TUB DAILi rvVKNINO TKLK(J llAl!! Fl 1 1 1 A 1 K I il'1 1 1 A , TJ U J KHI ) A Y, .JANUAUY 11, 180!).
SPIRIT OF THE PRESS.
OAT FOB TH ITMtM """
The llploniAllc aoJ Consular Serrlcc.
American diploma io lb ,s . P""
Uoturlj with v2 wTC
SSVI de feou 0 oS dvil service, and that
er, ban etc. . broad and admirable general
u .iuf ed or neutralizad by nn
policy bas been defe.. o 0,eraoU
ff p tbeXbW'l"gd, and the
later Sir Harry lMrkes, keeps himself and hia
Government continually before the Japanese,
nntil they forget that there is any other
people. Vat there ffl much that is worth think
ing about in the unflattering comparison which
this name correspondent makes between the
whole English diplomatic system in the Kist
and our own:
"Their whole diplomatic system In excellent.
Their consuls ere edueatcil men, tinve 'heou
tductt-nl interpreters, ftrnl will be, eventually,
lninlolevs buJ iiinbu.siulir8. Tuey uie well
paid and sure of lliolr position for Hid. Of our
own cystem I am Hslmuactl to speak. Those
vfho have visited loreliru i oris Know very well
wtmt H amounts to. Of three Important piun'S
lu t Lie Kst, the United 8;aU8 Is repicnetiteU In
ope hy i'rencuruan, with most Intolerable
tr :ue nnd a most, cleaplcuble salary, aud is
t!, ntherlwo by lienimns nil excellent men,
tut net the onus to represent Americans
1. road."
It is only just to acknowledge that our
1. kiuiatio and consular service daring the
c eight years has been in general a great
ij rovement on that of the eight years pre
. u'jp. At one time it was found, aocordiug
1 statement made in Congress, that not one
ur foreign ministers, and hardly one even
1 11 r foreign consuls, could speak any lan
r pq but his own; that the backwoods had
: 1. ixhed forth a good share of our represent
. u in maritime ports; and that the whole
-:,:n service had been turned into a means
rewarding party devotion and wa3 only
t, and nothing more.
t we have advanced from that low standard,
.icularly in the case of ministers to leading
ers, yet there is still chaccs for improve
t. Of oourse, in a well-trained compsti
civil service lies the hope ot permanent
ilecoe; but, as that is a growth of years,
1 i umediate remedy niust consist in a wise
mi ion of the most competent men, making
zti . sed parti claims a secondary considera
te Assiduous shouldering of a torch
4 pb political canvass has its good points,
.0 has assiduous rallying of voters on
ion day; but these exercises do not of
:lves lit men for diplomatic or consular
H. Nor is it, we submit, an sll-sufiiuient
I ' l1 for a foreign appointment that a youth
1 :s to sow his wild oats; or is troublesome
ta friends; or wishes to study his profes
in Europe; or wants to take a peep at
1 t igu picture-galleries; or is tired of Ame
lia; or that, being incompetent himself, he is
commended by somebody else who is com
1 eUnt, and deserves political reward; or that
he withdrew from the contest over a politioal
nomination at home in favor of somebody else.
In bhort, one of the easiest ways of enumerat
ing what are nor qualifications to foreign ser
vice is to make a list of those which have
been most efficient in times gone by. We
muBt change all that, if we would be well
served in foreign capitals and ports.
Ueneral Batler'a Finauclal Scheme aiij
SjKTCll.
Trom the N. T. World.
General Butler is at last delivered of the
sew financial scheme which he has been so
lone Restating. His plan is not without
ingenuity and a certain sort of architectural
symmetry, bat it is built upon a ridiculously
unstable foundation, ana supported by sopnis
tries (we cannot call them arguments) which
could be generated only in the brain of a dema
gogue. Ue advooates a currency permanently
irredeemable: a currency which boldly outs
loose from the precious metals, and is anchored
in nothing possessing any intrinsic value.
General Butler does not trouble himself about
the resumption of specie payments; he scouts
metamo money as a relic of barbarous ages
and the prop of despotic power. "What I
do desire," he says, "is that the currency
shall not be redeemable in gold and silver."
lie calls "gold and silver the ever-ready ad
juncts of uespotio power in all its forms and
degrees." lie says that "coined gold and
silver has ever been the handmaid of despot
ism; the prop of monarchical power; the sup
porter of thrones; the upholder of nobilities
and priesthoods; the engine by which the
privileges and pretensions of aristoorats have
always been sustained in trampling down the
lights, devonring the substauoe, and absorb
ing the unrequited labors of the masses." lie
stigmatizes it as one of the devices of king
craft and oppression with which the people
are governed by a class;" as "the instrnmeut
of tyrants;" as "the money alike of the bar
barian and the despot." His speech consists
mainly of empty sophistries in support of this
Strange thesis.
