THE DAILY EVENING TELEGRAPH PHILADELPHIA, FRIDAY, APRIL 15, 1870.
2
bpihit or ran muss.
Editorial Opinions of the Leading Journals
upon Current Topics Compiled Every
Day for the Evening Telegraph.
TIIE PHILADELPHIA FESTIVAL.
Itm tto If. T. WorUL
borne eighty odd years ago, when a few
tmndred oQioers of the Continental army of
the Revolution, at the oIobo of the war, or
ganized a aooial reunion, with a mild dis
tinctive badge and the slightest possible sus
picion of "inheritance," the sensibilities of
party, if not of the people, were aroused,
and the thing was regarded as dangerous.
"I look upon it," wrote Mr. Jefferson,
grarely, to General Washington in 1780,
"as the germ whose development is one
day to destroy the fabric we have reared."
One smiles in reading this who nowadays
sees on the Fourth of July the feeble rem
nants and inheritors of this association
with a bit of blue ribbon in their button
holes. Still, whether it was an honest,
creditable distrust, or an idle, causeless
suspicion, we have gotten bravely over it;
and now we have around ua military associa
tions of all kinds and description "Grand
Armies" and "Great Reunions," "Armies of
the Cumberland" and "Armies of the Poto
xnao" designed avowedly to embalm the
memories, not as with our anoesstors, of a
war against oppression, real or imaginary,
but of "that worst of wars, a wax of brethren;"
and not merely that, but if such orators as
Martindale are to have their say, of the sec
tional and dootrinal antipathies in which the
war originated. Asocial reunion nay, even
an eleemosynary one of the survivors of
days of peril and hardship no one can object
to; but when the development of per
sonal sympathy ripens into a huge parade,
on which are engrafted political ha
rangues and acrid, though monstously
stupid, poetry and the expression
of professional animosities, the thing is very
different. Such we find, from the reported
proceedings ana tne concurrent testimony of
gallant men who come discontented from the
ncene, was the recent l'otomao pageant in
Philadelphia, at which Sheridan, as if in
mockery of all Quaker tradition, with the
fresh blood of the Fiegan pappooses on his
hands, presided, and Grant assisted, and
Sherman, who had as little to do with the
Army of the Potomac as he has with the noble
army of tne liturgy, took part, and Meade,
SHiTounded by his enemies, played second
fiddle, and Franklin sate unnoticed, and
McClellan was barely mentioned though
when he was there was an outburst from the
masses which tne party managers, civil and
military, could not control.
It must have been a curious sight, this
gathering in the Philadelphia Academy of
Music; that accursed building whence, but
a week before, Revels had been excluded,
and across whose polluted threshold so says
a radical newspaper now before us "no de
cent man ought ever again to put his foot."
It is not easy, looking at what was said and
done, to say why it was held in Philadelphia
at all, or even in Pennsylvania, when we
note that the Governor of the Commonwealth
(of whom we are no partisans), thouch him
self a soldier of the Army of the Potomac, and
wounded on the field of Gettysburg on Penn
sylvania soil, was not invited to be present,
and the native-born soldiers of the State and
city were not noticed, or, worse, sneered at,
General Meade, albeit not native-born, but
native-bred, was there, and is spoken of by
our neignbor ot tne moune, wno bad an
ecstatic reporter on hand, "as having the face
of an aristocratio Philadelphian, graduated
out of one of the medical schools, with a
touch of Dundreary in his stoop and dim
eyes;" while Sheridan's "cheery countenance
and bright face gathering rather too much
blood" that is, apoplectically inclined is
commemorated. Meade, we repeat, was
there, with his modest right-hand man.
Andrew Humphreys; and as he looked
round he saw, besides Sheridan, by whom
he was overslaughed, not Sickles, trans
lated to a higher sphore, nor Bntterfleld,.
absent tor a dmerent reason, but Pleasonton,
the most active of the conspirators against
him, and a crowd of others who had tried to
blast the laurels when they were fresh upon
his brow. So much for Gettysburg, which
saved X'niiadeipnia; but wnat of Antietam;
what of him native of Philadelphia, whom
his venerable mother and all his near kindred
love who saved the Army of the Potomac,
for which Lincoln, not much addicted to
reverential supplication, begged that "God
would bless him ?" If invited to join them,
a majority of the rivals around rejoiced in
his absence, and his name was grudgingly
mentioned.
