fundamental issue on which he was elected. But beyond this, be ought not to feel that be is bound. If Congress attempts to proceed further in the same direction, aud oppress the South by new exhibitions of ligor, the new President is perfeotly free to lUbseut. And he may legitimately do all in bis power to soften the harshuess of "recon struction" iu its practical operation. Ha should avail himself of his fresh pop ilaritv, as yet unworn by any attrition with Cou ples, to sound such a key-note, at the be ginning of his administration, as will put au end to the malignant hostility to the South which has tbus far been the impelling spirit of the Republicin party. While tbe great mess of offices are uudintributei, his raagna- iiimity will be more patiently Lome than it would alterwnrdt', as note of the uouutlesi boat of aspirants, including all the most active men in the party, will be anxious to find grounds of censure while they are in expectation and suspense. We wUh we oould believe that it is with some such wise design that he is so carefully holding them all at a distance. i "But what," it may be asked, "can General (riant do, if Le acknowledged himself bound by the reconstruction measures?" Euough, if be i ites to .tho full height of his. opportu nities, to turn back the tide of vengeful, domineering passions which has bo long surged against the South. Euough to show that, .in Ins wish and determination at laat, bygones aie to be bygones; that the old quarrel is at last ended; that he means to make good the j only memorable thing iu his letter of accept ance, me exclamation ' l.et us have peace." Mere professions amount to little, and we should be sorry to have him fill his Inaugural with ranting palaver. We want him to show his faith by his works, which he may easily do if his aspiration for "peace" is slnoere aud genuine. But how f First, then, be ought, in filling the Federal offices at Washington and the consular and diplomatio appointments abroad, to make an equitable distribution of them among all sec tions of the country as was done by oar for mer Presidents previous to the oivil war. Par ticipation in the Rebellion should be no bar, provided that he is satisfied of the present loyalty of the appointees. Fidelity to the party that eleoted him and to his Implied pledges would prevent hit appointing any who do not abandon all further opposition to "reoonstruotlon;" but be should require no other polltioal test, and distribute his patron age with perfect geographical fairness. For the purpose of aooomplishiog this, General Grant should cause it to be under stood that he does not desire a repeal of the law which requires the new Congress to as semble on the 4th of Maroh, as he wishes to be spared the necessity of calling au extra session. The next day after he is indaoted into office, he ought to send a message reoom mending a removal of all the political dis abilities imposed by the fourteenth constitu tional amendment. He would naturally state in euch a message, if he should send it, that it appears, on tbe faoe of that amendment, that the disabilities were intended to be tem porary, as evidenced by the authority con ferred on Congress to remove them at any time by a two-thirds vote. Their only laud able purpose, he would naturally argae, was to prevent publio offices being filled by persons who would obBtruot the settlement of the reconstruction question on the basis re quired by Congress; and as a President is now elected who will appoint to Cilice no per son who does not acquiesce iu the reconstruc tion measures, these disabilities can no longer serve any useful purpose, aud tbe publio interests require their removal. He could remind Congress that there is, in all the Southern States, a multitude of local Federal offices which ought to be filled by men of ap proved integrity and intelligence, and that the range of tit selection would be greatly widened, and the publio service rendered more honest aud efficient, by permitting a President who means to carry out the reconstruction policy in good faith to use his own judgment in making appointments, subject to the con stitutional confirmation by the Senate; the assured loyalty of all parts of the appointing power, and removing power, being a suffioient guarantee against improper selections or the holding of offioe by relapsed Rebels. There would be ample time for Congress to act on this subject before the next President would be under any necessity of appointing his Cabinet. By the Tenure-of-office act all the members of the present Cabinet will re main in office