THE DAILY kVENING TELEGRAPH PHILADELPHIA, THURSDAY, JANUARY 7, 18G9. SPIRIT OF TUB PRESS. EDITORIAL OriHIOM OF TBI HADINO JOURNALS pro CURRENT TOPICS COMPILED KVIflT I DAT FOB TH1 BVERIHO TBLKOBATH. Curiosities k Speculation-Bubble Com panies From the Cincinnati Oummvrclal. It U one of the notict able facts in what may be teimed couimerciat gambling, that one great instance of guoceea always produces a warm of similar enterprises. The recent oon taglon for "watering stock," or, in other words, adding fifty te a hundred per cent, to the nominal capital of a company, so as to divide, the difference, which is paid by the rublio, among a ring of seoret conspirators, is by no means new. It is a trick as old as the South Sea Compauy, which flourished in England about 1720, and whose stock was twioe "watered" to the tune of one hundred per oent. I3ut the mea who robbed the pub lio by this expedient were Bummarily dealt with on the collapsing of the bubble, and all who had not fled the kingdom were forced to disgorge their plunder. If the railway con spirators who have so reoently bagged their millions by fraudulent emissions of Krie and Hew York Central oeuld be dealt with in a similar manner, we should have some reason to oonolude that oommeroial rasoality has not degenerated since a century and a half In the palmy days of the South Sea specula tion when merchants, bankers, and members of J'arJiament were buying that buoyant stock at six hundred, seven hundred, and eight hundred per cent., the Impatient public was fed with other sohemes of wealth to an extent which has never sinoe been equalled. The difficulty of procuring the South Bea stock was so great that other companies found a ready market for almost anything in the shape of scrip that promised to pay speedy dividends. Every day, almost, witnessed the birth of new companies, each more plausible In promises than the preceding one, and all conspiring to take the money out of the pockets of a sanguine people by the promise of a return of twenty-five, fifty, or one hun dred per cent. Within a few months no less than two hundred and forty-eight new corpo rations were launohed upon the London stock market, eaoh with a flaming proBpeotus ef the neoessity and importance of the enterprise it represented, and the most alluring guarantees of fat dividends to the lucky holders of the first shares. So largely were the notions of the times expanded by the daily rumors of great fortunes gained, that no company, however insignificant, was started with a less capital than a million pounds, while many jumped at ten million pounds . (or $50,000,000) at a blow. Here is a list of a few of the more pro minent bubble companies of the period, not one in ten of which ever reached the point of actual operation, or celebrated the first anni versary of its existence: "For importing beaver far. Capital, two millions. "For improving malt liquors. Capital, four millions. "For a grand American fishery. "For paying pensions to widows and others, at a small discount. Capital, two millions. "For taking up ballast. "For extracting silver from lead. "For insuring against thefts and robberies. "For carrying on a trade in the river Oronoco. "For paving the streets of London. Capital, ten millions. "For a grand dispensary. Capital, three millions. "For insuring of horses. Capital, two mil lions. "For improvement of tillage and the breed of cattle. "For erecting houses, or hospitals, for taking in and maintaining illegitimate chil dren. Capital, two millions. "For a wheel for perpetual motion. Capital, one million. "For assuring of seamen's wages. "lor furnishing funerals to any part of Great Britain. "For importing pitch and tar from North Britain and America. "For insuring and increasing children's fortunes. "For importing walnut tree3 from Virginia. Capital, two millions. "For the improvement of our breed horses. "For insuring to masters and mistresses the losses they may sustain by servants. "For a settlement en the island of Santa Cruz. "For carrying on an undertaking of great advantage, but nobody to know what it is." Strange as it may seem, this laBt blindfold speculation, advertised by an unknown ad venturer, aotually secured a subscription within three hours after the books were opened amounting to 2000. This was re ceived in sums of from two to twenty-five pounds each, from people credulous enough to believe that their money was not only sate, but Bure