But then, besides a speech, of which we
have once spoken, there was a poem and a
poet. The latter is thus described by the
'Jribune: "Boker, the war poet the hand
some Boker, as they call him in Philadel
phia, and picture to themselves a kind of
Dutch Byron, too drowsy to be gra ,d and
too well-behaved to be wicked a lyrio poet,
whose noblest and boldest fire only
smoulders amid such an oratorioal veise
essay as he read." Now, from this high
praise, though perhaps a little unintelligible,
we do not wink to detract a tittle; but duty to
truth compels us to say that on this occasion
the "war poet" played the Army of the Poto
mac what, in no personal disparagement, we
must describe as a sourvy trick. Like "Mrs.
Cole," in Foote's farce, "he tipped them an
old trader," and actually read to them as fresh
a poem which was in print certainly six
months ago, and is contained in Mr. Boker "s
last volume. Now, while it may be admitted
that Homer and Horace, and Virgil and Mil
ton, and the more direct prototype of all,
' Pindar; are always freBh, the antiseptic pro
cess has not yet touched Boker. Nearly a year
ago we read, on very nice letter-press of Mr.
Lippinoott, such lines as these, which last
week wore recited as new in the Academy of
Musio:
"With prowlnir courage, day by day, I hunjr
Above tbe soldier of tne quiet tontine;
fcneers biased abont him, penmen fought his war ;
Here he was lacking, there he went too fur;
Aioa, how bloody ! But, alack, how tamo! .
O for I.ce'8 taleut! O ye, fools for bIiuiiic!
from the rim wove his loo defensive stooil ;
Aulaa that nothing? It was worth thn Mood.
Chief Supreme, the head of glory's roll:
O will of steel: O lofty, generous soul,
inuring tliy Inn re In, lest a comrade want;
W hy should I name tlieeV Every mouth cries,
liraut'"
This, according to the canon of the Tri
bune, may be very fine, but it won't bear
iteration. When Major TendenniH, an old
noldier, was invited to Lady Wavering's
second day's dinner he was very wrotb,
though he went. So the soldiers of the l'o
tomao bad to swallow Mr. Boker's oold moat,
or hash, and be content. Suoh versos as wo
have quoted are not very palatable- when hot;
but when stale, not to speak irreverently of a
Boston btaple, they are as insipid as oold
chowder.
That after such Buffering after Martin
dale's speech and Boker's poem there
should be some compensation in the form of
a banquet was but fair, and a banquet there
was. At which we read:
"What else shall be said of the feast T Meade
ortilrind! Sherman made a stwwh. and chatted
with Burnslde or Schofleld or Belknap; Grant be
times blew smoke through bis nose and looked im
perturbable. Belknap was asked to speak for him,
but misunderstood, and spoke at him. After all. If
Oraatcan rat and smoke, why should he not speak T
The example of smoking Is, porhaps. no better than
that of speaking, and of speakers the evening was
run."
And then we are told that "no one talked
with better brevity than ex-Secretary Borie
in his tribute to Captain Williams of the
Oneida" explaining, we trust, whv the de
partment had not given him boats enough to
save his drowning crew; and, finally, it con
cludes with a description of post-prandial
aeony which only a Philadelphia orator is
capable of inflicting. "The feast of reason
was also inspired bv Secretaries Cox and
Belknap, and the exertieiatinff but irresistible
eloquence of that highly popular orator,
Daniel Dougherty.
And the curtain feu on wnat mtgnt, unaer
proper direction, have been a scene of kind
and genial fellowship, but wmcn, prostituted
bv politics, was a hollow and a dismal
pageant. The camp-fires on the Rappahan-
nock or in the Wilderness created a purer
clow in the hearts of those who clustered
round them in the moment of danger than
did the garish footlights of the Academy or
the empty champagne bottles of the Conti
nental in the hour of triumph.
HOW MONEY IS RAISED IN ENGLAND.
From the N. T. Times.
The account of Mr. Lowe's budget which
has been transmitted to us by telegraph con
tains too many obvious mistakes to allow of
our placing much dependence upon it. For
instance, we are told that the "budget was
passed" on the day it was introduced a feat
in legislation which seems to have astounded
a Newark contemporary, as well it might,
ine "budget cannot nave been passed, be
cause it is never submitted to a vote of the
House en bloc. Resolutions for separate
taxes are taken up separately, and on Monday
a motion for reducing tne sugar duty was em
bodied in a resolution, and that was passed.
