2 THE DAILY EVENING TELEGRAPH PHILADELPHIA, TUESDAY, APRIL 12, 1870, srznzT or Tns rnsss. Editorial Opinions of th Leading Journals upon Current Topic Compiled Every Day for the Evening Telegraph. INDEPENDENT WniTE-SATIN JOUR NALISM. &3vm Ui S. F. Sun. Last December the Independen t was t wen-tT-ene years old. It celebrated its arriral at tait halting-place on the road of oant and Bsighborly malignity by printing an extra coition in vile colored inks, as unpleasant to the eye as the contents of the paper often are to the mind. What made this extra issue especially diaa ' greeable was the prominence in it of two dreadful woodcuts. One of those represented the editor of that journal disguised as the Angel of Truth, and almost unrecognizable in that unaccustomed dross, blowing a twisted and ugly ram's horn at a building labelled (Ecumenical Counoil," and in tended, without doubt, to represent the Ro man Caaholio Church. In the foreground were the ruins of the structures that had already fallen before this windy angel, and on the stones were printed the names of the abuses they represented. Among them were "alaYery," "sectarianism," and "bigotry." Close by this picture, in the adjoining column, was a historical sketch of the Inde pendent, stating that the paper was established to promote two ideas, "one of which was the Congregational as against the Presbyterian Church pclity." On the whole, the picture was a pretty good representation of the prac tice of the paper as opposed to its preaching among the thingB blown down by the mighty Horn of the editor being sectarianism, while one of the two purposes for which the ! taper was established was to war against "reabyterianiflm on behalf of Congrega tionalism. In due time this "extra issue in colored inks" passed, as every one supposed, into the waste basket, and we had hoped that the in fiction had come to an end. But unhappily this is not eo. The Rev. Theodore Tilton has fallen in love with his own picture. The pair of sweet angelio wings, cropping out from his shoulders, which the engraving gives him, have proved too much for his modesty; and he, or rather his publisher, has concluded to send it to various emperors and kings, that it may be known in the different 9urt ciroles. The publisher has accordingly favored ns TAtti ft circular to say that he has the honor to fif m ns that he has had ten copies of this Svue of the Independent printed on fine white SDtin, and elegantly bound, which copies are 1 be sent to nine illustrious personages as frllows: Her Majesty Victoria I, Queen of Gnat Britain and Ireland. Ilia Imperial Majesty Napoleon III, Emperor of the French. His Imperial Majesty Francis Joseph I, Emperor Of Austria and King of Hungary. Hla Majesty William I, King of Prussia. Ilia Imperial Majesty Alexander II, Emperor of Ilia Imperial Majesty Abdul-Aziz, Sultan of Turkey. His Imperial Majesty Pedro II, Emperor of BraaiL His Imperial Majesty Kl-UIang, Emperor of China. And. last of all, tagged on to the tall end of this Imperial and royal procession, one to "ills Excel lency U. 8. Grant, President of the United States." There are several points about this pro posed gift that are especially eurioua. The first is the silly snobbishness of the affair. This deelaimer against monarchies, like most demagogues, seizes the first opportunity to fling himself at the feet of royalty with his white satin offering. In the next plaoe, he is So anxious to put himself in some sort of communication with the kings, that he does not stop to consider whether his gift is not rather more of an insult than a compliment. His picture represents, as we have said, the angel Tilton blowing fierce trumpet blasts against slavery and the Roman Catholio Church; and he has the exquisite good taste to Bend the paper as a present to two monarchs who are slaveholders and three who are de vout members of the Roman Catholio Church t They doubtless will duly appreci ate the attention. While he was truckling, however, why did he truckle especially to Blaveholding and Catholio kings ? ' There are several Protestant monarchs. Why were they snubbed? What will the Emperor of Japan say when he hears that the Emperor of China has got a copy of this sumptuous gift and that there is none for him? lie will be tempted to put his PostmaBter-General to death and commit "Sari-kari on himself. What will Victor ftsaanuel, King of free Italy, say when he fjws that the Emperor of Austria has been g!3ferred to him? Then, there's none for the f5$a and none for the King of the Sandwich !fcinds, and Sweden and Norway