SPIRIT OF THE PRESS.
EDITOHIAL OFINIOFB OF TH1 LRADISO JOCB&AL8
BPOS CCRBKHT TOPICP COMPILED BVBRY
DAT FOR TBI BVKNISfl TKLEOBAPH.
Jn.lc'ul Killiug.
From Vie N. Y. Vrib tm.
Au able summary of reasons for abolishing
Cpital paulohuieut id published iu Putnam's
Magazine for February. We hope our present
Legislature, and the people and press gene
rally, throughout thU State at least, will
promptly give this matter the attention it de
BerveB, by BtrikiDg from the titatute-book this
lingering relio of barbarism the cool and de
liberate killing of criminals by offloers of the
law. This custom has its rise in the eauie low
estimate of the value of human life which
constitutes savagery itself as distinguished
from civilization. We must not lose Bight of
the fact that legislatures, courts, and sheriffs
do not create justice; they only make law.
Eternal Justice, always mightier than the
law, denies that those who are powerless to
confer life shall take it away, or that any
combination of men, or forms or technicalities
of Btatutes, or eleotions, or human warrants,
can confer on one man, though he be styled a
Sheriff, the right to take the life of another,
whatever may have been his crime. It is still
brother against brother Cain against Abel
whatever judicial forms precede the murder.
In the earlier and rude stages of society,
there was a strong argument for taking human
life for great offenses, because society waa too
weak to restrain its criminals. Its lack of
prisons, or of the means to make them effi
cient, compelled it either to slaughter its pri
soners or to enslave them. But we have such
ample provisions for securing and reforming
criminals that It is wholly unnecessary to kill
them. If we compare with our present state
the lack of prisons, jails, and the means of
taking care of prisoners in the nomadic life of
the ancient Jews, we must perceive that capi
tal punishment, while neoessary for the de
fense of society then, is a ruthless and useless
sacrifice of life now. The world has so oat
grown the notion that punishment has 'some
merit or excellence in itself which demands its
infliction, without regard to its utility, or that
Justice, when violated by the taking of one
life, can in some mysterious way be vindicated
by taking another, that it seems like recogni
zing the Inquisition as an existing evil to
argue against such phantasies. The wounds
of Justice only bleed afresh when staunched
vrith the blood of those who inflict them.
Judioial killing tends directly and only to
inorease murder by individuals. Abolish the
gallows, and the most depraved are taught a
new lesson of the Baoredness of life. Two
centuries ago, in England, 134 crimes, says
Blackstone, were punished with death; now,
we believe, but three. When society at large
held its lives bo cheap, could individuals hold
them dear ? Shall a part be greater than the
Whole f When society collectively holds the
taking ot life for injuries against it to be a
religious duty, will sooiety individually hold
the taking of life for individual injuries a
bestial crime ? When England held life to be
City times as cheap as now, Englishmen com
mitted fifty times as many murders.
The abolition of capital punishment in
Maine, Michigan, Rhode Island, and Minne
sota has not made violent crimes more fre
quent there, but less. In Arkansas or Texas,
where Judge Lynch cannot even wait for law
ful court and jury, but hangs his supposed
culprit at the first tree, there are still twenty
murders to one hanging. However society
may make haste to shed blood, individuals
will outstrip it in the raoe. Not so much for
the sake of the criminal as for that of sooiety,
to increase the horror of man-killing, to make
sacred from violence the mysterious incarna
tion of God in man which every human form
embodies, to educate our children in the faith
that not even the horns of the Altar of Refuge
were ever so sacred in the Bight of God as the
fugitive life that clung to them, let us do away
with the death penalty. Let it follow after
the stake, the rack, the wheel; after the
chain-gang, the slave-pen, and the auction
block; after the burnings, orgies, and tor
tures of the American savage; and let our
children read of it with a shudder, as one of
the ghastly, ghoulish horrors which went out
with slavery.
Tlie Victory of Fenton.
From the N. Y. Herald.
Thurlow Weed came into political life on
the dead body of one Morgan, and goes out
with the dead body of another Morgan. The
first Morgan, though bogus, was "a good
enough Morgan till after the election;' but
the last Morgan, though genuine, was "a good
enoneh Morean" only till the election came
on. Weed came in under the wing of Seward
and goes out under the wing of Ilngh Has
tings. The dethroned king of the lobby job
bers has retired to the more genial climate of
South Carolina, there to ruminate over the
ruins of Charleston, like Marias, on a small
scale, over the ruins of Carthage, while the
managers and the trumpeters of his faction,
left behind, "make Rome howl" with their
impotent rage.