But the measure as a whole has yet to be
thoroughly discussed in Committee of Ways
and Means, and this work will probably not
be even begun untu after faster.
Again, the figures given by the telegraph
as the estimates made in 180!) for the year
18C9-70 do not correspond with the official
figures now before us. But when all neces
sary allowances have been made for inaccu
racies, the broad fact remains that the finan
cial condition of Great Britain is prosperous
now, and promises well for the future.
There is a surplus of receipts over expendi-
ture of 8,000,000 in round numbers, and
nearly every department of the revenue has
been more productive than was anticipated.
This is a state of affairs that may well delight
the heart of any finance minister. That it
is greatly owing to the scientific method of
levying taxes and duties now adopted in
England, cannot be doubted. Liong prac
tice, many costly failures, and the devotion
of the ablest men in the nation to the task
of managing the exchequer, have enabled
the Government to raise a very large amount
of money with the least possible inconve
nience to the people. Thus the customs
duties are confined to a handful of articles,
and yet they produced over twenty-one mil
lions. So the income tax produced upwards
of ten millions fifty millions of dollars
although the rate was no more than five
pence in the pound or a little over two per
cent. An income tax here of five per cent.
produces considerably less than this, while
the persons liable to the tax are probably more
numerous here than in England. This might
well lead our financiers to consider whether
they have yet hit upon the best method of
assessment and collection. The income tax
is now to be reduoed in England to four
pence in the pound, or about one and two-
thirds per cent. We propose to raise a
much smaller amount with a tax of three per
cent.
Our customs duties embrace a very large
number of articles, while, as we have said, in
England very few are touched. In gross
expenditure, England is not so favorably
situated as we are. The interest on her
national debt amounts to three and a third
per cent, on her gross income; the main
tenance of Her army and navy entails a
cnarge of another three and a third per
cent.; the internal administration costs two
per cent.; the local taxation amounts to
nearly three per cent. altogether, about
eleven and a half per cent, of the gross in
come of the nation. But let this fact be
borne in mind: In England there is no tax
left in the statute book on actual
necessaries of life. The last duty on corn, of
a shilling per quarter, was abolished by Mr.
Lowe in 1Kb'.), it was little more than a
nominal duty, for it only realized 870,000.
The duties on tea (sixpence in the pound),
coffee, and sugar (one penny in the pound),
still exist, and Mr. Lowe seems to have told
the House of Commons on Monday that at
present he could not do entirely without
them. He has made no great remission of
taxation this year, except the penny in the
pound sterling on the inoome tax, and a half
penny in the pound weight on sugar. Some
trade exemptions are all that he allows in
addition.
with regard to the income tax, the exemp
tions here are much greater than they are in
England, but still it cannot be doubted that
at the rate of five per cent, the tax ought to
bring more into the Treasury than it does.
The amount realized in the last fiscal year was
only if .14, (!1, ..(, while the Secretary to the
Treasury thought he had a right to calculate
on at least forty million dollars. There can
be no question that the tax is evaded to a
very large extent, but the chief cause of its
comparative failure is the rush way in which
exemptions have been allowed, especially iu
the case of the agricultural class.
Another point worth noticing is that the
taxes in England are so levied as to draw
considerably more money from the rich than
the poor. It has been calculated by Mr. R.
Dudley Baxter, an excellent statistician, that
what are called the "upper and middle
clasnes" in England contribute ,U,000,0()() to
the national income, and the "manual labor
ol(iE8" '.'!), HL',000. Professor Levi, another
recognized authority, estimates that the per
centage of taxes to income in the oase of the
working classes is five and a half percent.,
while the upper and middle classes pay
twelve and a half. The aim of English finan
ciers is undoubtedly that which has been well
defined by Mr. Bright "The taxes which
now exist ought to be put on a satisfactory
and honest footing, so that every man, and
every description of property, may be called
upon in its just proportion to support the
burdens and necessities of the State." This
ought to be the chief end and object of finan
ciers everywhere, until the happy time ar
rives when we can do without the taxes alto
gether. General lioneerana wants a treaty made
with Mexico enabling American citueu to
build railroads iu that couutry,
AT LAST.
sjalr RrvrU Deliver IIU lrteir Haiti.
rultarml Hall Crawde ta Kzoem Aa Able
Kflart.