have been 'ghttd and Denmark left out in the cold. There will certainly be trouble among the crowned heads when this business comes to be known. Perhaps the gifted editor expects some acknowledgment graoeful autograph letters from the several potentates, that can be published in the Independent, signed "Pedro Imperator," or "Victoria Re gina," acoompanied with elegant gold snuff boxes with the Tiltonio initials set in blazing diamonds. Or perhaps the editor and pub lisher aspire to higher things, and expect titles in return. We may, for aught we know, soon have a paper published in this city by the Chevalier Boweni, and edited by the Count Teodoro Tiltono. Let the Count Joannes look out for rivals. Meantime let ns see what other absurd things the conduc tors of this Puritan-Republican sheet will be at. This certainly is the furthest possible flight of the snobbish imagination as yet at tained, and the most ridiculous thing of whioh American journalism has thus far been guilty. THE LABOR PROBLEM AT THE SOUTII. From th Ai T. Time. We regard it as a sign of industrial con valescence that the people of almost every Southern State are earnestly diseussing the questions of production, of emigration, of manufacture, and of labor generally, with reference to the speedy material recupera tion of that section. They seem to have reaohed a full, albeit a tardy, realization of the folly of their policy previous to the war, and to evince a disposition to avail them selves of the opportunity for a fuller develop ment which has just been presented to them by emancipation. They are evidently beginning to appreciate the true reason why the North has so steadily outstripped the South in the raoe for material proHperity, as well as of physical power, during the last ihree-quorters of a century. With infinitely theater attractions in climate, soil, and pro stable production, the South has steadily i'tillen behind in tho struggle for supremacy :li population, territorial development and ljjtb. 'iVie explanation of this is to be ad in the sooial aristocracy, the spirit of i.vlatioa and the degradation of labor, which were the inevitable results of slavery. There is no question that but for these obstacles the South would have absorbed a large share of the emigration and enterprise "which poured into the Western States, and whioh not onlv made that seotion the garden of the world, but has given it the political control of the whole country. Emancipation suddenly changed the policy as well as the requirements of Southern civilization, and notwithstanding it has taken five years of severe and painful disoi- Sline to efl'eot a realization of the fact, the elay has been salutary, and the transition more healthy and permanent by reason of the delay. The people have had an oppor tunity to study out the solution of the pro blem for themselves. They have been made to appreciate the true dignity and mission of labor, and to get rid of the false notions which they previously entertained. They see that the presence among them of four millions of people suddenly transformed from slaves to f reedmen, required a corre sponding change of social ideas. If not pro fitably employed, the blaoks would surely become a dangerous sooial element, but if they were so employed and speedily, they could readily be made a means of development and wealth even greater than they were before the war. Two things were neoessary to effeot this. The blacks were to be encouraged to adopt proprietary labor, and it was essential that they should be subjected to sharp com- Eetitions in order to prevent them from com ining to control. The first necessity involved the leasing or sale of land to the negro in small parcels, and the second the encourage ment of white immigration. Both necessities were resisted for a long time after peace was deolared, and chiefly from prejudioe. But reoently we note a very decided change in that respect. The Southern press generally invites emigration from the North, as well as from Europe. Agents have been sent from most of the States to organize European migration, and quite a large num ber of communities have already arrived. A convention is to be held at Charleston the 3d of May to aid the movement to South Caro lina; several large oolonies of Germans have reoently settled in Alabama, and a colony of New Yorkers are also on their way there. Fifty-three thousand emigrants, blaok and white, have passed through Memphis within the last five months, destined for the South west, of whom fifteen thousand were newly arrived foreigners. North