to yield them a fabulous return in a few months. The capital was divided into 5000 shares of 100 each, on which 2 only per share was "called up." Each subscriber paying this amount was given a Bhare of BtocK, mm ine promise oi xxuu per annum clear profit, ilow this was to be realized the great representative of Tlutus did not deign to inform his subscribers, but gave out that full particulars would be announced in a month. Having pocketed the neat sum of ten thousand dollars in gold as the fruits of the first day's subscription, the reader will . hardly be surprised to learn that h9 set off . r 1 x t 1 '. . x a the same nigut, iur uimaut pans, ana was never heard ot again. All these bubbles, and more, too countless to mention, had their day of popularity and eclat. The first gentlemen and ladies of Eng land speculated in them. High bred dames met their brokers by appointment in the shops of milliners, and noble lords had interviews with those who executed their little games of hazard at taverns and coffee-houses. A little later, and Exchange alley was daily blocked nn with the crowds who came to buy stock, and we find the following lively doggerel cir culating under the title of "A Bouth Sea Ballad; or, Merry Remarks Upon Exchange Alley Hubbies:" "Tbese stars and garters d hi appear Among tbe meaner ra'.iiile. To buy and sell, to gee and bear Tbe Jews and Gentiles FquabUle; The greatest ladles thither came And plied In chariots dally. Or pawned their Jewels for a bum To venture In ine Alley." The vulgar thirst for sudden wealth became the consuming passion oi inonsanas. ine richest aristcoracy were Julias eager in the soramble as the most penniless adventurer. Innumerable were the stock companies that . -1 .. - ,,,1 titiIf nna fir annt.hAP rtrAtavt. The Frlnoe of Wales lent his royal name to oae company as i resiaeui, uu in a few days. At least so says Coxie's life of VValpole. This turned tbe head of many a - , ... 1 1 L 1. . M rm rx nn:l UOVBiuug IOOl. Wno lUOQgu.li ll n uuuiu gir uvi An liVuuilaa At ..l.ttMa t1 linliltla nnmnanfdd were started for no other purpose but to put their stock upon the market. One project that was widely advertised was a company "to make deal-boards oat of sawdust." Pro bably this was meant as a quiet sarcasm, flcmg I at the head of almost equally absurd sohemes I that were floated on the tide of popular ore- . dality. It was the harvest of knaves and swindlers. Stock-jobbing aots had no sooner raited the price of shares in any bubble to wards par, than the oonepirators hastened to "unload" all they held upon the public. The confusion of dealings and the wild fluctuation of prices was such that the same stook fre quently sold ten per oent. higher one hour than it did the next, and was even quoted with as wide margin at the opposite en is of the same orowd at a given moment. TLis commercial infatuation was beheld with anxiety and alarm by all judicious oiti zens. As all these bubble companies had baen prohibited by law, the King issued his procla mation against them, declaring them public nuisances, and prohibiting any broker from giving currency to the shares, under a penalty of 600. But what can laws, proclamations, or injunctions avail, in the presence of a public sentiment rotten to tbe core upon all topios that involve money-getting f Deluded people still speculated, and unscrupulous brokers still exeouted their orders. It was not until the collapse of the great parent bubble, the South Sea Company, that they received a final check. Then, when the oommercial metropolis of the world was strewn with the wrecks of great houses, when lords and members of Par liament were imprisoned and mulcted of their fortunes, unscrupulously won, and when Hog land was full of "lame ducks" and ruined gamesters, it began to lay to heart the lesson of the bubble oompanies. Napoleon and the European Conference. From the N. Y. Herald. The conference which was to be held on the 9th of this month is very likely to be post poned, in oonsequenoe of a request to that efleot having been presented by the Greek Uevernment. The Greeks, it appears, are anxious to be represented in the oonferenoe by their present minister at the court of the Sal tan. In many respects this request seems to be reasonable. It is presumable, therefore, that the request will be granted. It is rather a noteworthy circumstance that while the Em peror Napoleon 1b about to attempt the solu tion of the