We suppose it is not necessary to waste
space in refuting such extravagant, erratio
stuff as this, which contradicts alike the doc
trines of scientific economists and the common
sense of mankind. Money has a double office;
one as a measure of value, and the other as
the instrument of exchange. Its capacity to
measure values is what fits it for au instru
ment of exchange; the first of these, therefore,
is its fundamental characteristic. liven In
barter, where commodity is exchanged against
commodity without any intervening medium,
we determine the quantity of this which
chall be exchanged fur a quantity of that by
estimating the value of each in money,
which thus enables us to equate
values though no actual money is used
in the particular transaction. Now,
a measure must necessarily possess the
attribute of the thing measured. Length
can be measured only by something which
has length; a standard of weight must possess
weight: a standard of value, value. But Gene
ral Butler proposes a staudurl of value which
has no intrinsic value iu itself. As soon as
von undertake to determine how much paper
is proper at a ourrtucy, you feel the necessity
of some principle, or some rule, to guide you.
But, in the very nature of the subject, no
rule is possible unless it be founded ou a com
parison with some exchangeable eomwoiity
which Las intrinbio value. The paper itsblf
can measure values only as It is proportioned
to something else with whim other values
can be compared. The value of paper is
merely revresentatire; and. unless it represents
somethina. it la a solecism. Br the value of
What oommodity, then, shall paper money be
regulated? As General Butler proposes no
substitute for the precious metals, it is not
necessary to say anvthinar in their defense. It
aoilicesto show that there must be Home stau i
" " 'ule for regulating a paper
nations should do what General
Butler propose for aa oat entirely loose
from any natural standard of value in the
regulation of their paper mouey; how oonld
the exchanges of the world be carried on f
Bow ooold merchants know when to import
atd when to export f What would become of
international commerce f 80 wild a theory
does not deserve the dignity of a refutation.
Let us asdnnin, however, that the quantity
of General Butler's proposed currency were to
be regulated by the value of g ild, so at to
keep it at about par; that is, that we honll
have a standard gold dollar, and that the
paper dollar aimed to represent its value.
Making this gratuitous concession to General
Butler against bis own theory, we prooeed to
examine his project aa a mechanism for sup
plying money. We will describe its features
ip Ibeir order:
First, General Butler proposes to withdraw
the present greenbacks, which are in the
form of promissory notes, and substitute the
same amount of other greenbacks which are
not promises to pay, but "certificates of
value," to be, like the present greenbacks, a
legal tender. Bo far, the change would be
trivial, merely making the language of the
note correspond to its real character. Iu the
next place. General Butler would have the
new greenbacks receivable for customs as well
as for internal taxes, making but one currency
for all purposes. This would be a great
change, and there can be no doubt that it
would add to the credit and enhauce the value
of the new paper money. General Butler pro
poses $350,000,000 as the amount of the new
t-nrienry; and as he supposes that the annual
taxes, internal and external, would amount
to the same sum, there would be a virtual
annual redemption and reissue of the whole
currency. If its quantity were not exoessive,
this universal receivability for public dues
would undoubtedly maintain its value. But
if its quantity were excessive, its depreciation
would lower the tariff, decrease the revenue,
and compel the Government to buy at a pre
mium the gold it has pledged for interest ou
the publlo debt. This feature alone (and it is
essential to the system) would prevent its
enactment into a law, and would seem to show
that General Butler aims rather at a sensation,
to make himself talked about than at auy real
change in our fiscal system. The Government
has made a solemn legislative pledge to the
public creditors to collect the customs revenae
in gold and to set apart the prooseds (so far as
may be necessary) to pay the interest on the
publio debt. Besides, there is no other so
rtady, obvious, cheap, and certain method of
procuring the gold for that purpose.
The second great feature of General Batter's
proposed scheme is the suppression of the
whole circulation of the national banks, and
the substitution of a singular plan, of his own
invention, for supplying the cha3tn thus
created in the currency. Everybody who wants
money is to be enabled to borrow it of the
Government, at all times ani in any quantity,
by depositing bonds as security, hvery bank,
and every individual, who owns Government
bonds, can deposit them and receive ninety
per cent, of their amount in the new "certifi
cates of value," for which he is oharged 3 and
o.wuuths per cent, interest; paying the debt
whenever he pleases after thirty days, and
receiving back his bonds which were pledged
as security. It is probably idle to inquire
what wonld be the effect of such a law, sinoe
there is no likelihood of its passage. Its ten
dency, supposing it possible for it to pass,
would be towards a prodigious inflation of the
currency. Supposing the natural rate of in
terest, in our circumstances, to be seven per
cent., if men can borrow at half that rate they
will be likely to use double the quantity of
money.