Despite the opposition of the Board of Di
rectors of the Academy of Music, Senator Revels,
of Mississippi, has been allowed to doliver a
lecture in our city. Horticultural Hall last
night presented an audience and a scene that
would have gladdened the heart of the most
eloquent Caucasian. As early as 7 o'clock
crowds commenced pourlnrr into the handsome
edifice, and long before the eloquent son of the
once despised race appeared It was filled to
excess. At precisely a quarter before 8 o'clock
Senator Revels was introduced by Robert Pur
vis, Esq., in a few eulogistic remarks.
After the applause had somewhat subsided
the lecturer started at once on his theme,
"The Press."
I have always bom to the land of Fenn a
peculiar affoctlon. The good old Quaker stock
ot its citizens always excitea my admiration.
Tbey have always been the champions of equal
rights. In the days gono by the black men
always knew wno their mends were. Una de
scendants of Fenn were always ready to aid
them when it cost something to extend such
aid. A quarter oi a century nas naraiv passed
since Dr. McClintock was arraigned at the bar
of justice for defending their rights. I have
always bad a hlv;h respect for him; and when
the news oi his deatn reached me in washing-
ton I felt that abolitionism had lost one of its
ablest defenders. Every Quakeress is a Illy,
and when they come up to their yearly con
ferences they show like troops of the shining
ones. It requires nothing to convince us of the
purity of William Fcnn's character. History
speaks for him. He treated with the Indians as
they have never been treated with since the
foundation oi our government.
When requested to address the citizens of
Philadelphia, in casting about me for a theme
on which to say a few words to-night, I was
bewildered by the multiplicity of subjects pre
sented to my notice. My own people were
pressing their claims upon me, and not only
them, but the cause of freedom throughout the
world. The solution of the great problems of
this land are of the greatest importance. I
forget for the nonce the realms of thought that
would lead mo into the land of poetry. The
questions agitating the country called for my
attention. Just coming into the public notice
I. of course, did not entirely appreciate all that
might be required of me as the representative
of my race. But I did fully realize that the
action of the Senate would be of immeasurable
importance to the colored people, and their
future place in American legislation. To gain
tbe recreation wmcn i needed, and give piay to
a high-strung mental tension, I employed the
hours oi the early stage of my residence In the
capital in surveying the objects of curiosity
which attract the stranger.
Here the speaker gave at some lcntrth a de
scription of what he saw in the various depart
ments at Washington, and continued: I re
served as the most interesting point to me, the
visit to the Patent Oillce. Amid a multiplicity
of other matters I noticed the old printing press
of Benjamin Franklin, the "Boston Printer and
tho Philadelphia Philosopher." The words of
Elliott came into my mind, and here I received
the suggestions that eventually settled upon the
"Press'' as tho subject of my remarks.
I propose, therefore, my friends, to follow
here to-night a train of thought which the old
printing press of JTranklin aBd the words ot
Elliott suggested to my mind. It seems almost
miraculous that the throe greatest inventions
should have been made during the same epoch,
and that that epoch immediately preceded the
discovery of the New World the application of
gunpowder and the magnetic needle to practical
use, and the invention oi movaDie types, lor the
purposes of printing, by Faust, and Schaeffer,
and Guttenberg. It is of the last that I have
chiefly to do. 1 don't intend to attempt to prove
that the principles of printing were known to
every nation of antiquity by whom coins and
medals were made.The fact itself carries with it
its own argument. Nor do I design to present
in any detail the history of the art; but I shall
merely dwell upon printing as an element of
modern progress, and the uses and abuses
accompanying it in our times. Therefore, in
tho words "The Press" or, if you please, the
newspaper is found tho theme on which I
propose to speak to-night.
In our generation and land it is impossible to
form any conception of the slowness of gather
ing news in former times. The use of steam
and electricity has revolutioned the entire busi
ness of the age. The slow-moving stage coach
is superseded by the railway car. The mounted
carrier who travelled from point to point is sup
planted by the telegram, and to-night the tired
settler of the Western country reads not only
the news of his own country, but that of Lon
don and Fckin. Compare the advantages for
the conveyance of news with those of mcdlieval
times. A synod meets in Rome. In former
times no member of that indefatigable and
worthy body known as the reportorial corps
would, in the guise of a priest, steal their secrets;
but now the business of to-day is published in
the papers of the following moraine all over tho
world. When we ponder over tho beauties of
Homer and Llvy we forget that it is only four
hundred years since those works were only in
manuscript.