Eastern question, the world should be generally convinced that the situation of France and of the Emperor in relation to France is far from satisfactory. It is not to be denied that France is ill at ease. The ?ress is painfully rebellious and outspoken, n spite of all the fines and imprison ments and suppressions, the journals all over the country are as self-willed and as out spoken as ever. A prominent London journal tells ns that the time has come when the Emperor must either "check the press or abandon personal government." Making allow ance for the fact that the London press is too willing and a little too much disposed to carp at tbe Emperor, there can be no doubt that the remark above comes pretty near the truth: The Emperor has governed Franoe well, and in many respects wisely; bat it is the fault of personal government that it is seldom rewarded with gratitude. It will be long before Franoe will have Buch another ruler; bat another ruler might have been less desired, and the present ruler might have been more thoroughly appre ciated if the Frenoli people had a little more to say in the management of their own affairs. That trouble is brewing in Franoe all the world knows. How long it will be before an out burst takes place depends very much on how long the Emperor will live. The revolution in Spain and the recent reforms in England have tended very much to encourage reformers in France, and Frenchmen are beginning to Da tired of seeing their chief attending to all peoples and neglecting them. They, too, have interests; and so long as the Emperor refuses to look at and acknowledge them his dynasty is in danger, bo far as this pro posed Eastern conference is concerned, there are many in and many oat of France who sav. "Take the beam out oi mine own eye. A conference on a European question in the capital city of a grumbling and discontented nation is not a pretty nor encouraging sigut. France needs emancipation and liberty quite as much as Greece. The European powers cannot do a wiser thmg than give up tbe idea of a conference, remain neutral, and allow Greece and Turkey to fight it eat. l'aris and Massachusetts. From the N. Y. World. It is settled, of course, that Massachusetts is the nearest approach yet made on earth to St. Augustine's "City of God," and that of all the communities ever founded among men it is the "wisest, vlrtuousest, best." Also, we understand, it is settled that Paris is, of all the cities ever built sinoe the destruc tion oi tne cities oi ine plain, the wickedest, the most wanton, and the worst . These two points being conceded, it seems to us that a very curious interest attaches to the following Statistics: Population of Massa . Population of Paris, chuseltu iu 1867, 1,825 271 1,207,031 Taupcrs In Paris.. 117,500 T ........ .... 1H I... I i . i x . . x ttupcia m luaDfiuuuic iTupui null U) 1 OpUlH setts 77.2til lion In l'arla 1 in Ifi Proportion to Popula tion in Massitchu. setts 1 Id l(i Deutlis in Mussacliu- crttlta A I mulwiit titxa Deaths lu l'arluliuruaux do liieiUulsauce, 1 in 133 1 In 41 Observe, further, that everybody who can goes to Paris, and that everybody who can goes away from Massachusetts. The one is the maelstrom of civilization; the other, a mere head-water of emigration. Paris takes care not only of Paris, but of all Franca and Europe afloat. Massachusetts apparently finds it impossible to take care even ot Massa chusetts. ..xxxx.xxxxs x..,...,, The Treasury Rng A Peep Behind the aceues. From the 17. Y. Herald. A recent letter from a well informed Wash ington correspondent of the Treasury ring is rich in facts and conclusions entitled to the immediate attention of Congress, and espe cially of the llouf e Committee of Ways and Means. In the grand schedule of their jobs, active and projected, for drawing bonds and lands from the Government, the railroad rings eclipse all other spoils and plunder combina tions; but the appiianoes of the Treasury ring, through the bulling and bearing of its agents in Wall street, have affeoted, and Still affect, all the finanoial and business interests of the whole country to the amount of untold mil lions in losses to the people and the Treasury. The continued high prices of living, from the continued depreciation of the national cur rency and its slow approaches to the speole standard, may be all charged to a very great extent to the manipulations of the Treasury ring, whose headquarters are in