Carolina, Virginia, and Kentucky have each organized bureaus of immigration which are actively at work, and similar efforts are being made and with great success to turn the tide towards Alabama and Mississippi. All this is but the beginning of the end. It is destined to go on increasing until the South shall be filled up with a new element of popu lation, which will introduce new ideas, bring its vast extent of unoccupied lands under til lace, and ultimately build up a homogeneous civilization upon the ruins of that false and pernicious system whioh has hitherto been an incubus upon the South, socially, politically, and materially. The result will be that the sectional animosity which has so long pre vailed will be gradually obliterated, and that when the present generation shall have passed away it will have disappeared alto gether. THE POSITION OF GEORGIA. From th St. Lovis Democrat. Senator Carpenter deserves credit for his suggestion in regard to Georgia. The situa tion, our readers remember, was this: The State has been three times reorganized, and yet Governor Bullock and his friends main tain that there is no possibility of preserving order there unless they are permitted to hold offices for two years beyond the term for which they were elected. Thereupon Mr. Drake proposed to admit the State, but to provide for quartering troops upon any county , or town in whioh disorders should occur. Senator Carpenter and others replied, in effect, "either Georgia is fit for civil government, or not. If she is fit, we have no business to put abso lute power into the hands of any man to establish there at pleasure a military despot ism. If she is not fit for civil government, Eray let us not admit her as a State, but keep er under military rule." The logio is unan swerable. The Senate, it appears, has voted, 32 to 22, to postpone action a while, and it is possible that the course indicated by the Senator from Wisconsin may be adopted. We do not think it the right course to pursue, but he deserves credit nevertheless for forcing to its logical results the position taken by the majority of Republicans. Either Georgia can be trusted to govern herself, or cannot be trusted. There is no middle ground. All the devices for tying up the State, and giving it the name without the reality of self-government, are shabby make shifts, unworthy of the Republican party and of Congress. If Georgia can be trusted at all, it is both a duty and sound policy to trust the State unreservedly and without delay. But if Georgia cannot be so trusted, we are in duty bound not to relax military control. In the former case, the policy advocated by Senator Schurz should be adopted. In the latter, the policy advocated by Senator Carpenter. But m either case, the policy of the Butler bill or of Senator Drake's proposed amendment seems to us to have neither logic, justice, nor practical good sense. Whether the State shall be fully trusted or kept under complete military subjection de pends upon a question of fact: Is it impossi ble to maintain a reasonable degree of ''order there by the methods of peace and self-govern ment r W e do not think Congress ought to decide that question in the negative without fair trial. Thus far there has been no trial; the people have not chosen their own rulers, and been permitted, under tnose rulers, to snow just what Bort of government they mean to maintain. We say this, not in censure of the course pursued by Congress, for that course has seemed necessary to tne best men of the Republican party, but as a naked statement of the fact. Now we believe that Congress ought to leave the people of Georgia free to how just what they are and what they want to do. If they break out into general misconduct, vent their spite upon loyal men, and refuse to enforce tho law for the protection or all citizens, tnen Congress will have power at any time to declare tne btate in insurrection, and tne people will sustain it in doing so. But whether the people will sustain Congress in maintaining military rule simply because some men fear that the people will misbehave is very doubtful indeed. The impression has gone abroad that Governor Bullock and his adherents are much more anxious to retain political power than to give peace to the btate. If they cannot have power without military rule, they want military rule whether mere is auy necessity tor it or not. The poo pie of the Northern States, to whom the Republicans of Congress must render an account before the year closes, are not pre pared, we Honestly believe, to justify (Jon cress in