The eleotion of Fenton to the Senate in the
vlace of Morean is a terrible defeat to the Sew
ard Weed-Morean faction. Down to 1800 it was
the political firm of ' Seward, Weed, and
Greeley." But then, although Seward and
Weed were fattening on the spoils, Greeley,
on bran bread and dry promises, was getting
rather thin in the legs. So be bolted, and
while Seward was thrown npoB his beam ends
Weed Bet ud the war whoop and the war
dance, and has been fighting on that line ever
since till fig ally knocked oil his pins ana
laid out stiff and cold with Morean. All
things to all inn: tierfuct in his role of Oliver
le Laiu, the king's barber; taking everything
as hah thatcauie into his net, and fishing for
everyimug; announcing to-day Tom, Dick,
and Harry as thieves and traitors, and sharing
wim mem uu me morrow the profits of a
lobby job, weed has conciliated old enemies
Or made new friends With an nnTiir.tr nn true,
wool, a shoddy coutraot, a steamboat, a guano
venture, or a whUkv ring; but though flexible
in everything else, L13 wrath against Greeley
and all his tribe has been Btroneer than frea
wool, shoddy or whisky. Upon this one idea
vi m r.vBi iu u yui, uown at any cost, large as
7... , , ' r''ugs ana perquisites
Of Wet d. we dare Bay that mnnh 1
Baved to the treasury oity, BiaW, and Federal
" from the war between these implacable
The decisive split has come in Morgan's ter
rino defeat. An immense brood of chiokena
vuuiivcu upvu uau lauou, ior me eggs are
addled. The regular Sward organ of this
City was getting on nopeiuiiy, Tery hopefull
with a charming budget of offices and "polls :
behalf of the so-called conservative Repabll
cans, until the preposterous nzzle of the
attemvt to fuse them with the Demooracy in
the steaming chowder pot of the Philadelphia
Johnson Convention. That fiasco not only
ended the funny career of the orator of the
day in Congress, but resulted in the necessity
for a new departure and a new organ in New
York for the firm of HewarJ, Weed, Morgan
Conkling, and Andy Johnson. The impeaoh
ment to the contrary, they were all in it; for greater part of the ready money of every corn
while 'Morgan and Conkling werd voting to J in unity. It would be perfectly delusive,
THE DAIIji EVENING TELEGRAPH PHILADELPHIA, SATURDAY, JANUARY 23 18C9.
convict, their factotum w.a raUtng money from therefore to "ppoBe nut, ueosn ae ine o rc
the whisky rioM to buy up two or three I latkn i of the b.nki i gr.ntol :rfr faUur-
the whisky
rentiers at
ten thousand apiece for the ao
nnittal of JohnBon.
The new organ was set np, a joint stook
concern, by joint stock contributions. If we
are not mistaken, Mr. Morgan put in ten
thousand cash, Mr. Conkling ten thousand,
Mr. Roberts ten thousand, and bo on, more or
leBB, from different parties, until enough waa
fecured to float a nominal capital of three
hundred thousand dollars. What then T The
programme was to save all obtained and to
Bet all that could begot out of Johnson in
tpoils, while working to secure the inside
track in the Senate, the Cabinet, the Custom
House, etc , under Grant. Raymond was Bet
buck cn probation, Weed was required to
keep in the shade, and Dana was brought into
the foreground. Dana is a sort of TalUyrand
in diplomacy. He hit upon the idea that a
roan who won't be bullied may be hum
bugged, and hence the brilliant conceit of
Greeley for the mission to England as the
proper successor for Reverdy Johnson. This
diBtinctUn, it was supposed, would serve two
purposes one in satisfying the fighting philo
sopher, and one in getting him out of the way.