for one month after General Grant's inauguration, and when the disabili ties were removed, the President could make such an equitable adjustment of geographical claims as would announce to the South, and to the world, that "peace" had eome at last; that peace had ceme in earnest; and that the language ef General Grant's letter of accept ance was not an empty nourish. The repeal of the "iron-clad" test oath would be a neces sary accompaniment of tho removal of the dis abilities imposed by tbe fourteenth amend ment; and to tound off and complete the work of pacification, the new President should pub lish a universal amuesty, and cover -even Jefferson Davis with the mantle of executive nieroy. After sur)h a beginning, the country would be convinced that the era of strife had flnally closed, and that bygones were at last to be regarded in good faith as bygones. The long recess of Congress whioh would immediately follow would enable the country to settle into repose for the first time alter the convulsions and agitations of the last eight years. The opening of the Pacifio Railroad iu the course of the enmmer would bring together a great festive party of leading Northerners aud lead ing Southerners, and the gayettes of such au occasion, with the peace-giviug President himself of the party, and abuuiance of con gratulatory speech-making along the way, according to our American custom, would mark the era of good feeling in a very fitting and distinguished manner. The completion of th;.t great national work should turn the attention of the whole couutry, in the absence of political excitements, towards the material interests of our magnificent future; aud by the time Congress would agiu meet, the people would be in a temper of mind favorable to the relation of the great financial problems which force themselves more and more upon public attention. General Grant might, in the meanwhile, avail himself of the soundest and beat in structed financial heads in the country (who would gladly give him. their assistance), aud be prepared to recommend in his annual mes sage a fiscal policy as judicious as his amnesty policy was wise and patriotic. Congre33 will evidently do nothing to reform the currenoy at the present session; and the postponement is of little importance considering that a full revival or the cotton crop is one of the main prerequisites to specie payments. Let the planters be encouraged to put iu their seed iu the spring with new courage and hope; let it grow during a summer of real peace; and after the harvest, let the new President, aided by the wisdom of sagacious advisers, lay be fore Congress recommendations which shall make him the inaugurator of prosperity as he had previously been the author of peace. We bave sketched ihe things at which General Grant may reasonably aspire in the first year of his administration a policy which would make it the dawn of a bright era. We have but faint hopes,' however, that we shall witness anything but great oppor tunities Blighted by a President who dos not understand bis epoch and is unequal to his responsibilities. A ew and Adequate Current)' Plan. J rom tne Cincinnati (Juzrtta Iij our inllation of the ourrency we tried to ignore tLe difference betwteu a paper dollar nd a real dollar. We thought to keep one as gotd its the other by refusing to recognize the ropidly widtxing difference. We made the paper a legal tender, and us fumed that this Lad nudj any difference impossible. We chaed thoe who recognized any distinction wth a want of patriotism. We enacted penal laws sgaiuat trade transactions which made a difference btlwetn gold aud paper money. Our courts refused to know that there was a difference, although tbe Government itself recogviztd tbat it had two kinds of money of different values. But ell this could not pre vent trade from settling the difference. The tesult is, the values of property and the great bulk of the private and coiporate indebtedness of the couutry bave been formed upon the I asis of a oarrenr-y whose value is no more than 05 or 70 cents on the dollar. In all measures to restore our money to the gold standard, we have to face the tremendous fact that the operation ot raising the value of the money of paymtntto par will actually in crease tbe debt of every iudividual and oorpo lationnear titty per cent. To add this pro j ortion to the average trade indebtedness is about equivalent to a wiping out of theoapital of the whole body of traders. To add near liityper osnt. to the amount of Indebtedness tbat is secured upon property would be about tquivaltnt to