The unlettered freedman in tho savannas of
the South has more educational advantages now
than the king upon his throne in the time of the
Middle Ages. Fulton proved to the croakers of
his age the practicability of steam. Morse has
improved largely on Franklin's idea In regard to
the management and use of electricity. Dagucrre
has snatched from the face of the sun the art of
transferrin": the lineaments of the human face
divine to paper, thus transmitting thorn from
father to son, and tho candid mind must ackuow
ledge that much that has been accomplished in
the past has been due to the inllucnce of tbe
press. The progress of this country In Intellect
tual and material things Is largely due to tho
newfpupcrs. Tho time is not long gone by
when the present unlicensed freedom of the
press would not be tolerated, and yet la this
couutry it is part nnd parcel of the organic
htatuto that Congress shall not pass a law abrldg
lug tho "liberty of speech nor the freedom of
tbe press."
iLe speaker quoted from llume s "'History ot
England" to show the laws that had beeu
past-ed in former times abridglug this freedom
of the press, and reterred to statutes thus in
terfcrinjr, that hud beeu ordained by Queen
Elizabeth and King James.
. He also quoted liom "Hlaekstono's Commen
taries," giving the law of Graat Britain, subjuct
to the amendments of Parliament, and resumed
The abuse of free will of tho liberty of tho
press Is tbe proper subject of legal punishment.
Ihe first colonial settlement of this couutry was
tbe first to make enactments in regard to the
freedom of the press, licensing only those whom
tuo Legislature unpointed, me language ot
Blaekstono was transferred into tho Constltu
tion of Massachusetts, and tho definition there
given may be regarded as the opiuiou of the
lathers of our Republic.
in our age It Is the fashion to speak of pre
ceding ceuturics with disparagement. My opi
nion is we do not justly consider the doings of
the eighteenth century. It had just emerged
from one tlint was the cause of all tbe tyranny
that blot its pages.
Tbe first newspaper published In the United
States was the Boston Avw lA'lter of 170.
What a difference now! Take np some of our
leading newspupers now say tho l'res, of
your own city, or tho Tribune, of New York
and what a world of information is opened up
to you without moving out of tho precincts of
your own parlor! The newspaper makes us cos
mopolitan. From the rural rustic of a hamlet
you become a denizen of teeming cities. At
one moment you see the Holds covered with
glowing verdure anon you are in tbe midst of
Paris intending tho triul'of Pierre Bonaparto, or
you are treading the streets of Yokohama, ou
the coast of Jupuu. Tbe uewspuper reader is
us well acquainted with the language of forelgu
countries us he is with bU own. He becomes
familiar with the doiugs of kings; he Is equally
at home with the ballot girls or strong-minded
wotnon.
There Is no newspaper of either continent
that Is equal in circulation to the London
Time. It circulates in all countries and is
under the eyes of all people, and yet I doubt
very much If there Is a paper on the face of the
earth that Is a more abject slave, la all its posi
tions before tho people, as this one Is In relation
to that common master called Public Opinion,
The loyal people of this country smarted under
the keen, bard thrusts which our nation was the
recipient of at the hands of Dr. RusselL the
Timet correspondent In America during a part
of the late war. Dr. Russell simply obeyed In
structions emanating from the London office of
the Time. He took his cue and dared not de
part from It. If he did he knew what it would
cost the next steamer would have carried a
new set of instructions to the London letter-
writer on our shores, and they would have
been: "Pack up your traps and report by the
next steamer to our English ncauquartcrs.
(Applause.)
This i
slavery to public opinion, be that opinion
right or wrong, is, to my mind, the most perni
cious abuse of the freedom of the press. 1 am
far from disparaging public thought. I believe
in the rule of the majority; but don't believe
that because a question is popular, that because
the public is on Its side, that therefore the ques
tion is right. Tho world as well as individuals
must be educated beyond tbe dead line of mere
party bickerings and strife. (Applause.) On
Questions of abstract rieht and wrong the educa
tion of our nationality demands eur most pains
taking care and faithful devotion; but then again,
there Is something reaching above and beyond
nationality. To work for national good and
advancement Is indeed glorious; but far more
glorious is it to work for universal good. Na
tionality is only one step below universality in
the moral and mental progress of tho world. I
eay then that public opinion may bo a tyrant,
and to educate it out oi its tyranny is tne nign-
est moral duty of the newspaper as an element
of universal progress. (Applause.