the Treasury Department. Our Washington letter referred to throws considerable light on this business, and particularly in reference to the projected European branch of the ring broaches a scheme which, we think, demands the imme diate interposition of Congress. I-et Vb Steal Awhile Away. Fi om" Brick" Pomeroy'e AT. Y-Demoeru. Our specials from Washington are steel pointed for a faot. Senator Pomeroy, he who showed his astute old head in Leavenworth, on the streets, to decide an eleotlon wager, wants 1(420,000 a year for a steamship liuu between New York and Vera Cro. This means 120,000 a year for.tb.is "very cruising," and $100,000 a year for the aforesaid Senator. And Windom, of Minnesota, the handsoin man, who abides In Massachusetts, au 1 repre sents the North Star State, wauta a few mil lion dollars' worth of bonds for the Northern Paoiflo Railroad or, rather, the thieves who rob the people through such representatives as Windom. If Barrabbas the thief, who lived when Christ died, has not direol descendants in the present Rump Congress, it is singular. Every member has a plan, a scheme, a swindle on hand. The forty thieves of "Arabian Nights" could not begin with these fellows, who, banded together for plunder, are stealing the people poor, and at last will steal their reoords, and, like the Arabs, fold their bonds and silently steal away. Bonds for the army. Bonds for the negroes. Bonds for the water. Bonds for the land. Binds for steamship lines. Bonds for railroad lines. Bonds for bondholders. Bonds for lobby members. Bonds by the billion for the people to pay. How long, OLordl how long is this whole sale robbery to oontinue f How long will the laborers, the workingmen of America tole rate the thieves in power, who, in the name of loyalty, rob the dead and the living, and reach, with hands and hooks of steal, into wombs to steal from the unborn f Mr. Well Report. From the N. Y. Tribune. We have already alluded to Mr. Wells' re port on the revenue as one of value for the facts its presents, and the care with which its opinions on many points are formed and stated. Some of Its features deserve a further notice. It is doubtless one of the highest .merits of a publlo officer that he has a suffi ciently receptive intellect and comprehensive sympathy to investigate conflicting theories with a due appreciation of the merits of both. But, while this is the proper condition of mind for the investigation, something more is essen tial to executive aotion or recommendation. Inquiry must result in conviotion, or it fails of its purpose. The highest type of clearness of intellect cannot perpetually balance be tween opposite opinions. Still less can it agree with both, like the Dutch justice, who oould not help coinciding fully with which ever attorney happened to be then speaking. We welcome the impartiality with which Mr. Wells has oolleoted his facts. But we are surprised that they so often culminate in conclusions which seem to neutralize each other. Thus Mr. Wells in the earlier pages cf his report takes pains to argue that legislative enactments have little or no influ ence over the prosperity of the country; or, to nee his words, "that legislative enaotmeuts and conflicting oommercial polioies, like the construction of piers and the deposit of sunken wrecks, simply deflect the current or consti tute temporary obstructions." This dootrine, which would sever all relation between politi cal economy and praotioal statesmanship, he illustrates by facts tending to prove that the low tariffs of '42 did not diminish the prosperity of our industry. Yet when he comes to speak of the existing tariffs on pig iron, salt, and lum ber, he abandons his former theory and assumes that these legislative acts do not merely "de flect the current" of our industry, bat that they diminish its volume. Here are two wholly opposite theories one that tariff legislation does not, the other that it does, affect a nation's industry seriousyl for good or ill. Again, while Mr. Wells professes full faith that "tbe policy of moderate and judicious protection under the tariff is certainly, for the present, the policy best suited to subserve the industrial interests of the whole country," he casts unjust discredit on the principle of pro tection by assuming tnat tiie high rate of oar tariffs is due to the excessive application or this principle. Now, if the Commissioner had made two schedules one or artloies