This was the programme. The first essen
tial in oarrying it out was the defeat of Fenton
as candidate for the nomination to the Vioe
l'residenry on the ticket with Grant, and he
was defeated. The next thing was to secure
the rti'leotion of Morgan to the Senate, and in
this view,.Morgan and his political ring oon
ti ibnted very liberally the sinews of war in
many doubtful districts. Indeed, we are told
that Morgan's money carried the Legislature
for the Republican party; that he has reason
to think be baa carried the benatoriai caucus;
and that he has become bo completely acoh-
mated to high life in Washington, to say
nothing of its honors and emoluments, that
the matter of money was to him a small mat
ter in view of another term of Bix years ia the
Senate. But upon this vital issue there has
been a dead failure lay, a disaster equal to
that of the first Bull Run. The brilliant pro
gramme we have outlined, with its mission
to England and all its beautiful castles in
Spain, has vanished like the delusive pictures
of the mirage in the desert. Morgan and his
men. with their own money and their own
guna turned against them, are done for, and
Fenton and his faction have secured the magio
lamp, at the rubbing of which a Cabinet port
folio, or a cost office, or a custom house, or a
palace acioss the eea rises into view with a
beckoning hand at the door.
Well, such is the whirligig of politics, and
if Mr. Morgan has been beaten by his own
money, he must remember that the 1) re of
money is the root of all evil. But with Conk
ling still in reserve against the radioal ring,
Fenton, keen, cunning, and unscrupulous as
he may be in party tactics, may still have
hard fight before him. In any event, we have
here a split In the Republican camp over
which the New Yorfc Demooraoy may rub
their hands and chuokle with Borne satisfac
tion at the inviting prospect of better thing3
to come.
Hie Rational Batiks Mr. Sherman's Bill.
tnomtheN. Y. World.
The bill reported by the Chairman of the
Senate Finance Committee for amending the
National Bank act is a declaration of want of
confidence in the national banks, an inculpa
tion of their management, and an impugn
ment of their solvency. The evils and dan
gers against which the bill seeks to guard, are
evils and dangers which have been forced
upon the attention of CODgresB by the pra
ctical operation 01 the system.
The first section of the bill compels the
banks to make reports of their condition on
any past day which the Comptroller of the
currency may cnoose to designate, such re
ports to be required of every bank at least
once a quarter, and of any bank as often as
the Comptroller may think expedient. This
is intended to abolish the present dishonest
practice of cooking up reports of the condition
of the banks on a stated and foreknown day.
By certain tricks and subterfuges, well under
stood by the banks and constantly practised,
they can prepare a delusive exhibit,
which shows a factitious state of their conoerns,
created for the occasion; deceptively true on
that day, but true for no other. The conBe
quence is, that the public has no trust
worthy knowledge of the condition of the
banks, their reports being the only accessible
source 01 information, ana being expressly
fabticated with a view to mislead. This, of
course, is not true of all the banks; but it is
true of so large a number that no confidence
can be reasonably felt in any except those old
and reputable institutions which acquired
their character and stood on solid foundations
befoi e the national system was adopted. If
Mr. Sherman's bill passes, as it ought and we
hope it will, the banks can ho longer prac
tise the juggle of putting on a borrowed
holiday suit just for one day to appear before
the publio in, and resume their ordinary rags
as Boon as the report day is over. They will
never Know beforehand the day whose con
dition is to be disclosed. It is only their
condition on some past day that Is to be
called for, and as this is te be selected at
random, it is as likely to fall on the worst
day as on the best. If the Comptroller bus
pectsits honesty, he can immediately call for
another report of the condition of the bank on
any other past aay; and as an such re
ports are to be published, two or three re
ports required of any bank in quick suooes
bion would indicate distrust, and put the publio
on its guard. Nothing could be more whole
some or salutary than this feature of the new
bill, but it unsettles confidence in the banks
that Euch a precaution against fraudulent
reDorta is indeed necessary.
another still stronger implication against
the credit of the national bauks Is contained
in that section of the bill which requires all
banks in which Government funds are depoa
ited to eive seourity by pledges of United
States bonds, the deposits never to exceed
ninety per cent, of the amount of the bonds
bo cledeed. Now, whatever is unsafe for the
Government cannot be safe for private depos
itors. The Government has great advantages
over individuals in its means of estimating the
solvency of different banks, and if it dares not
trust the few which 11 may seieoi as aeposi
taries of the publio revenue, how great must
be the danger to the community which de-
noHits in them all ! The proposal of suoh a
i.iil an thU must shake confidence in the
banks a thing which the Government would
be slow to do if the management 01 tue uauKu
did not furnish ground) Of distrust.
The holders of bank notes are perfectly safe,
as the Government guarantees their payment.