When money is borrowed for production
purposes, what is really borrowed is the capi
tal used in production, that is, the mainte
nance ot the laborers, the raw materials fabri
cated, the machinery, tools, etc, nsed in the
operation. The money is merely a claim on a
certain amount of real capital. The prioe paid
for the use of that capital depends upon its
abundance and the competition of those wish
ing to employ it. If the proportion of the
supply to the demand be such as to make it
worth seven per cent., the Government cannot
reduce it to three and a half by lending money
at that rate. The competitors for loanable
capital would borrow twice as muoh money.
Instead of paying seven per cent, on one hun
dred dollars, they would pay twioe three and
a half per cent, on two hundred. In its prac
tical operation fif it conld be nut in nraotice)
General Butler's scheme would be merely an
instrument for inflating the currenoy.
The only remaining feature of General But
ler's scheme is his proposed substitute for
the fractional currency. Here he relapses
into "the barbarism of hard money," only he
would have it made of debased silver. The
only thing that seeds to be remarked upon
this is its inconsistency with the other parts
of his plan.
Take it in all, this soheme is too visionary
for sober discussion. It will be a pity if any
time is wasted In the House in replying to
General Butler's arguments. It is not worth
while to make a pompous funeral to bury an
abortion.
' Ueneral Uutler 011 Fiuuuco.
from the N. Y. Tribune.
Whether an inconvertible paper ourrenoy
may or may not be devised and perfected
which shall be more beneficent than one
partly composed of aud the residue converti
ble at pleasure into ooin is a very grave ques
tion, on which we are not inclined to dogma
tize. Very much may be said on beth sides,
as much has already been said on either.
General Butler's argument against a redeema
ble currency is very muoh more plausible
than his substitute therefor. In our judgment,
a simple government note, promising to pay
$1, 5, 10, $20, r0, $100, or $1000 in coin, at
a specified future dv, with interest meantime
at the rate of .03u'5 per annum that is to
say, one cent per day interest on each and
every hundred dollars would be muoh pre
ferable to General Butler's cumbrous aud
complicate! contrivance of depositing bond
with the Government and taking a new set of
greenbacks in exchange for them. For the
bonds so deposited must be left in the hands
of some Government agent, who may
embezzle them; or they may be stolen,
or burned, or snbjsoted to" a huudred
misohances. A government note drawing one
cent per day ou each $100 (less than 4 per
cent, per annum) might be kept very nearly
or quite at par,aud would serve many good pur
pObes. People would be iu Ihss haste to spend
their money; when each $10,000 in safe, ohest,
or pocket was earniDg its owner $1 per day; a
frugal man who had e 100, 000 about him might
spend liis summer vacation iu some rural
retreat, and find his money nowhe diml
niuhed on returning to business in the
autumn. We have no superstitions devo'lou
to gold and silver, even as a basis of our
renoy. What we insist ou is gool faith.
Don't promise to pay dollars aud then
refuse to pay them: never say one thing
atd do the exact opposite. Geueral Butler
practically concurs in this view, in propos
ing to replace our present greenbacks aud
national bank notes by a currency avowedly
irredeemable iu coin.'. He practically admits
that we cannot stand where we are, but mast
step living on lies. We thank him for so
much, as well as for his showing that the
Morton plan Of rdeenlii)r In tli future, by
hoarding meantime aeveral linolred million
11I noln, ti utterly liiipraotloabie. If he liadoue
lt tie towards building tl required ndlfbm, he
linn carted i-d a gomt many loads of rubtilith
from the spot ou whluh Its foundations tutmt
rest.