Classical history tens many an interesting
story. The old story of the ostracism of Arls
tldcs gives a good illustration of the tyranny of
this public opinion. It mocked at Cranmer; It
laughed at Harvey, for the discovery ot the cir
culation of tbe blood.
Those who mocked were convinced the print
ing press would either crush them or be crushed.
The most humble of village papers has not only
its "poet's corner," but also a department of
book criticism. I could name a paper In your
own citv that has no peer in this Hue of litera
ture. Whatever we may say as to tbe course of
tho London Times, one thing must be admitted
they always pay an amount for their literary
department that colls to tholr aid first-class
talent.
I do not wish to draw any Invidious distinc
tions. I wculd not have the Press muzzled.
God forbid! I believe wcro it not for the press
I should not stand here to-night, and my raco
would still be In tha gall and bitterness of bond
age; but for the press, that grand part oi the
organic law which protects us all would never
have been engrafted on the Constitution, and
liberty and equality would not as now be the
rule of the land. In the cloister of Abrogasta
dwelt John Guttenburg, one of the inventors of
printing. Ilia spirit was stirred within him.
and a spirit passed before him and tempted him
in the guleo of an angel of light. It said:
"John Guttenburg, thou hast made thy name
Immortal; but oh ! at what price 1 Bethink thee
what thon art doing t
"The ungodly are many more than the good!
Tbywork will but multiply blasphemies and
lies. Thou hast uncovered the bottomless pit.
Henceforth a swarm of seducing spirits shall
come forth like the brood of Abaddon, and
make the earth a hell. Oh I think of millions
of souls corrupted by thine exploit, the venom
of fiends distilled into tbe souls of tender
maidens, and boys made old by it in the expe
rience of sin. See mothers weeping over their
demoniac sons, and grey-haired fathers hiding
their faces from the shame of daughters. Yes,
even tbe young virgin will be seduced to read
what she should never have listened to, and thy
piess shall be the panderer.of lust. Destroy it.
John. Forget thy monstrous conception; for
bear by multiplying the resources of the wicked
to make thyself throughout all ages the partner
of their crimes."
From such a dream John Guttenberg awoke.
and no marvel that he trembled. He was on the
point of burying his secret In oblivion, as the
genius in the Arabian talo shrank back into its
casket and was engulfed by the hand that had
enlarged it. "But I reflected," says the sublime
discoverer, "that the gifts of God, though often
fierilous, are never bad. I saw that to endow
ntelligence with such a faculty was to open
fresh fields to wisdom and to goodness both alike
divine. I proceeded with my discovery."
During the lecture the Senator was frequently
interrupted by the plaudits of his auditors, and
at the close he was greeted with a prolonged
round of cheers, the audience thus marking
their approval of the "man." A number of
those present ascended the stage in order to
have a hand-shake, and some even pressed upon
the Senator for his autograph. Ho received all
politely, and after the lapse of a few minutes
quietly retired.
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etc. 'Mi
CROOERIE3 AND PROVISIONS.
lpOUAL ME Ad II Eli & CO.,
No. S23 South SIXTEENTH Street,
Wholesale and Retail Dealers in
PROVI8ION8, OYhTRRS AND TERRAPINS,
guttler's Extra Cnnl UUHN.
' " " PK AS.
" " " PKAOflKS
Maryland Okimod TOMATO KH. .,
Ultra Uaunvd AEiP AHAU Ut.
1 OlIN FARNl'M it CO., COMMISSION MER
tl cliant ntirt Manufacturer, of taneiauga Ticking, .to ,
tiu. M UUKoMJT btreet, PaiiudalvUia. 4 1 wfmi
MNANOIAL.
THE U N
DER8IGNED
Offer For Sale $2,000,000
or ths
PENNSYLVANIA CENTRAL RR. CO.
GENERAL MORTGAGE
Six Per Cent. Bonds
At 92 and Interest added to Date of
rvcnaie.
All free from State tax, and Issued In sums of liooa
These Bonds are Cannon and Rnrtstered Interest
on the former payable January and July 1; on the
latter, April and October.
The bonds secured bv this mortgage are Issued to
WIsTAlt MOKKia and JOSIAU BACON, Trustees,
who cannot, under 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 $38,000,000.