which we do not produce, and cannot, therefore, protect, such as tea, conee, foreign fruits, spices, etc, and another of articles which we do produce and can protect, such as iron, leather, glass, and their wares he would have shown that, at tbe outset, about one-half of all our tariffs are levied on such imports as, on the principle of protection only, would be on the free list. This principle demands that such articles as we do not produce shall be let in free, as emphati cally as that ail articles which we do produce shall, if imported, pay a tariu. In fact, a tariff, however high, is only protective to the extent that it lessens the importation and stimulates the production of an artiole which we have the means to produce, and will pro duce under the influence of a tariff. As Mr. Wells states that tea, coffee, and sugar pay a third of our enure gold revenue, we oannot be far astray in Baying that at least half our tariff is levied for revenue only, and in violation of the principle of protection. The free traders desire that as large a proportion of our tariffs shall be levied on articles we do not produce as on those we do. The high rates of tariff on tea, conee, sugar, spices, foreign fruits, and the like, are chargeable, so far as they are too high, to them, and not to protectionists. If we examine what ingredients enter most largely into the increase of the cost of living, tney are not those on which protectionists would levy tariffs, such as iron, glass, paper, leather, eto. They are those which the advocates of a tariff for revenue demand shall be taxed. They are tea, coffee, and West India goods. The plain ( heap cottons, woollens, and calicoes worn by the poor are American products. A poor family will not buy foreign iron ware or glass ware to a fiftieth part the cost they pay for sugars, teas, coffee, and spioes. We do not approve, therefore, that obliquity of state ment which, while claiming to advooate a tariff for protection, falsely charges upon the protective principle tne burden ot tarius levied in a mode to aocommodate free trade views, and for revenue only. Mr. Wells endeavors to explain why the United States "finds itself iu the anomalous position of a great nation, favored in many respects as no other nation on which the sun shines, yet unable to exchange its products on terms of equality with the products of spy otter country." lie attributes this evil In part to "excessive and unequal taxation." ianaor requires mat iq this connection ne should have brought out clearly two essen tial faots first, that our taxation is not ex cessive relatively to the expenses and debts we have to meet; aud, second, that as no other nation has so heavy a burden of annual interest to pay, this is the first and chief reason why our production is made dearer than that of any other. In enumerating grievances we should not throw the odium of our entire tariffs on pro tectionists, when fully half of them are levied in violation of protectionist priociDles. and in accordapce with those of free traders. Nor can we denounce them in the aggregate as "excessive," when they do not exceed tbe in terest on the debt and the expenses of the Government. While Mr. Wells asks for lower tariffs on many of those articles whloh we do produce, such as paper, lumber, salt, etc, he asks for no reduction on any which we do not produoe. Protectionists would hail wan pleasure all reductions on the latter con Sistent with the maintenance of a revenue. Finally, as Mr. Wells states that the gain from a vigorous administration of the revenue woald amount to the enormous sum of 000,000, and aa thii gain would enable us to throw off all duties on tea, sugar, coffee, and maDy other articles of daily consumption, thus reducing their cost about 40 pr oent., it would seem to have been parltueul to nis functions, and would certainly have been of great value, if he had given us some exposi tion of tbe reasons why tbe frauds iu a reve nue service, which it has been bis chief pro vince to investigate, have been so vast, and why so little progress has been made towards reform. In view of the extraordinary length, depth, and breadth of his report in other re spects, it is very remarkable that this subj iot has not even been touohed. A New Era. from the N. Y. World. We have given, and shall from time to time continue to give, such information as may reaoh ns in our Southern exonanges or the industrial revival whioh