Jtot while rre have no fanatical devotion to
rpeole, we obeilxli fond recollections of the
days lang syne when a silver half-dollar was
not quite r-o rarely seen as a roo's egg or a
live unlootn, and we should really like to see
one again before we die. It rather more amazes
than delights us, therefore, to hear a vetorau
Jackson Democrat talk of old fanhiouod cash
after this sweepiug fashion:
"We have dl vented our Unvornment of every
t mil of t lie despot luniK, uvory Hilrlouiti of tie
motinrotilef), hiiiI every veKtlK" of the Mnverle.
oft lie Old World pave one, iiml Hint M, the ull
controllliitf,ftnd all RbHorblng power by which
niBVNeaoi ilia people of nil ninlonsof the earth
heve been cunlaved rolnrd tiionri. M ire lha-1
H( 00 yeftiH ngo, Hie di'MpoiH of me world, as the
inoht potent method to enrich themselves and
their faviirlUe, and ptrpetuate their tyranny,
lilt upon the device or Impressing their 'image,
and BuperHoi Ipliou' or other peouli'tr atiuu,)
upon pieced ol two of the metals, not the most
ImrlDfclcnlly useful or the meet bnaul Iful, out
the moat kcaroeand dltllonlt of attainment by
the iiiHHKee of the people, thus arbitrarily
liiHklUR a mo.tnure of value end equivalent lor
willed the properly of their subjects must be
exchanged. 1U cause of their capabilities of
being M converted Into eqntva'enm of power,
the no-railed precious metals were eagnrly
sought after by nil men. In suou degree that they
came falsely to be deemed to bnvo a special lu
trluBlo velue IhenmelveH, equal to the eftliiy of
velue stamped upon them " "Moiunlll
the peoplu of theso free commonwealths (Greek
and Koman) beoiime deteriorated by vices and
luxury, yleldluK their liberties to tyrants cither
by choice or usurpation, did ROld aud silver, the
ever-ready RdJ uncle of despolio power iu ail
its forms and degrees, ot laln pluoe and scope lu
do their appropriate aud never falling worn, the
enslavement 01 iue lauor ot me masnes."
We are sure General Butler has here put
the cart before the horse. Kings may have
"hit upon the device" of coining money, but
gold and silver were the money of the world
before coinage was thought of, probably
before klncs existed. They were spontane
ously and generally adopted as the measure
of values in trade, because, though sot abso
lutely unchangeable in value, they came
nearer to being so tbau any other substances
that exist in the requisite abundance. Now,
we never desired an exclusively metallic cur
rency, but when we see gold ani silver be
rated and defamed as they are by General
Butler, we are impelled to imitate the Califor
nian who, hearing a youngster stigmatizing
the whisky before him as atrociously bad,
gravely reproved him in these terms:
"Young man ! yon mustn't call whisky bad.
All whisky is good, but some whisky is bet
ter than the rest." We think much the same
of money.
General Butler considers two qualities emi
nently desirable in a currtxey ttabdity and
elasticity. It seems to us that, if the Govern
ment will take care of the stability, the people
may be trusted to take care of the elasticity.
While we are mining gold and silver so abun
dantly, and understand so thoroughly the
uses of engraving and the printing press,
there ought to be no concern ou this head.
General Butler thinks it "a great error"
that greenbacks were not made a legal tender
for all purposes, so that the revenue from im
ports might be collected aud the interest on
the public debt paid therein. We believe the
exceptions he deprecates saved the whole con
cern from the fate ot our fathers' Continental
money and the French assiguats. We thank
the General none the less for his frank admis
sion that these things are sot as he would
have them.
General Butler thinks we have been won
derfully prosperous ever since we ma le green
backs a legal-tender, except when, for a short
period, we were contracting with intent to re
sume. But are not people always jolly and
flush when they are running deeply into debt,
and only sad and short when they are trying
to pay up f Would not General Butler's logic
prove that a man should always keep about
so drunk all the pain and misery in the pre
mises resulting from his mistaken approaches
to sobriety 1
We close with thanks to General Butler for
the frankness with which his views are pre
sented, and the light they cast upon the entire
situation. We note but a single flagrant mis
statement in his entire speech viz.: that the
banks obtained their bonds by selling gold
wherewith to buy them at a discount of sixty
per cent. The banks reoelved their green
backs in payment of loans of coin or Us
equivalent were compelled by the Legal
tender act so to receive them. They then
funded them in Government Five-twenties, aa
that aot expressly authorized and invited
them to do. Whether we are or General But
ler is right as to the mode and medium of
payment for those bonds, we will not here
argue; but we cannot both be honest in the
premises.
. Again we thank General Butler for the
frankness with wkioh he identifies the call for
resumption with hostility to repudiation.
"Payment of the bonds in gold, or, what is
equivalent, a return to specie payments," is
his language. Every hour makes olearer the
issue between solvency and honesty on the
one hand, and what seem to us rascality and
repudiation on the other. Hay the American
people prove wise enough, great enough, to
prefer the way of right, though rugged and
thorny, to the more seduotlve path that leads
through flowers and gauds softly down to dis
honor and ruin !
ticuf ral Fuller's Iill and Speech 011 the
Finances aud Currency.