keeping Georgia under military rule because Governor Bullock says the RebuU will abuse the power of self-government if given to them. It may be true, but the peo pie who will vote next fall would be niuoh more likely to believe it, and to sustain Con gress, if it were proved to be true by actual experiment, than if it were merely asserted by a set of men who want to retain office. Republicans of Congress! do not make a mistake in this matter. Because the people sustained you in other cases, do not be sure that they will sustain yon in refusing to ueorgia a place in tne union, or in prolong ing by Arbitrary aot the power of the Repub lican officials there. The good name of the Republican party is too precious to be sullied by defeat, or by any act that will weaken the confidence of the people in its integrity. If the party has lived long enough, and you want to destroy it or undermine its strength, per haps you can find no surer way to do so than spin out this re-reconstruction after the final adoption of the fifteenth amendment. AWFUL VIRTUE. From tht N. Y. World. For a time the women of Wyoming kent mum at their dose of jury, but the bitterness of this has worn off, and now, like the child who forgets the taste of the medicine, they are not foot after tne sweets tne sweets of office again. This time it is higher game than a mere Wyoming justiceship, whioh there is reason to suppose even that estimable person in a black dotted gown and red ribbon in her back hair who once grasped it eagerly now despises, and, not to let the reader burst in ignorance, nothing will now do bat the entire reduction of the Territory under woman's control. With an intuitive insight into politics characteristic of thoir bright perceptions, the sisters early foresaw in this matter that the first step towards getting the outs in was to get the ins out, and accordingly a cunning plot, not unattended at this writing with success, has been devised against the Federal functionaries of that blessed land. One has already fallen, and the manner of his fall was this: He was the Secretary of State of Wyoming, and for a time behaved well, but, what with female suffrage and she-judges and bi-sexual juries, fell into drink. The changes brovght about in the Territory were too many for him. As his official pen put them upon the record his brain reeled, and finally, by dint of the great labors brought upon him by female prolixity in the matter of pleas, protests, petitions, and so forth, whioh surged in upon him like the waves of the seam multitude and the teachings of the moral law in length, exhausted nature craved such frequent stimulant that the occasional use of "suthin"' which had marked his earlier days now in these times of trial har dened into hourly habit. Drink brought with it, as is charged, immorality, and on these scores the offioe-seeking females of Wyoming preferred a petition for his removal to Grant. That excellent person failed to find any special support for the immorality charge and indeed this was a little weak, none of the sisters caring to say precisely how she knew of the licentiousness of the doomed Secretary but a man's eyes, his nose, his breath, his walk, and conversation effuse rum. and the charge here was sustained with a nnrticnlaritv that left Mr. Grant, who nannnt bear the sight of liquor, no option but forth with to behead this vinous one. Being be headed, it was the fond imagination of the Bisters that some one of their number would be nominated in his place, but bo far the tyranny of man has prevailed to retain a va cancy. Nothing daunted, our voteresses have be gun the subversion of the Marshal, and, on the pleas of rum and ruin whioh ousted the Secretary, it is evident the Marshal, too, must fall. With this will be a second chance for office, and if this foil no doubt a third effort will be made, and bo on until success attend. Now, such being the procedure of the women voters of Wyoming, it rises into a question whether, if female suffrage become general, we will not have a new amendment to the Constitution, to the effect that drink and debauchery shall disfranchise. , Fancy a Congress of many women, with, power to en force by appropriate legislation the provi sions of that article ! Picture a bureau of compulsory breath-smelling, and a huge in crease in the number of Government detec tives to follow male office-holders of dark nights. The old song says: "A man may drink, and not be drunk ; A man may light, and not be slain ; A man may klHS a pretty girl, And yet be welcome back again." With the full establishment