But the notes form but a small part of the
banks' liabilities. The people are more and
more abandoning the practice of keeping
sums of money by them, imitating iu this
respeot the trading community, who deposit
their money in banks as fast as they receive
it. Butohers' bill, grooers' bills, shopkeepers
bills are paid by ahecks, as well as the larger
purohareB made by traders. A man who oar
ries bank noteB in his pocket is safe when the
bank fails, because the Government will pay
them; but he who deposits his money, and
.3 i V 1 7. "MwMt no guarantee;
and this latter desorIDtion Mmnri...
wnntd not Inflict jrreat and wide-spread losses,
By this new bill the Government proposes to
take ample security for its deposits with the
banks; but the oommnoity can have no other
security than its knowledge of the solvency
of the banks a subject which it behooves
depositors closely to look Into since this de
claration of distrust by the Finance Committee
of the Senate.
The Revision 'or the Tariff.
From the N. Y. ffation.
The publio, as regards the tariff question.
may be divided into several classes. The first
are prohibitionists, pure and simple, who
would, if they could, put an end to all trade
with foreigners and employ the whole capital
and whole labor of the country in producing
every article the people require; but theu
these are so few in number, and to deficient in
intellect and education, that their opinions
haidly repay discussion. Then there are
protectionists of the Carey school, who believe
diversity of interest to be necessary bo sound
progress, but are not disposed to trust the
creation of this diversity to the spontaneous
exertions of individuals, and therefore advo
cate the stimulation ot it by taxation.
These may be called the soientifio pro
tectionists, and they have a large body
of undisciplined followers, who may
be called spread-eagle protectionists, and want
everything to be made at home for the honor
of the flag. After these evine the selfish pro
tectionists, who advocate the exclusiou of
foreign products, really to provide a good
market for their own goods, but nominally
either on scientiflo or spread-eagle grounds, or
on a mixture of both. Lastly come the mole
rate protectionists, who comprise by far the
greater portion of the sect, who think it ne
cessary and desirable in a new country to
tempt men into the foundation of new branches
Of industry by legislative aid, but would not
foster anything that would plainly flourish
without foBtering, nor foster anything what
ever longer than was necessary to give it a
fair start.
Turning to the free-traders, we find two
divisions, and two only. One may be called
absolute free-traders, of the French type,
trained by Bastiat. armed with principles and
logie, and full 01 scorn for people who shrink
in politics from clean-cut conclusion. They
apply the laws of mechanics to the work of
government, and having fouud their rule,
refuse to admit that its action may be modified
by circumstances. Iney proclaim the absolute
right of men in society to sell the products of
their industry where they please, and treat all
restrictions on thla right as form? of robbery,
implying moral obliquity iu the person or
persons who create tbein. Ibis division is
small in number, but it dues most of the work
of agration. 1 he other, while admitting the
abstract truth of the gret doctrine of free
traders content to submit to such modifications
in the application of it as the state ot public
eentiment or of the national huanoes may seem
to require; and while maintaiuiDg that duties
should only be levied on iorelgn imports for
revenue, are willing to have the duties so
distributed as to favor branches of industry
which protection seems likely to make self-
supporting within a reasonable time, and, in
fact, generally to give the American manufac
turer, wherever possible, whatever advantage
over the foreigner may be capable of being
extracted from a moderate tariff.
Now, the tendency of opinion the world
over is towaids the recognition of the free
trade doctrine as the natural law of human in
tercourse, and towards the reduction to the
lowest possible point of all interference with
its action. This is due in part to the growth
everywhere of individualism, the increasing
respeot tor individual intelligence and free
dom, and the increasing confidence of states
men in this freedom and intelligence as agents
in the production of wealth. It is due iu part
aiso to the prodigious success which has
attended the application of the pure free-
trade principle in the United States to
the relations of a great number of
separate politioal communities. The absence
of custom-houses from the interior of
this continent has afforded the first prac
tical refutation of the old delusion on which
most government interferences with trade
have in past ages been based, that in the ex
change of commodities between two separate
political communities one is sure to lose, and
both cannot profit. The absurdity of this has
lor the lirst time been demonstrated by the
United States. The result is that though
absolute free trade is nowhere else found, tbe
tendency in all civilized countries, exoept in
the British oolonies, ia towards a lowering of
tariffs, and the leading politioal economists of
the world have abandoned the principle of
protection as worthless, and the influence of
nearly all colleges and places of education is
thrown against it,
in the united btates sentiment is bo divided
that the triumph of either principle is not
possible; and, if we are to believe Burke's
maxim, what is not possible in politics is
never desirable. The tide at present, owing
to the shocking abuses of their power perpe
trated during tbe last seven years by the set
lish protectionists, is running against proteo
tion; but even if it rau twice as strongly as it
does, free-traders are not in a position to take
advantage of it nor are likely to be in
onr time, to seonre the absolute triumph of
their Idea lor the simple reason that in a
country like this a very large proportion of
the revenue must, perforce, be drawn from
duties on imports from abroad. The
middle ground, on which both parties may
and probably will meet, is such an arrauge
ment of the tariff as will give an advantage
over foreigners to interests which are likely to
gain strength by being temporarily fostered,
and which are now too weak to stand alone,
atd by whose existence the country seems
likely eventually to profit. The free-traders
need not hope for the abolition of the custom
uouse, ana tne protectionists must give up
me nope 01 complete or indiscriminate pro
tectiou, and of all protection for branches
of industry the forcing of which is injurious
to other and larger branches, or which are
never likely to be able to stand alone, no mat
ter how much they are forced.