seems to have set in in that section, and cannot but fancy our readers must have been struck, like ourselves, with tne wonderful vitality and reouperative power evinced by them. Despite a combination of unfavorable causes such as, perhaps, has never fallen to the lot of any people before, the Southerners seem literally rising from the dust and proving that "e'en in their ashes live their wonted fires." The talk of Wall street is that capital is streaming pretty hea vily towards cotton lands, sugar plantations, railways, and other forms of boathern invest ment, and to a considerable extent the pre sent tightness in the money market is attri buted to the volume of this drain. It is pleasant to know that, despite our grave finan cial troubles, all is not dark, and it is to be hoped the reouperation of the bouth may broaden into absolute prosperity, as well for our eakes as theirs. It might assist a com prehension of the advantages now offered by them to capitalists, if their newspapers would devote something less of their spaoe to suoh ephemera as negro suffrage, reoonstruo ion, radical domination, and so on, and dwell more fully on industrial topics and local natu ral wealth. More Voters! From "Brick" Pomeroy't N. Y. Democrat, Ashley of Ohio, as we learn by our speoial despatches from Washington, proposes to in troduce a lunch or cold cut at an early day, in the shape of a bill establishing universal suffrage in Alaska. Can it be possible that the bear oil delegates and tallow-sucking people of our national lce-nouse nave become so reduced as this f Alas-Alaska I How the mighty have fallen I The negro first, walking oil-cans next, and in time will come women. Open the doors. As the treasury is depleted, fill up theToallot-boxes. Let the negro, with his sweat, and the AlaskerB, with their icicles, enter and possess the halls of the nation in time to see the thieves in power marchiug out with the valuables. Then let in the Indians to scalp the negroes, and the smallpox to eat up the de6truotionists, and the people will rejoice. Give us more voters. Print election tickets illustrated with pictures of the button bursting martyr for the negroes and white bears for them other chaps. Never mind in telligence. Buy a few more islands or obso lete icebergs. Purchase Abyssinia, Ethiopia any country full of negroes send in carpet baggers, and let them be represented as American citizens. For the more people we have, the more we can steal from. And at tbe present rate our own people will be stolen poor before Grant takes his seat, after which time we fear the robbers win begin stealing from eachjother, unless somebody now outside tbe great American nation can be fooled or 6cared into consenting to be ot ns ana witn us. BRANDY, WHISKY, WINE, ETC. Y p- ra. Y. P. M. Y. P. lOUNU'S PURR H4LT WHISKY. TOCMU'S PIIBE NiLT WUUKT, TOUNU'H I'll UK MALT WHISKY. There M no qnontlon relative to trie menu of the celebrated Y. V. M. It Is the mrfBi quality or Whlaky, manufactured from the b-Rt aruln afforded bv tu Philadelphia market , and It Is sold ai the low rate of fo per gallon, orllxo pr quart, lani.mruuuji, . ?00 1 ASSY UK K llOAD, US2rl PHILADELPHIA, QAR STAIRS & LIcGALL. Nos. 126 WALNUT and 21 URANITE StS IMPOKTEItS Of Uruudles, Wines, Gin, Oliie Oil, Etc Etc iND COMMISSION MEIIOHANT6 JTOB TDK SALE Off fCKE OLD BYE, WHEAT, AND B0UB. BON W11ISK1ES. tlu ONOMA WINE COMPANY KsiabllBbed tor the sale of Pure California Wines. This Compauy oBer for sale pare California Wine Will I K, CLAHGf, 1 ATA Wit A, FOHI' hiii.MKY, mi;si:ati:i., AAUtLU'A CUAJIPAUSK, AND rritE oKAi'E iiitAMir, Wholesale end retail, all ot their own growing, ant wajinueu locuulam itoihiiiKuul the pure Juice of ih grape. .Depot. No.tt) BANK Htreet, Philadelphia. 11 A UN fc tlUAljy. Agrom. 12 111 HOTELS AND RESTAURANTS. 405 CHE8NUT STREET, OLD HYK IIOTKL,. LCSCU OF VKKIf-ON, and other Game Id btasoD, tvery day irom W!i to 12 M. 12 9 lm ROBERT BLACK, RIDDLE TEMPLE IIOTIL AMI KI NTAL HAN T, No. 11G South SIXTH Street. 12 S lm II. RF.IMIARD, Proprietor G EORGE iSIELLEY, Formerly Fltzwater& Zlelley. Filbert street, above Klglith Btreet, has opened tbe old Htand, IN, W. f(JK. THIKD AND WOOD 8T3., Where be will be glad to See UU friends. 