From the N. T. Herald.
General Butler introduced an important bill
in Congress on Monday to authorize the issue
of a national currenoy, to provide for its sta
bility and elasticity, and to reduce the rate of
interest on the publio debt. Upon this he
made an able and a comprehensive Bpeech.
This movement is intended, no doubt, as the
platform of Its author for a new departure in
political affairs and in the reorganization of
paities. It has been apparent for some time
past that General Butler meant to make him
self the leader in Congress on this subjeot of
the currency and our national finances, whioh,
with his usual sagacity, he saw must become
the most important one before the country.
In Lis speech he has fairly taken that posi
tion. He goes to the root of the matter, and
is more radical in this than in politios. He
outs np the old system of currenoy and finance
by a powerful argument and a thorough his
torical review of their inconsistencies and
failure, and shows that this new and rich
country should have a system of its own,
adapted to its institutions and peculiar cir
cumbtances. He shows that our financial
fystein lias been an exaggerated offshoot of
tl-ose of Europe, subjeot to the changes, the
SHtds, the wars, famines, and distresses of
other countries, and that it was in no sense an
American syttem nor adapted to the institu
tions of a free, an enterprising and independent
peof le.
General Butler starts with the proposition
that the currenoy of a highly commercial,
expanding, industrious, productive, and free
people should be uniform, sound, cheap,
stable, aud elastic, lie considers that our
pre? ent legal-tender currenoy, or that whioh
he proposes shall take Its place In the form of
Government "certificates of value," based on
uatioual securities, which shall b lawful
lummy for all piirpoM, would be both uniform
o4 Bound.
A in a cheap currenoy, lm argues that a'l
llnaiieiat wrlteis agree that ppr tnoimy in
the ulienpeht medium of eirtuiUtloii II .t t wiilU
our preretit currency Is cheap enoilU an r.
garde the rout of lu supply, and lmoauH It
suffer no Iom of intereitt a capital wtilU In
circulation, be maintains that it fall to lm an
in another seure lu the fenna of Mm enor
mous price at wbieh it, as money or capital,
is futuihlied to those who 11 'e It. " When
r Hi lid into life aa a reprenentativo of oipiul
our money Is enormously dear." We all
know how high the rate of Interest, ordinarily
Is in Few Yoik aud o;her commercial uentren;
but, as Geueral Butler Myi, away from the
Betboaid cities the average interest is twelve
per tent., whilo iu the Hon '.hern tUates and
some other b 01 ions It rises to over twenty pr
cent. In order, then, to have a cheap our
rerry,it (skpropoped, first, that the Governmnut
th all withdraw the prePeut legal tenders,
and, as they are withdrawn, to substitute for
them the 'certificates of value" as a circula
ting inidinm and lawful money. These are
to be based on taxes, which are estimated at
about three hundred aud fifty million0, the
amount nearly of the outstanding legal tender
notes. The "certificates of value" are to be
received for all taxes, whether collected from
internal revenue or external commerce, bud,
therefore, will be redeemed in that way evjry
year. In fact, there will be but one kind of
lawful money. General Butler thinks It
strange that the Government ever should
have established two kinds, legal tenders aud
specie, in which to do its own business, and
stranger Elill to enact at the same time one
only tor the people. He regards this anomaly
as the principal cause of keeping the ourrenoy
depreciated.
lie proposes next to take from the national
banks all power to issue notes to circulate as
money, leaving them banks of deposit, loaus,
and discounts. Of course, iu using the Gov
ernment certificates as circulation, they would
be subject to no tax on it. Then, as it is evi
dent that three hundred and fifty millions of
"certificates of value" would not be a suffi
cient amount of currency for the business
purposes of the country, he proposes to throw
open the privilege whuh the banks have of
obtaining money from the Government to
every man or association of men who can
furnish the fame security the banks do now
for the money so received that is, any
one owniDg Government six. per cent, bonds
may go to any publio depository in the United
States, and, lodging them there as security,
shall receive "certificates of value" to the
amount of ninety per cent, of the par thereof,
to be at his pleasure reconverted Into his
bonds at any time after thirty days, he pay
ing to the Treasurer interest for the money
received at the rate of three dollars and
sixty-five cents per annum. This is his pro
position in brief for a cheap and uniform
currency.