Indiscriminate protection is an abrdrdity on
its face, because it fcives ns advantage to
anybody. It the Government gives an iron
manufacturer the power of raising his prioes
forty per cent., he profits by it so long as the
farmer, butcher, baker, tailor, shoemaker,
landlord, and weaver do not raise their prioes
too; but 11, by protecting them also, the Gov
eminent enables them to raise their prices,
promotion, to iue ironmaster becomes
farce. Nor is it necessary to protect all
nrancues 01 mansiry to produce the farce
the leading oues are sufficient; beoause a rise
in a few leading produots diffuses itself
through all. Yet this is what Congress, for
the last seven years, nas been trying to do
Having no policy, ana apparently no prin
oiples of its own, its plan has been to sit and
wait for the manufacturers to come and ask for
what they want, first comes the ironmaster
and gets his forty per cent.; as long as no
body else gets a similar favor, it is clear
gain to him. Bathe has hardly got home
when the wool-grower and ootton-eplnner and
lumber-dealer and coal-miner arrive and claim
the tame thing, and get It. The result Is that
all prices are raised forty per oeut., aud the
ironmaster finds at the end of a year he is
just where he was before. lie accordingly
goes back the next year and claims more pro-'
lection, and gets it; the others hearing of this,
do the came. Members of Congress takeeaoh
interest's own story as to what it wants as
conclusive, and the result is the monstrosity
called the tariff. The whole process has been
Bomewhat like an attempt to fill a buoket with
a hole in it.
What is wanted to produce any ohange for
the better in the tariff is the adoption, either
by bill or resolution, of some principle or rule
or polloy as to the kinds of industry which
Bhall be protected, and tbe rigid restriction ot
the duty to the point, consistent with dae re
gard to the revenue, at which foreign com
petition, though not felt, may be feared by
the lazy or unenterprising, and the absolute
exclusion from all protection of raw materials
and products which can never hope to Btaod
alone. The fauts on which Buch a principle
should be baped should be furnished by a long
aud careful examination, suoh as Mr. Wells has
inaJe, and not on the application of manufac
turers. The fant that a manufacturer cannot make
money at present prices no more constitutes a
claim to protection, or increased protection,
than to an appropriation from the Treasury,
because it may be the result of his own bad
management or the over-protection of some
other branch of industry on whioh he is de
pendent, or simply the rise of prices to their
old level under the influence of the general
diffusion of tbe tax. In one most important
branoh Mr. Wells found that the effect of a
rise of duty was exhausted in about six
mouths. At the close of that time the manu
facturers had to go to Washington aud begin
thtir lamentations once more.
Botching; the Indian Bureau.
From the if. Y. Time.
Tbe Senate Committee on Indian Affairs
proposes, it seems, to "eiidot a compromise '
between the two theories of Indian manage
ment by recommending the appointment of a
Civil Commissioner," with sole power over
the Indian tribes, until "the occurrence of
hostilities," in which event, should the Presi
dent declare that a state of war exists, the
control of the Indians is to be passed over to
the War Department.
In other words, this committee proposes to
give ns the old bureau under a new name
the old foe with a new face. 11 proposes to
give a fresh lease to the inefficiency and cor
ruption already conceded with the civil ad
ministration of Indian a flairs, and to make
tbe present confusion worse coufouuded. For,
under the proposed system, we shall have a
greater division of responsibility than ever.