an edict of foreclosure. The in crease in that part of the publio debt which is tepresented by legal-tender notes, alone, I y making it payable in coin, would be an amount that would absorb the surplus of several years of economical admluistrationand successful taxation; but we suppose that the amount of personal and corporate indebted ness that dates no further back than the our rnoy expansion is four times as great as the national debt, aud, therefore, that the inorease in this private indebtedness, by raising tbe value of tbe money of payment near fitly psr cent ,woold alone be nearly equal to the whole amount of the publio debt. How to restore oar currenoy, without bank rupting the people, is the questlov. And to do this we must appreciate the currenoy without appreciating the debts. To raise the paper dollar, which is now worlh 65 or 70 cents in coin, to the value of lOOoents iu coin, and still leave all the indebtedness that was created npon the paper basis subject to pay ment at the rate of 05 or 70 cents in coin, is a desideratum. We state It in exoeedingly mild phrase when we say a desideratum; for it is indispensable to a restoration of our money to the coin standard without general bankruptcy. So essential is it that we do not believe that measures will ever be taken to raise our our rency to par unless they at the same time pro vide that existing debts shall be settled upon the basis of the present value of the ourrency. And if they should be taken,' they would not stand against the outcry which their oppres sion would raise wheu the operation of in creasing the price of the dollar to pay debts began to be felt. All monetary schemes whioh do not pro vide for settling the indebtedness that was created npon the basis of from sixty to seventy cents for a dollar upon the same basis, merely show that the schemers are wholly ignorant of the vital parts of the mone tary problem. A plan whioh shall provide tbat while the paper money inflation is re duced the indebtedness shall not be increased, and tbat au equivalent in real money to the previous average value of the paper dollar shall pay a dollar of the previous indebted ness, would remove all the hardship of the restoration of the currrncy. It would solve the financial problem. Suoh a plan is pro posed Mr. by V. B. Denslow, and has been laid before a number of members of Congress. We need not state it in detail, save to say that its details are carefully prepared to meet every part of this complicated problem, aud to make the restoration of the currenoy work smoothly to people, Government, and banks, while leaving the existing indebtedness, of all sorts. subject to settlement in ooin or par mouey upon the basis of the previous average value of the ourrency. To provide an "elastio" paper ourrency as the legal-tenders go out, Mr. Denslow proposes to remove the limitations to the amount of national bank currency, and to furnish notes to au who will deposit security with the pro viso of specie payment. Specie is the true regulator for that issue. There is no reason in restriction. Mr. Denslow's plan has these distinctions from all those that have been proposed by oar publio financiers or legislators, namely, that it recognizes and meets the main feature of the monetary problem, which is the increase of near 00 per cent, that would take place iu the 10, (.'00 millions of private and corporate debts by raising the value ol the currency of pay ment to par; that it takes care of the debtors, who by such plans as those of McCullocb, Sherman, Morton, and a thousand others, Tare to be slaughtered; that it makes the restora tion of the currenoy practicable without gene ral bankruptcy and ruin, that it makes a way for a rapid restoration without disturbance to trade, and by which the legal-tender olause may be abolished without affecting existing contracts. Whether it is perfect in all its 'details we do not mean to say, but if not it can be made so. It is onr firm belief that no plan for restoring our currency will ever be carried out even if adopted which does not provide Bueh a way for settling existing private and corporate in debtedness npon the basis of the specie value of the ouirency in which they were created. Not till ourrency plans make this provision do they rise above blind empiricism. Plans which do not provide for this are simply bills to put the American people into bankruptcy, and to crush all the publio resources. GRAPES. ' Y. p. ra. Y. p. rwi. y. p. W3 . YOITNU'S rt'Cli 9I.1L.T WIIISKT. TOUKU'S 'HUE 3IAIVT WHWKT, TODNU'N rVU MALT WUI.HKV. There la no cineailon relative to the merits of tbe oelLliraUU V. P. M. it la tbe luirtsi quality of Whluty, DiMiufnciured from the best grnlu n Horded bv the Fhimceiphla market, aud It Is acid at tbe low rate of 6 per gallon, or f 1 26 per quart, at the talearooma, ISO. 700 l'ASSYUMK lit) AD, 11 f 2p PHIIiAJUULPHIA. MINCED MEAT. Rfl I N C E D LI EAT. Till: I5KST IN THE JIAIIKET. THIS I'ACT IS 1SEVOX1 qiTRSTIOX. The undersigned, a few days sluoe, Issued a challer go that his article was the best MINCKD MEAT in the rr.arket. . This has not been accepted, but evaded by oi.e who heretofore has claimed superiority. JOSHUA WHISHT. 