Geieral Butler argues that this would not
make the currency too redundant, though
that might appear to many to be the result;
"for no one will pledge this Bpeoies of capital
in Government bonds for three sixty-live per
m nt. on ninety per cent, of its vulue, uuless
that money could bo safely and profitably
invested as productive capital, or, iu other
words, unless the business needs of the coun
try actually required it." The rate of inter
est, he holds, would aot as a certain regulator
of or a governing power over the amount of
the circulating medium. It will be seen, of
course, that this involves General Butler's
other proposition of au elastio currency; that
is to tay, the amount In circulation would be
more or less, according to the demands of
business and the rate of interest. He main
tains that this would be a stable currency
nevertheless stable in its value and relative
to other values, though it may change in
certain localities, just as the currents of trade
charge the volume now in certain parts of
the country at different seasons of the year to
accommodate the demands of business.
Referring to the resumption theorists and
their impracticable projects, h shows some of
his characterist'o 6atire. He remarks: "One
eayB the way to resume specie payments is to
resume. Suppose the physician should say
to the sick man, The way not to be sick Is to
be well; might not the patient ask his deotor,
How am I to get well f So, a few years ago,
one may remember that the way proposed for
the Union armies to ret to Kiohmond was 'On
to Richmond;' and I trust I may not be con
sidered malicious in calling to mind that our
armies found some difficulties Iu carrying out
that suggestion, which resulted in such dis
aster that it was to be hoped those who blindly
advocated it would never again dogmatize
upon any subjeot the difficulties of whioh they
neither appreciated sor understood." He is
opposed also to what he terms the other "im
possible" schemes for forcing speoie pay
ments by a slower process, and genteelly outs
np Mr. Morton's plan. He concludes that if
a return to specie values be the only remedy
for our financial evils, then there is but one
plan by which it can be accomplished "We
must wait and grow to it."
After taking a very interesting historical
review of the commercial and financial history
of this and other countries, showing the fre
quent fluctuations in value, suspensions of
cptcie pnyments, finanoial crises every few
years, general bankruptcies and ruin and wide
spread distress caused by these, he asks, is it
desirable for this country voluntarily to re
turn to the old system after we are partially
unaucipated from itf Altogether, General
Butler baa taken a bold step in advance of the
views of financiers and many of his colleagues
in Congress. His speech will create a flu'.ter
among the bondholders, national banks, and
capitalists, and will open the door for great
uibcussion. uowever mucn his views may be
questioned or opposed by the old school finan
ciers and political economists, there is no
doubt he has struck a chord of popular seuti
ment, and that he will be recognized as the
leader in this new movement for an Amerijan
system of currency and finance.
P. M.
Y. P. M.
Y. P.
TOVNU'g PUKE HALT WHISHT.
TOUNU'S) Pl'BE MALT WHISKY.
TODHO a PlIBE MALT WHISKY.
There la no qneitlon relative to the merit of the
celebrated Y. P. M. li 'n the turret quality of Whisky,
tuanufaolured from the beiit grain aUorded bv tue
Philadelphia mark ei . aud it Is sold at the low rate ol
6 per gallon, or f 125 per quartet tue aalearooiua,
Ao. 7(H) rASSYUJSK ItOAD,
nsspt PHiLA.nmJ'HtA.
gOMOMA WING COMPANY
Established for the sale of
Pure California Wines.
Tlil Company offer for aale pure California Wiuet.
tvniii:.
XAlli:r,
(lAi'AH HA,
MiMtKY,
AU.LICA
i-u 1,
WIMATKf,,
ciiAaii'AUM:,
AS D
Pl'ItK UlfAl'i: ItHAKIY,
Wholesale and re al), all ot their own growing and
vtauamtU to con lam uuihing uut the pur. 1 Jul 4 o'i the
giIIU.
JMI.'H u o -i n 0 cifcrwi, t uuauolnutl
12 lit
FINANCIAL.
Til li
ION PACIFIC
KAILKOAI! COMPANY
KrvH a 1,1 m i re u amount or rife, ft
First Mortgage Bond3
AT PAR.
M110 Hundred utul Sixty .Mile
Of the line Went f mm Omaha are now completed, and
the wcrk is going 00 through tbn Winter. Ai the dig
tance betweeu tue flnmtied portion of th Onion and
Onlral 1'Kclflc Ilallroad.1 In now lp thn 4i0 mllen.
and both Oompanlca are P'ixlili:g lorward lii work
with great on erg) , emulOjlng over xo.Oiu men, there
cau be uo doubt that the whole
brand Line to the 1'aciSc
Will lie Open for ItnlnNN lu U10 .Summer
or isut.