As it is, there is never anybody to blame the
army officers declaring that Indian troubles
are not their fault, because they have no ab
solute control, and the bureau officers always
as stoutly protesting that they are not respon
sible, because the army has come In ana made
war where war there was none. What the
Senate committee row contemplates, appa
rently, is to make this bad matter worse. We
shall get just enough War Department to
block the Interior Department, and just
enough of the Interior to disgust the War.
It will be a oomplete slirping between two
stools.
But, we shall be told, the civilians will con
trol Indian affairs in peace aud the army offi
cers in war, according to the natural division
of authority. Exacily. The Indian rings
will do all the damage they can in peace.
with their rascally agents and travs, and
when the general ruin and demoralization
and ill-feeling against the troops have got to
such a point that the Indians begin hostilities,
thai the army may step in, as of old. to
restore peace. This being done, back goes
control to tue interior Department, or to the
"Commissioner," and, with control, the old
round of trick and dicker, fraud and tolly.
Now, what we say of this is that it is no
"compromise" at all it is the old thing in a
new shape. It is the treadmill of trouble and
relief which we have had ever since Indian
affairs were taken from their original place in
the war Department and given to the newly
created Department of the Interior. Our
army officers, an upright and incorruptible
olass, have proved that they nnderstand the
Indian better, and know better how to treat
him, than do the civil appointees of any pontl
cai party, ine senate committee claims that
its report "embodies the views of the Indian
reace Commission last winter." That is true
li at since then, namely, last Tan, the same
commission, raising its former plan on whioh
the Senate bases its action, recommended,
with a solitary negative vote (and that Com
missioner Taylor's), the absolute transfer of
the control of Indian affairs, in peaoe as well
as in war, to the War Department, as the only
way out of our difficulties. On this revised
judgment the House based its action, and we
cannot but hope that the House bill will yet
pass the fcenate.
We predicate these observations on the pub
lished Bummary of the Senate committee's
plan. We should only be too glad to be com
polled to modify them by finding that this
summary unfavorably misrepresented the bill.
We admit, too, that it is a great point that
General Grant will be the "President," for
four years at least, who will judge of "the
state of war" authorizing a transfer of Indian
control to the army. Nevertheless, it is the
civilian Commissioner who is lirst to "report
that hostilities exist." And. on tbe whole,
the House bill seems to us the least cumbrous,
eafeet, direotest, and every way the best plan
for restoring something like order and system
to our Indian palicy
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H, E. Corucr Curler St. & Exchange Tlace,
IbeTlace to Uct a Good Dinner,
OB OT1IEH MEAL AT SEASONABLE PKICE9.
BUI ot Fare, Wines, Liquors, ma., of th but
11 28 kHuirn u i'iUcu, Proprietor.
FINANCIAL.
TUB
UNION PACIFIC
RAILROAD COMPANY
OFFKR J.IA1I tKD AMOUNT OF Til K IK
First Mortgage Bonds
AT PAR.
Mhc Hundred aud Sixty miles
Of the line West from Omaha are now completed, and
tbe work Is toing on thrnnKh 'he Winter. Ai the dla
tmice bptween toe flnKtiod portion of ta Onion and
Ctulral lVclllc Railroads is low lens than 4mi miles,
nd bulb Companies are pnMilcR forward me work
lib great euprgj, eni"luliiK over 30.1X0 men, there
can be uo doubt that iba whole
Urnud LI tie to Hie 1'aclflc
M ill be Often for IlusInoM Iu the Summer
Of 1SUV.
Tbe remlar Government Oommlisloners bare pro
nounced the Union Pacific Rallrjud to be HlWl'
CLAbH In every renpect, and tbe Bpuclal (Joainilulon
appointed by tne President says:
"Ttkena.iawhoH,TBK UNION PACIFrO Hi.IL-
KOAD HAS BEEN WKLL CONSTRUCTED. AND
THE GENERAL ROUTE Fjlt TUB LINK EX
CKKWKOH WELL SELECTED. The energy and
perseverance with whlcu tbe work bas been urged
forward and tbe raplolty with which it has been
execntt d are wltbout parallel in history, and In gran
deur and magnitude ot undertaking U bai
never been equalled." The report cotmludes
by saying that "tbe country has reason to ooo-
graialate Itself that this great work of uallonal Im
portance Is so rapidly approachln cample loa uuder
Buch favorable auspices." The company now have la
use 1:17 locomotives and nearly looo cais of all de crip-
lions. A large additional equipment Is ordeto-t to be
rtBdy In the biring. The grading Is nearly completed,
aud ties .distributed lur 120 wile In advance ot tbe
western end of the track. Fully 120 miles or iron lor
uewtiack are now delivered west of the Missouri
River, and 80 miles mrre are cn route. Tbe total ex
penditures for couat-uotlou purpjass Iu advauceof
tbe completed portion of the to A li nut iess loan
elkht million dollars
Besides a donation from the Government of 12,800
acres of land ter mile, the Comoany Is en ltledlo a
subsidy In U, b Bonds on I s line as completed and
aicepteO, at the average rate of about t-t.OD) per mile,
according to tue dldlcultlts encountered, for which
the Uuverumont takes a second lieu as security. Th
C'omraDy has already received Iil.u7tl.0ii0 of this
subbldy, being In ull on thu '.HO miles taat have been
examined by the United States Comm'silone.-s.