12111m GEO HUE ZIELLEY. Mt. Vernon Hotel, 8 i Monument street, Baltimore. Elegantly Furnished, with unsurpassed Culsino. On the European rian, D. P. MORGAN. COTTON AND FLAX, 1 i U III TtlTf'ir IWn fllKTITlD ua-am w. x- v i , , nil. OI all numbers and brand, Tnt, AwDlnr. Trnnk, aud Waicon Cover Duck. AIbo, l'.pur Muniilnt'tuier.' Drlur Fflta, from ou to several feet wlO; Pauline, Reltlng. Hall Twine, euj JOHtf W. KVKKMAN A OO., Ko. luaJOWiu' Alley, . FINANCIAL. TUB UNION PACIFIC RAILROAD COMPANY OFF IB A UMIfKD AMOUNT OF TIIGIR First Mortgage Bonds AT PAR. Mac Hundred and Sixty Miles Oftha line Wmt from Omaha are now completed, and the work U going on through the Winter. Ai the dis tance between the finished portion of tb Union and Grnlral racldo Railroads Is now less than 400 miles, and both Companies are pushing forward tbe work with great energy, cmplolng over 30.010 men, there can be no doubt that the whole Grand Line to the FacIQc Will be Open for nnalnefis In the Summer or 1800. Tbe regular Government Commissioners have pro nounced the Union PacIQo Railroad to be FIRST CLASH la ever reepect, and the Special Comruistlon appointed by the President says: fVTsken as m whole, TBI! UNION PACIFIC R1IL- ROAD HAS BEEN WELL CONSTRUCTED. AND TBE GENERAL ROUTE FJR THE LIME EX CEEDINGLY WELL SELECTED. The energy and perseverance with which the work has been urged forward and the raplolty with which It has been execoud are without parallel In history, and In gran deur and magnitude ot undertaking It hat never been equalled." The report consludes by saying that "the coon ft y has reason to con gratulate Itself that this great work of national Im portance is so rapidly approaching cornple Ion under such laverable auspices." The Company now have la use 187 locomotives and nearly two oars of all descrip tions. A large additional equipment la ordered to be wad j in the Spring. The grading la nearly completed, and ties distributed for 120 miles In advance of tbe western end of the track. Fully 120 miles of Iron for new track are now delivered west of the Missouri River, and 90 miles mrre are en route. The total ex penditures for consfuotlon purposes In advance of the completed portion of the roid Is not .ess than eight million dollars Besides a donation from the Government of 11,800 acreBOf land per mile, the Company Is en'ltledto a subsidy In U. S. Bonds on i'.s line as completed aud accepted, at the average rale of about tl003 per mile, according to the difficulties encountered, for which the Government takes a second lien as security. The Company has already received $24,078,000 of tbl subsidy, being in full on the 940 miles that have been examined by tbe United btates Commissioners. Government Aid Security of the ltonda. By Its charter, the Company Is permitted to issue Its own FIRST MORTGAGE BONDS to the same amount as the Government Bonds, -and no more. These Bonds are a First Mortgage upon the whole road and all Its equipments. Such a mortgage npon what, for a long time, will be tbe only railroad con necting tbe Atlantic and PaclUo States, takes the highest rank as a safe security. The earnings from the way or local business for tbe year ending June 30, 1868, on i n average of 472 miles, were over FOUR MILLION LOLLARS. which, after payiug all ex penses, were much more than sufficient to cover all Interest liability upon that dlalanoe. and the earn ings for tbe last five months have been fvi.38A.870. They would have been greater If the road bad not been taxed to Us utmost capkdty to transport Its own material for construction. The Income from the great passenger travel, the China freights, and the supplies for the new Rocky Mountain States and Ter ritories, must be ample lor all Interest and other lia bllllUs. No political action can reduce the Irate of interest. It must remain for thirty years (c per cent, per annum in gold, now equal to between eight and nine per cent. In currency. The principal is then payable In gold. If a bond with such guarantees were Issued by the Government, Its market price would not be less than from 20 to 28 per cent, premium. As tbe&e bondsare Issued under Government authority and supervision, npon what Is very largely a Gov ernment work, they most ultimately approach Gov ernment prices. The price for tbe present it PAR. Subscriptions will be received In Philadelphia by DE HAVEN & BRO., No. 40 S. THIRD Street, WM. PAlNTEIt & CO., No. 36 8, THIRD Street, And In New York AT THE COMPANY'S OFFICE, No. 20 NASSAU Street, AND BY JOHN J. CISCO MOST, BANKERS. No. 69 WALL Street, And by the Company's advertised Agents through oat the United States. Bonds sent free, but partus subscribing through local agents will look to tueru lor lu"lr safe delivery A JNi-W PAMPHLET AND MAP WAS IddUlCD OCTOBER 1, containing a report of the progress of tbe work to that date, and a nuore complete state ment In relation to the value cf the bonds than can be given In an advertisement, wblsU will be sent free on app Icatlon at the Company's olHoes, or to any of the advertised agents, JOHN J. CISCO, TBEAJsVBEB, NEW YORK. Jan. 1. 