The regnlar Government Commlulonert have pro
no tin red the Union Tactile IU1lrJd to be I'lUSr
CLAM in every rropect, aud the Special UotnoiU ion
anointed by the President skjk
fc' Tkkenasa whole, TB K PION PAOfPro ItIfJ.
llOAD HAS BKKN WKhlj CONSTIIU'CTICD. AND
TUB G&NEltAL ItOUl'13 FjK THE LISK EX
CKKDIMJLY WELL BELKOTliD. The energy and
perseverance with whlcu the wurlc has been urged
forward and the raptcity wl.u which it has been
eiecuttd are without parallel iu hlntory, aud in gran
deur and magnitude ot undertaking it liai
never been equalled." The report conclude)
by saying that "the conntry has reason to con
gratulate Itself that this great wotk of national lm
portauce Is so rapidly approaching cample Ion under
such lvoralt auspices." Tho company now have la
use lo7 locomotives and ntarlv 2uoocais of allde crip
lions. A large additional cqnlpmeat Is ordere l to be
rtady In the Sj.rlng. The grading la nearly completed,
a'.d ties .distributed lor 120 mile in advance ot the
western end of the track, i'ully 120 tniles of lrou lor
new track ara now delivered west of the Miajourl
Klver, aud 90 milts m ro areet route. The total ex
penditures for const-actloa ptirpojds In advance of
the completed portion of the rod U not teas tuan
eight u-iUion dollars
Besides a donation irom the tiovernraent of 12,8oo
acres of land per mile, tho Company Is eu ltlodio a
subfldy In U. S. Bonds on I s line as completed and
accepted, at the average rat of about 9,00) per mile,
according to the dlUloultli s encountered, toe wlilch
the Uovernmeut takes a second Ilea as security. Th -Company
has already received $2t.078,oiiO of tnij
subbldy, being in ull on the V10 miles that have been
examined by the United fcvatoa Comm'sslouers.
Government Aid Security of the Bomls.
By Its charter, tho Company Is permitted to Issue
Its own F1KST MOlll'CiAUK BONUS 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, buch a mortgage upon
wnhi, tor a loi'g time, whl bo the only ralltoad oon
nectlig Ibe Atlantic and Pacltio States, takes the
highest rank as a sate security. The earnings from
the war or local business for toe year ending Juno 30,
18CS, oh n average of 472 miles, weie over FOUtt
MILLION LOLLARS. which, after paying all ez
penses, were much juoro tbau sutHuleut to cover al
luteiest liability upon that distance. and theetrn
lugs lor the last five months have been .2.8'M!.870.
Tbey would have been greater It the road had not
bten taxed to Its utmost capacity to transport Its own
biBtcrial for construction. The Income from the
great passenger travel, the China freights, and the
supplies for the new Bocky Mountain Btalesand Ter
ritories, most be ample ior all Interest and other lia
bilities. JSo political action can reduce the irate of
Interest. It mast remain for thirty years tie per
ant. per annum in sold, now equal to between eight
and nine per cent, in currency, Tim principal U tlien
payable in gold. If a bond with such guarantees were
iiisued by the Government, its market price would
but be leas tbau from 20 to 23 per cent, premium. As
tbese bondsare Issued under Government authority
and supervision, upon what is very largely a Gov
eminent work, tbey muut ultimately approacn Gov
eruinenl prlcea.
The price for the present li PAR.
Buhner lp lions will be received lu Philadelphia by
DE HAVEN & BRO.,
No. 10 8. THIRD Street.
WM. PAINTER & CO.,
No. 36 8, THIRD Street,
And In New York
AT THE COM PA NT'S OFFICE,
No. so NASSAU Street,
aS'j uy
JOIIM J, CISCO A fOM, IIAWUEBS.
No. 6 WALL Street,
And by the Company's advertUed Agents through
oat the United States.
Bonds sent tree, but parties subscribing through
local agents wilt look to tnetn for thdr safe delivery
A NaW FAMPULIT AND MAP WAS ISSUED
UCTOHKlt 1, containing a rep jrt of tne progress ol
the work to that date, aud a inure cooatlete s.a'.e
ment In relation lo tue value tt tue bonds than can
be given in an advertisement, which will be seut free
on app Icalioa at the Company's ollices, or to auy of
the advertised agent.
JOHN J. CISCO, TKKAHUKEK,
NEW OKIf.
Jan. 1. isf9 12 17 tustulm
BnDY.lATHlSKY, WINE, ETC.