8. W. CORNEH J I!AMiLl' anil Sl'KISU UlRVUX SU, HI1L A.0LLPHIA. I'on Bai.k by all Ukoceks. 12 15 tf TMORE'8 RUNGS f.lEAT! The Best and only Reliable I! NO CHALLENGE NEEDED 1 1 1 Ihe quantity Sold and Selling the Debt Challenge I ATMORE DEFIES COMPETITION! TO BE HAD OF NEARLY ALL GROCERS IN THE C'llY AND COUNlBY. 12 S 17t4p CARPETINGS. UB8TANTIAL8 , IOBTUK HOLIDAYS. CAR PUTS, hugs, MATS, UASSOCKS, DIWGUETS, OIL CLOTHS. KEEYE L. KNIGHT & SON. No. 1222 CHE8MUT Street, U1S0UP J-IllLApKLfUIA.. IGNITE ALK1ERIA CRAPE. Only 50 Cents per Pound. J STEWART'S BROKEN CAND SWEET ORANGES, and LADY APPLE SIMGH mum k CLARKE,' S. YT. Corner BE01D and WALSfUT SU 11 7 11 1 PHILADELPHIA, PIANOS. C? --1 NTEIAWAY HONS' (.RAN lit 1(1 qtiarci ai.d upright Plain,. atBLABl-" sit C HIGKKK1N Uraud, Square and Upright DITTTOTrs. 11 8U No OMCHKSNUl 8tren BTITlv' t ,C t'J 1, IT1IVCQ iitJAf ITYfl PIANO 10K1K3, 1 AN1 MASON & HAMLIN'S CABINET AS Miai.OPULITAN UUUAKS, i with the new aud h.'fiiul ni i VOX HUMANA. f Every lnducemtut oUVrod to purchMom 1 J. GOULD, i 12 1 tilths 8m No. 2 CttKdN O X Bireet MUSICAL INSTRUCTION. AMERICAN CONSFKVATJHV OK MUSI H. k.eo uer of TENTH and WA LN UT Hltet 'ilia regular Winter Quarter will begin on t MONDAY, Juminry 11, lxh. Names ot tew pupils should be miierad at an W day oiirmi tbe mourn ol December. 1 J K. WLLLlAMa and CAUL OAERTSFR. 12 11 Hit Director; BALLAD AND SI OUT SINQINO.- UlSllOP. No. H8 B. NINEItENTH BU U tW HATS AND CAPS. 1 ktr JONES. TKMPLE A CO.. UFA8UIONASM; HATTER No. 26 B. NINTH Street. First do r above Clireuui street. '.5 M WARBURTON'S 111 PROVED YENI L lated, and raey-HUIuff Ciena Haw (patented).) all tbe Improved fehlouB ot Hie soabon, CHS NTJT Street, next door to t he Pout Office. U 1 J6o BOOTS AND SHOES. COOTS AUD 8HOE MEN'S LONG-LEG BPORTING E00T?, $10 00. MEN'S CALF DOUBLE SOLE BOOTS, $8-00. MEN'S CALF DOUBLE SOLE GAITERS, (G 00. BOYS' HIGH LACE BOOTS, $4 00. Also a largo stock of our own manufacture, I REDUCED PRICES. BARTLETT. &o. 88 SOUTH SIXTH STREET, 10 :mw AEOVE CHK8NUT. FURNITURE, ETC. EXTRA i FINE FUUNITUltE Latest .Designs Suiiciior 3Iatc ami Flnlsn A. & H. LEJAIVIBRE, French Cabinet Makers and Upholstererrf Xo. 1133 CHESNUT Street, 12 2 wnialm PHILADELPHIA. QHRISTMA8 PHESEKTS An elegant awortmc-nt of Watches and Jewelrj of tbe newest styles, aud jaucb below tlie prices tbi same goods can be bought lor la the large stores oi Chesnat street. Compare go jUs and prises, and y 111 be convinced. SPECIAL ATTENTION Is called to onr astoriment of Sleeve Buttons and Studs Which, In at le quality, and price DEFY COMPETITION, JOHN C. KELLEY'S, Ko, 33 Sio.it b .Street, ., J2 19 Ot Above Chesnut street. M C, W. A. TRUMPLER, " i vii fin. iitL.iWTm cm Offers for Holiday Presonta u ELEGANTLY BOUND MUSIC HOOKS, SHEET MUSIC, c 12 18 6r; OPERA GLASSES. X It 1" fc . 13 TH V J KodorV mii.1 V.'n!uljir I'ocki- LADIES' BCI6BCK8. IN t'ASFS fltS'lB' Dlh. INU-UAbifc .KTO. BIADEUIA'S, Ml Xo. 11.1 TKNTH Mret't, below 'hefii i PllKSF.NTS FOR A UK tf KlUlTItn are tbe 1X4 K'llU'MKNTd to capiat tha 11KAHINU. at MA.-! L klUA'e, No. 16 Tf uvu si. btiuw 'tmnut. 'i IS ttt J OFF ICR OF CKNT1UL PACIFIC BAlLi' UltAlJ (OUrtWr OK OALl'l 11N1A, eto. H YvlLLIAM Hire. I, New Yo S , 1 u-tuber 15 IMS8 Ibe Ctupnns ol me KlIl-iT Moll I' 4 A'itfi BIX PK CEMT. BONUS Of '111W I'lSVMtAL fAtUb'lil JtAlJ.KOAIMJ.Ml'ANV, due January 1. IBM IU o paid In VVLli u UOLI t'UIN. ou prmntat'on iberaf'er at in Bai kliHoa so M'i. FIoK St HATCH. No. 6 N .tA U Mi'wel, Mew Yor ony. Bcbedulet u' 2ior more ('oupons will be reoelFel for examination, te on axdaltur tim sth inat . J It l 91 VluPrestclalll U P. H O). THE YOUNG MEN'S II O M K OF PHILADELPHIA. Persois wIIiIuk lo couiilbule to ib balldlng fund ot ibis society wlil p!ee send tbelr djuatiuus to eilber BATCH FORD STARR. President, ' " No. 4(1. WALNUT Street. WILLIAM I'l'HVKN. TM-.aur, , UlSHt u II. I I AM V. AT WO.II). Hoiire ar. Ho. UHatoNUl we6. 0
Significant historical Pennsylvania newspapers