of the Wyom ing rule, there will be no application in this district. There will bo no more cakes and ale, Solomon's Song will be under ban, and Luther's doctrine but heresy, that 'He who loves not women, wine, and song Is but a fool his whole life long.'' THE CONSCRIPTION IN SPAIN. From tht N. T. Berald. Among the grand reforms which were pro mised by the revolutionary leaders two years ago, when they were secretly agitating for the overthrow of the Bourbon government in tho Iberian Peninsula, chief and foremost was the abolition of the detested quintet or military conscription. This "lottery of blood," this tithe of human flesh, had wrought such woe in nearly every province of the realm that, to get rid of it alone, the people were ready to follow any one whom they thought strong enough to deliver them from so abhorred a burden. This was the string upon which Prim played the most loudly and persistently in his insurrectionary proclamations of 18UC and 1807, and it vibrated fiercely through the popular heart. Again, when the revolu tionary Junta of Cadiz subsequently called the people to arms and started the - move ment which drove Queen Isabella from her throne and over the border, 'Abajo las quin tets" "Down with the conscription!" was their most effective rallying cry. Every club, coterie, and committee of the "patriots placed this demand at the head of their programme, and the result, as all may remember, was magical. The revolution swept over Spain by a well-nigh unanimous outburst of enthusiasm. The old system, went down like a castle of frost work, and with it true men fondly hoped the bitter abuses which had so long chilled the blood and stagnated the enterprise of a historic race fell to rise no more. Last year, however, the resumption of the quinta was imploringly called for by the revolutionary ministry, on the plea that publio safety abso lutely required it, and the majority voted for it in the Spanish Cortes upon the solemn assurance that it was to be but temporary, and for the last time. Even then, when the pe riod for the drawing by lots arrived, there was some resistance iu the provinces: but the voice of the nation consented to the law as to a supreme and final oacrince. Some feared French invasion, and all recognized the ne cessity of replacing the strength drawn away from the home forces by the despatch of forty thousand men to Cuba. But this was not all. Military ambition de mnnded much more. The consoriptionjjof 180!) was greatly alleviated by general volun teering, and the towns and communes bought off all the real conscripts by willing and weighty bounties and contributions. The volunteer system, however, was but a thorn in the side of those generals who were dream ing of military dictatorships and prolonged j power. "Non taliaumlio, neo dej'emoribu tntis " wan thoir secret watchword. The con scription must be made permanent, and thus we nave seen the projeot to prolong it shame lessly presented to the Cortes. In the mean time the one year volunteers are going out of service, and the municipalities, utterly ex hausted of funds, can no longer offer bounties for substitutes. The revival of the bated law is resisted by an enraged populace in Madrid, Malaga, Seville, and Barcelona in the latter city the more fiercely because Catalonia was long ex empted from the "blood tax" and feels it most. "Abajo la quintets " rings again from one end of Spain to the other, and there is sad prospect that the present gov ernment will disappear in slaughter and anarchy, to be followed by the miseries of invasion, unless the true patriots of the Peninsula can rise to the height of the exi gency, compel their plotting leaders to abandon their unholy lust for power, and give their country that peace which is best founded upon liberty and safety at the fireside. AND TnE COLORED TROOPS FOUGHT NOBLY. From the Chicago Pott. The celebration at Chicago yesterday, by the colored people, of the ratification of the fifteenth amendment to the Constitution, was an event worthy of note on many aocounts. It is certainly true that the prooession during the day was a marked sucoess. The thou sands who witnessed it will agree that there have been few more imposing displays in Chicago. Everything that ought to have been done was done, so far as the publio could perceive. Nothing seemed to be lack ing. The civic display and the military dis play were exceedingly well got up, and ap propriate to the occasion. If those forming the procession had been white men, they could not have done better than was done; and white men