1819. U 17 thatulm GROCERIES, ETC. JpllEfcU FRUITS & PRESERVES. Bunch, Layer, Seedless, and Sultana Raisins; Cur Junta, Citron, Oranges, Prunes, f igs, etc. Evety de crlj.tlun ot Groceries, suitable for the Holidays, ALBERT C. KOBEBTts, 11 7rp Cor. ELEVENTH and VINE Streets. JJiOX'S nil LA DELPHI i 8 T A K C II. O. J. FELL & BRO.. Agents, jZ it ES TON'S BBEAKKA-Sr COCOA. O. J. FLL A BKO., Agtnts. Z U II E N B . C J. FELL & BRO.. A ienta, JpIiASKLIN il ILL'S St LF-UAlSINU FU)CU, C, J, JELL & BRO., Manufacturers, 12 12 ws lu; No.1&jB. FBuN I' sneet; TRUSSES. "StELEY'8 HAKD KUBUER THUbfl trfV No. 1W7 CKfcAUT btreol. This Ti us cor re' tly applied will cure and retain with ease tne mod difficult rupture; always clean, llKhl, eany, sale. a ocruiurlabie, uued ii bathing, fitted to form, nevet rums, bretiks, soils, bdcoiues limber, or moves fron, plMie. No strapping, Hard Rubber Abdominal Hup. porter, by which the Motliers, Corpnlunt, and Ladle, sullerlug with Female vveakuena, will find relief and turret Lpport; very lllit, neat, and eUectual. I'll nslrunienU Hncaldor Branus, Klanilo Stockings fo weak limbs, HospenMone, eto. AUo, large stock b Leattiti Trmt, Itaii usual prloe. Laidj lu attend ttce. ltWwQA FINANCIAL. Union Pacific Railroad, VIE ARE NOW SELLLNU The First Mortgage Gold In terest Bonds OF 1IIIS COMPANY AT PAR A IND INTEREST, At which rate tbe holder of UOYERN. MOT SECURITIES can make a proQt j able exchange COUrOXS due January 1 CASHED, or J bought at Toll rates for Gold. WM. FAINTER & GO., BANKERS AND DEALERS IN UOYERN KENT SECURITIES, No. 30 8outh THIRD Street, I PHILADELPHIA. C o u n 8 or UNION PACIFIC RAILROAD, CENTRAL PACIFIC RAILROAD 5-20s and 1881s, DUE JANUARY 1, AND GOLD, WANTED. Dealers In UoTCrnment Securities, No. 40 SOUTH THIRD STREET, a PHILADELPHIA. STERLING & WILDMAN, BANKKE8 AND BROKEBS, No. 110 Sooth THIRD Street, AGENTS FOR SALE OF First Mortgage Bonds or Rockford, Roc Island, and St. Lonls Railroad, Interest HBVIiN PER CENT., clear ot a'l taz payable In UOLDAogant and February, for sale 97X aud accrued Interest In currency, Also First Mortgage Bonds or the Danrille llazlcton, and lYilkesbarro Railroad. Interest BEVEN PER CENT., CLEAR OF ALL TAXES, payable April and October, for sale at fit and accrued Interest famphieta with maps, reports, and fall Information ofthese roads always on band tor distribution. DEALERS In Government Bonds, void, Silver Cvnpons, eta ETOCKB or all kinds bongbt and sold on commis sion In Kew York and Pnllauelptila, n g tutu QA N K I N G HOUSC OF JayCooee&(& Nos. 112 and 114 Sonth THIRD street, PHILADELPHIA. Dealers In all Government Securities. Old 6.20s Wanted in Exchange for NetT. A Liberal Difference a Honed. Compound interest Notes Wanted. Interest Allowed on Deposits. onmmuiionf " 8TuUKS b0ag" Ud 0W Special business accommodations reserved for ladles. We will receive applications for Policies' of Lift Insurance In trie National Life InroraDee Company of the United Slates. Full Information given at ow bfnca i gtn tMffilMHDOLPH Dealers In Tiilted States Bonds, and Mem bers or Stock and Uold Exchange, Receive Accounts of Ranks ana Bankers on Liberal Terms, ISSUE BILLS OF EXUHANHK ON C. J. E A VI BRO & SON, LONDON. B. MKTZLER, 8. SOIIN & CO., FRANKFORT JAMES W. TUCKER & CO., PARIS And Other rriuclpal Cities, aud Letters of Credit Available Thronghout Europe. GLEMMING, DAVIS & CO., No. 48 South TIIIUI) street, 'PHILADELPHIA. GLEMMING DAVIS & AMORY Ko. S NASSAU St., New York, BANKERS AND BROKERS. Direct telegraphic communication with the New York Stock Boards from the i'liiladelphla Office. u 8 u rjIHE SAFE DEPOSIT COMPANT, For Safe Keejina of Valuable, Securities etc ami Renting ot Safet. ' 1 DlREtrTOfts N. B. Browce, I J OllllnKham Fell.l Alex n.nn UK. Clarke. O Macarestnr, Is A tfalcTiIall John WH.,h. I K. W. Clark, ' F Tyler OFKIOE, No. 421 C HEM NUT STREET f?1 5 ?NK; V""leui 1111 JLUaON, Bea ana Xretuuxkit, lumtml t DEiiM&Baoij 1 t
Significant historical Pennsylvania newspapers