UoveriimeEt Aid Security of the Bonds,
Ry Its charter, the Company la permitted to issue
lis own FIRbT MORTUAUK BONDS to tbe same
amount as the Uovernment Bonds, and no more.
These Bonds, are a First Mortgage upon the whole
road aud all Its tqulpmeula. buch a mortgage npon
tvnut, lor a loi'g time, will bo the only railroad con
nect iig the Atlantic and Pacliio (stales, takes the
highest rank as a safe security. The earnings from
tbe way or local business lor the year ending June 30,
18W, on n average of 472 miles, wore over FOUR
MILLION LOLLAR3. which, after paying all ex
petiEts, were mauh more than sulllcleut to cover al
Interest liability upon that distance, and the earn
lugs lor the last live months have been (2 306,870.
They would have been greater If the road had not
been taxed to lis utmost capacity 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 btatesand Ter
rltorles, most be ample lor all interest and otber lia
bilities, Mo political action can reduce the rate of
lutereel. It must remain for thirty years six per
cent, per annum in gold, now equal to between eight
and nine per cent, in currency. The pi-inclpal is then
payable in gold. If a bond with such guarantees were
Issued by the Government, Its market price would
ot be less than from 20 to 25 per cent, premium. A
theie bondsiare Issued under Government authority
and supervision, npon what Is very largely a Gov
emuient work, they must ultimately approach Gov
eminent prices. -
Tbe price for the present 11 FAR.
Subscriptions will be received in Philadelphia by
DE HAVEN & BRO.,
No. 40 S. THIRD Street.
WM. PAINTER & CO.,
Ho. 86 8, THIRD Street,
And In New York
AT THE COMPANY'S OFFICE,
NO. 10 NASSAU Street,
AND BY
JOHN J. CISCO A KOX, BANKERS,
No. 69 WALL Street,
And by tbe Company's advertised Agents through.
oat tbe United States,
Bonds sent free, but parties subscribing through
local agents will look to them for their safe delivery
A NEW PAMPHLET AND MAP WAS I33UED
OCTOBER 1, containing a rep jrt of the progress of
the work to that date, and a more complete state
ment In relation to the value of the bonds than can
be given In an advertisement, which will be sent free
on app lcatlon at the Company's olllcea, or to auy of
tbe adv ertlsed agents.
JOUN J. CISCO, TU.EASUBEB,
NEW YORK.
Jan. 1.18(9. laihsiu
mm
Dealers In United States Honds, and Mem
bers of Stock and Gold Exchange.
Receive Accounts of Hanks and Hankers oil
Liberal Terms.
ISSUE BILLS OF EXCHANGE ON
C. J. IIAMBRO & BON, LONDON,
13. METZLER, 8. SOHN & CO., FRANKFORT
JAMES W. TUCKER & CO., PARIS,
And Other 1'rlnclpal Cities, and Letters of
Credit Ayallable Thronghout Europe.
CLEMMING, DAVIS & CO,
No. 48 South THIRD Street,
PHILADELPHIA.
GLEPINING DAVIS & AMORT
No. 3 NASSAU St., New Yqrk,
HANKERS AND HH0KERS.
Direct telegraphic communication with
the New. York Stock Hoards from the
l'hlladelphla Office. n t
mmmm
FINANCIAL.
Union Pacific Railroad.
WE ABE KOW SELLLNU
The First Mortgage Gold In
terest Bond3
OP THIS COMPANY AT
PAR AISD INTEREST,
At which rate tbe holder of UOYERN.