have frequently, on like jubi lant occasions, done a great deal worse. Of the proceedings at the hall we noed not speak at length. They were creditable throughout. The negroes did their part with great and acknowledged success, and even eclat. The meeting last evening was a great deal more Interesting, instructive, and or derly than any Democratic meeting of the past fifteen years which we can now recall to mind. But the particular point in this celebration by the negroes to whioh we desire to call the special attention of the publio is the fact that good order and perfect sobriety characterized the day, so far as those engaged in the cele bration were concerned. There was no more drunkenness in Chicago on the negroes fourth of July than on any other day. If men will recall the last "great day" the Chi cago Demoorocy have had the day of Ho ratio beymours speech in 1808 and com' pare this with that, they will form a very favorable opinion of the good conduct of the newly enfranchised citizens. If there ever was an occasion which there never was when men would be justifiable for hila rious and extravagant behavior resulting from the drinking of healths, it was this when the negroes celebrated their exodus from the land of political bondage, and their safe arrival in a sphere so much better and brighter that they might seem to have taken on a new nature, with renewed capaoity for progress, influence, and happiness. If there was any intoxication, it was very different indeed from that of drunkenness as far removed from it as the inspirations of the poet from the Hallucinations of a lunatic Seeing what others do on such occasions, the sobriety and orderly, dignified behavior of the colored people on the occasion of a cele bration so justly joyous to them, must be set down as greatly to their credit. They be haved nobly. It is a matter in which the intelligent pub lio may well and Heartily rejoice, that the ne groes held this celebration of their practical emancipation from injustice and oppression, It was an opportunity for the publio to judge of tne men wnom tne public Had long con demned, and the result of the good and creditable conduct of tne negroes is that they have won the respect of thousands who never respected them before. There are thousands in Chicago, hundreds of thousands in the country, who have witnessed similar celebra tions, who at last firmly believe that the blacks have rights which white men are bound to respect, and who now, if never before. stoutly affirm that the colored troops fought nobly. That they will continue to fight nobly in the discharge of the duties of citizenship in this great republio, they alone can doubt who doubt the beneficence of freedom and the goodness and wisdom of Him who hath made of one blood all nations of men. FINANCIAL. SILVER On hand and FOR SALE In amounts and sizes to SUIT. BE UATEN & BKO., No. 40 Couth THIRD Street. im PHILADELPHIA yy i n c work. GALVANIZED and Fainted WIRE GUARDS, store frouu and windows, for factory and warehoue windows, for churches and collar window IKON and WIHB RAILINGS, for balconies, office! ocmetery and garden fences. Liberal allowance made to Contractors, Builder and Carpenters. All order filled with promptnut and work guaranteed. ROBERT WOOD A CO, a No, nu ktdgb Avenue PWia. t-I Oil (tT 1 . U fit tO, HNANOIAL JayCooke&Gx PHILADELPHIA, NEW YORK, AND WASHINGTON, BANKERS Sealeri in Government Securities. Epeclal attention given to the Purchase and Sale of Bonds and Stocks on Commission, at the Board of Broilers In this and other cities. INTEREST ALLOWED ON DEPOSITS. COLLECTIONS MADE ON ALL POINTS. GOLD AND SILVER BOUGHT AND SOLD. BELIABLB RAILROAD BONDS FOE INVEST MENT. Pamphlets and full Information given at our office, IVo. 114 S.TIIIKD Stroot, PHILADELPHIA. 418m D. C. WHARTON SMITH & CO., BANKERS AND BROKERS, No. 121 SOUTH THIRD STREET. BaoMMon to Smith, 8 ndolpa Oo. r 17 branch of the basinasi will bar prompt attention as haratof or. Quotation of Btooka, Gora-umenta, and Gold eon. Itantbj ncWed from Rvw York brrrimtU win, from oat friends, Edmund D. Bandolpa Co. Pm 8. PETERSON & CO., STOCK BROKERS. Ho. SO South TIIIRD Street. ADVANCES HADE ON GOOD COLLATERAL PAPER. Most complete facilities for Collecting Maturing Country Obligations at owoosb INTEREST ALLOWED ON DEPOSITS. 1 Kf T II 12 X 12 St, CO. No. 34 SOUTH THIRD STREET, Amerioan and ITorelfipn ISSUE DRAFTS AND CIRCULAR LETTERS OF CREDIT available on presentation In any part of Burope. Travellers can make all their financial arrange. ments through ns, and we will collect their Interest and dividends without charge. DalXXL, WtNTHBOF A C0.,DBKXtX, HABJXB A CO. New York. I Paris. 