QAR 8TAIR8 & fricCALL.
s. 126 W ALMJT aud 21 UKAMTE Stsn
IMPORTERS OF
(fraudlcs, VYiues, ttiu, OIItc Oil, Ltc. Ltc,
COMMISSION MKUOHANTfc
FOR THE SALU 02
t'LKE OLD KIT, WHEAT, A.M) UOUIu
ttlMi WHISKIES. sn.
HOTELS AND RESTAURANTS.
Air. Vernon Hotel,
81 Monument street, Baltimore.
Elegantly FurninheJ, with unsurpassed CuUiue.
On the European rian,
I-- D. p, MORGAN
GEORGE PLOWMAN,
CARPENTER AND BUILDER,
EES DYED 10 No. 1SI DOCK Street,
paiLJLDaij-mi.
financial.
Union Pacific Railroad.
WE ARE fiOW SfcLUSU
The First Mortgage Gold In
terest Bonds
OK THIS COMPANY AT
PAR A!D INTEREST,
At Which rnto the bolder of UOVLUX
MEM JSECUJUTI EH can nuke a prollt.
able exchange.
t'OUPOAS due Janiiurj I CASHED, or
bought at full rates fur (jotd.
WIT. P&INTEja; & 00.,
HANKERS AM) DEALERS EN tWVEJi.
MLNT SECUK1TIES,
No. 30 8cuth THIRD Street,
I PHILADELPHIA,
c
u
p
Of
O N 3
UNION PACIFIC RAILROAD,
CENTRAL PACIFIC RAILROAD
5-208 and 1881s
DEE JAMJAliY 1,
AND GOLD,
WANTED.
Dealers In Government Securities,
No. 40 SOUTH THIRD STEEET.
628
Philadelphia,
TERLINC & WILDMAN,
BANKERS AND BROKERS,
No. 110 South THIRD Street,
AOEN TS FOR SALE OF
First Mortgage Bonds of Bockford, oc"
Island, and St. Louis ltailroad,
Interest HEVBN PER CENT., clear ot a'l tax
payable In GOLD August and February, for sale
and accrued Interest In currency. Also
First Mortgage Honda of tho Danrille
Uazleton, and YVilkesbarre Railroad.
Interest SEVEN PKR CENT., CLEAR OF ALL
TAXES, payable April and October, fur aale at Bit
and accrued Interest
Famphlets with maps, reports, and full information
of these roads alwa- on band tor distribuilon.
DEALERS In Uovernmeut Bonds, -.old, Silver
Coupons, etc
STOCKS of all kinds bought aud sold on ooram.s
alon In New York and Philadelphia. 11 g mius
QAN KING HOUSE
WF
JayQqke&Cp.
Kos. 112 and 114 South T1ILUD Street,
PHILADELPHIA.
Dealers In all WoTerument Securities.
Old 6-208 Wanted In Exchange for Sen.
A Liberal Dlflerence allowed.
Compound Interest Notes Wanted.
Interest Allowed on Deposits.
C?if LKKI,.I0JS'8 MADE. STOCKS bought and sold
On ComoilMlon.
adFesClal business accommodations reserved for
We will rcelv applications for Pollotee of Life
IraurancAln iheN'atu nal LI to iu-uratee Compaay
of i he Lnlied States, Full Information given at our
ifuce. nam
tiiiiiiiiiiom
'1 i.l n ; . .. 'tt 131 ."v si
Dealers In United States IJonds, and MeiB
Iters of Stock and Hold xcliaue.
rccche Accounts of Dunks aud Bankers on
Liberal Terms
ISSUE BILLS OF LXC1IANUE O.N
C. J. HAVBKO & BON, LONDON.
li. METZLEIt, 8. SOIIN & CO., FRANKFORT
JAMKS W. TUCKER & CO., PARIS
And Other Frinciyal titles, and Letters of
Credit Available Throughout Europe.
GLIffllMlfT, DAVIS & CO,
Xo, 48 South III I le 1 Street,
PHILADELPHIA.
GUMMING DAVIS & AMORT
No. 2 KAKK.iU Nt., Xew York,
BAKKFKs AM) BKOKJWS.
Direct telegraphic coiMiuiuIcutlon nlih
the New York stock Boards from the
rhniulclphla onicc. vi 4 u
rpr-iK lafi: deposit company
lor Safe Ke,pi. of Vvluatl,., Securittet, ,tc.
anI Ptntfiny o att. "'
DlKKrOIW
N K Browne, IJ Wlligli jrUA.li. Hmh,
Jul.n V . ..h. I)'. W. dark, a Y Tvr '
OJ- tlCE. Mo m ciii-niit shu-Vx
DEIPEff&BElO.