MEAT SECURITIES can make a prollt
able exchange.
COIU'OSS due January 1 CASHED, or
bought at full rates Fur UoIJ
WH. PAINTEtt ft GO.,
HAMKEKS AD DEALERS 13 U0VEH.-
MEMT SECURITIES,
Ho. 36 South THIRD Street,
I PHILADELPHIA.
PACIFIC RAILROAD NEARLY FINISHED.
1550 MILES BUILT.
The Union Pacific Railroad Co.
AND THE
Central Tacific Kail road Company
Hav added Eight Hundred (8o) Miles to their lines
1! tiring It e current year, while doles a large local pat
tt rger and freight buslniss. Thethiouga connection
wl.l undoubtedly be completed next summer, when
tbe through t radio will be very great. Forty thousand
men are now employed by the two powerful compa
nies in ;presslng forward tbe great national high.
way to a speedy comjletlon. Only 200 mile remain
to be bnht, which mostly are graded and ready for
the rails.
First Mortgage Gold Hood of the Union PaolQo
Railroad Company lor sale at par and Interest, aud
JMist Mortgage Gold Bones of the Central Faclllo
Kallroad al I13 aid Interest. ;
Tbe principal and interest oi both Bccda are pays,
ble in gold.
Dealers In UoTcrnment SecnrltleUold, Etc
No. 40 SOUTH THIRD STREET,
(ZS
PHILADELPHIA.
STERLING & WILDMAN,
BANKKB8 AND BROKERS,
No. 110 Sonth THIRD Street,
AGENTS FOB SALE OF
First Mortgage Donds of Rockford, Rack
Island, and St. Louis Railroad, '
Interest HKVJ N PER CENT., clear of 'l tax
payable In GOLD August and February, for sale at
t7 and accrued interest In currency. Also
First Mortgnge Bonds of the Danrllle
llazleton, and Wilkesbarre Railroad.
Interest SEVEN PER CENT., CLEAR OF ALL
TAXES, pajwble April and October, for sale at SO
and seemed Interest ,
Pamphlets with maps, reports, and fall Information
of these roads always on hand for dlstrlbuilon.
DEALERS in Government Bonds, oold, Silver
Coupons, etc.
&TOCKS of all kinds bought and sold on commis
sion In ISew York and Philadelphia, ill tutus
QA NKINC HOUSE
OP
JayCooke &(.
Kos. 112 and 114 Sonth T1I1RD Street,
PHILADELPHIA.
Dealers In all tiorcrnment Securities.
Did 6-208 anted In Exchange for Mew.
A Liberal Difference allowed.
tomponnd Interest Kotes Wanted.
Interest Allowed on Deposits.
COLLECTIONS MACE. STOCKS bought and (Old
On Commission,
Special business accommodations reserved tot
We will receive applications for Policies of Life
Insurance In the National Lire Insnranee Company
of the United States. Full Information given at oar
office. 118m
MEDICAL.
rheumatism:,
neuralgia
Warranted Permanently Cured.
Warranted rermaneullj Cured.
Without Injur to the System.
Without Iodide, Potassla, or Colchlcum
Dy Using Inwardly Only
DR. FITLER'8
GREAT RHEUMATIC REMEDY,
For Rheumatism and Neuralgia in all its forms,
Tbe only standard, reliable, positive, Infallibl per
naanent cure ever discovered. It is warranted to con
tain nothing hnrtful or Injurious to the system.
WARRANTED IU CUBE OK MONEY REFUNDED
WARRANTED lOUURKOH MONET RKPUNliEU
Thousand ot Philadelphia reiereuces of cures. Pre
pared at
Ho, 29 SOUTH FOURTH STREET,
ItZstnthlt ' BELOW MARKET.
FIRE-PROOF SAFES.
O . L. fil A I B E It .
MANITtACTnttKR ri
FIRh AND BUUULAK-PKOOF 8ABE8,
LOCKSMITH, BELL-HANGER, AND DKALEJt
UH BClLDUiU HARDWARE,
Ho. ia RAOE Street
C OTTOS AND FLAX,
SAIL DUCK AND CANVAS,
Ol all numbers aud breads,
Tent, Awnlnc. 1 rnnk, and Wagou t ovr Duck..
Also, Paper N auulactmer' Drlor Fells, from on
to several feel Poulius, limiting. Hall 1 wine, eta
iUUW W. KVEKMAN A OO.,
Mo. luajojsiv AUr