81 E LLIOTT 1 U If If, BANKERS No. 109 SOUTH THIRD STREET, DEALERS IN ALL GOVERNMENT SECURI TIES, GOLD BILLS, ETC. DRAW BILLS OF EXCHANGE AND I38UB COMMERCIAL LETTERS 07 CREDIT ON THE UNION BANK 07 LONDON. ISSUE TRAVELLERS' LETTERS OP CREDIT ON LONDON AND PARIS, available throughout Europe. Will collect all Coupons and Interest free of oharge for parties making their financial arrangements with os. .aa; IS I ILi "V E2 R FOE SALE. C. T. YERKES, Jr., & CO., BANKERS AND BROKERS, No. 20 South THIRD Street, 4 8 PHILADELPHIA. B. K. JAMISON &-CO.. SUCCESSORS TO J?. JP. KELLY & CO., BANKERS AND DEALERS IN Gold, Silver, and Government Bond At Closettt market Kates, N. W. Cor. THIRD and CHESNUT Sti. Special attention given to COMMISSION ORDERS la New York aud Philadelphia Stock Boards, etc etc :wa JOHN C. RUSHTOW A CO., No. 60 BOUTH THIRD STREET. MAItCH COTJPOUS WANTED. CITY WARHANT8 1 6 3m BOUGHT AND BOLD, FINANCIAL. Tf H E UNDERSIGNED Offer For Sale $2,000,000 or THl PENNSYLVANIA CENTRAL BR. CO. OEHERAL MOETOAQE Six Per Cent. Bonds At 92 and Interest added to Date of Purchase- Aii free from State tax, and Issued In sums of 11000. These Bonds are Coupon and RogtHtered Interest on the former payable January aud July 1 ; on the latter, April and October. The oonds secured by thta mortgage are iMaed to W1STAK MOKH18 and JOSIA1I UACON, Trustees, who cannot, nnrler its provisions, deliver to the Company, at any time, an amount of bonds exceed Ing the full-paid capital stock of the Company limited to 10,000,000. Enough of these bonds are withheld to pay off all existing Hens upon the property of the Company, to meet which at maturity It now holds ample mean. Independently of the bonds to be reserved by the Trustees for that purpose, making the bonds prac tically a FIRST MOHTUAGE upon all iu railways, their equipment, real estate, etc etc. The gross revenue of the Pennsylvania Railroad In 18C9 was 1 11,880,811, or nearly twenty-eight per cent, of the capital and debts of the Company at the end of that year. Since 1867 the dividends to the Stockholders have averaged nearly eleven and one-half per cent, per annum after paying Interest on Its bonds and pass lng annually a large amount to the credit of con struction account. The security upon which the bonds are based Is, therefore, of the most ample character, and place, them on a par with the very best National securities. For further particulars apply to Jay Cooke & Co., E. W. Clark & Co., Drexel & Co., C. & II. Borie, t"i V. II. Newbold, Son & Aertsen. WE OFFER FOR SALE THE FIRST MORTGAGE BONDS OF THl SOUTHERN PENNSYLVANIA IRON AND RAILROAD COMPANY. Thes. Bond, run THfRTV TK4.R8, and pty SBVKH PBR CENT, intereat in told, olau of all Uim, pvabU at th. Fint Hational Bank in PttfUdslpbis. Tbe .mount of Bond. iMaed is 80'-45,OOO, and arc cared bj a Fint Uortm on real eatata, railroad, and franchiaa. of the Company, th. former of whioh ooat tw hundred thooaaod dollara, whioh has been paid for from Stock .obeoriptton., and attar th. railroad ia finished, eo that th. produots of th mine, can be brought to market. It ia eatimaUd to be worth It 1,000,000. Ihe bailroad oonneots with the Oumbarland Valler Railroad about four milee below Uhamb.raburR, and runs through a seotion of th. moat fertile part of th. Comber UndV.lley. We eell them at 93 and accrued Interest from March U For further particulars apply to C. T. YERKES, Jr., A CO., BANKERS, SO, 20 BOUTH THIRD STREET, 830tf ymT.fniTT.pm a; NEW LOAN. City of Allegheny Six Per Cents, FIt-CIJ OF STATE We are offering a limited mount of this Loa Jit 90 Ter Cent, and Accrued Interest. The interest la payable first days of January and July, in Philadelphia, FHKB C? STATE TAX. We recommend them aa an unquestionable ae urlty for investment The debt of Allegheny City being comparattTelj small, the security offered Is equal to that of the City of Philadelphia, the difference in price making them a very desirable and cheap security. WI. PAINTER & CO., Itnuker- and Dealers lu Govern ment Herurltie, No. 36 South THIRD Street, lSrn PHILADELPHIA. QI.EIVmirVU. DAVIS & CO., No. 48 SOUTH TIIIRD STREET, PHILADELPHIA. GLEr.Dlf.HING. DAVIS & AMORT, No. 2 NASSAU STREET, NEW YORK, BANRERd AND BROKERS. Kocelve dftposlu subject to check, allow interest ousUudliig and U-uipoiary balances, and execute onlera promptly for tbe purchase and sale of eTOCKS, HONliH aud GOLD, la cither city. Direct telegraph couiniunieatlon from Philadelphia house to New York. 11