Enough of these bonds are withheld to pay off all
existing liens upon the property of the Company, to
meet which at maturity it now holds ample means
Independently of tbe bonds to be reserved by the
Trustees for that purpose, making the bonds prac
tically a riKST huktuauk upon au its rauways,
tneir equipment, real estate, etc etc.
The eross revenue of the Pennsylvania Railroad
In 1869 was tlT,sno,811, or nearly twenty-eight per
cent, of the capital and debts of the Company at
the end of that year.
Since 1861 the dividends to the Stockholders have
averaged nearly eleven and one-half per cent, per
annum after paying interest on its bonds and pass
ing annuauy a large amount to tne orocui oi con
struction acuMinnt.
The security noon which the bonds are oasea is.
therefore, of the most ample character, and places
them on a par with the very best rsauouaa securities.
For further particulars appiy to
Jay Cooke & Co.,
E. W. Clark & Co.,
Drexel & Co.,
C. & II. Borie, 8
V H. Ncrvbold, Son & Aertsen.
WI. PAINTER & CO.,
BANKERS,
No. 36 South THIRD Street.
Government Securities
BOUGHT AND SOLD.
Gold, Stocks, and Bonds
BOUGHT AND SOLD ON COMMISSION.
Southern and Western Col-
lections,
AND ALL OTHER POINTS, PROMPTLY
ATTENDED TO.
ACCOUNTS RECEIVED, AND INTEREST AL
LOWED ON DAILY BALANCES. 1 203m
WE OFFER FOR SALE
THE FIRST MORTGAGE BONDS
OP TUB
SOUTHERN PENNSYLVANIA IRON
AND
RAILROAD COMPANY.
TheaaBonda ran THIRTY YEARS, and pay SKVEN
FIR CENT. Interest in cold, clear of all teua, payabla
at tba t int National Bank in Pniladelpoia.
Tea amount of Bonda ia.ued ia SH'J.'S.OOO. and are
aeenred bj a t'lrat Mortgags on real e.tata. railroad, and
f ranohiaea of tbe Company, tba former of wliloh coat two
hundred thouaand dollar, whioh baa been paid for from
Btock aubeeriptione, and after tha railroad ia flniabed, eo
that tbe produota of tba mine, aan be brougbt to market.
it U estimated to ba worth 1,000.000.
lba Kallroad connects with tba Cumberland Valley
Railroad about four mile, below Ohambersbarg, and rnna
through a section ot tba moat fertile part of tba Cumber
land Valley.
We aell them at fl'J and accrued intereat from March 1.
For further pariiooUra apply to
C. T. YERKE8, Jr., A CO.,
BANKERS,
KO. 20 BOUTH THIRD STREET,
830tf
PHILADELPHIA.
QLEKUIXNIXU, 1AVIS Jk CO.,
a
No. 48 SOUTH THIRD STREET,
PHILADELPHIA.
GLENDIKN1NG, DAVIS
No. 2 NASSAU STREET, NEW YORK,
BANKERS AND BROKERS.
Receive deposits subject to check, allow interest
on standing and temporary balances, and execute
orders promptly for the purchase and Sale of
STOCKS, BONDS aud GOLD, in either city.
Direct telegraph communication from Philadelphia
house to New York. in
FINANOIAL-.
JayCooke&Cp
rillLADELrniA, NEW YORK, AND
WASHINGTON,
BANKERS 1
AJfO
Dealer In Government Securities.
Special attention given to the Purchase and Sate of
Bonds and Stocks on Commission, at the Board of
Brokers In this and other cities.
INTEREST ALLOWED ON DEPOSITS.
COLLECTIONS MADS ON ALL POINTS.
GOLD AND SILVER BOUGHT AND SOLD.
BELIABLB RAILROAD BONDS FOR INVEST
MENT.
Pamphlets and full information given at our office,
IV o. 1 14 S. THIRD Street,
PHILADELPHIA.
(4 13m
SEVEN PER CENT.
First Mortgage Bonds
or THS
Danville, llnzleton, and Wilkes-
larre Railroad Company,
At 82 and Accrued Interest.
Clear of all Taxes.
INTEREST PAYABLE APRIL AND OCTOBER.
Persons wishing to make Investments are Invited
to examine the merits of tbese BONDS.
Pamphlets supplied and full information given by
Sterling & Wildman,
FINANCIAL AGENTS,
No. 110 SOUTH THIRD STREET,
4 12 tf PHILADELPHIA.
Government Bonds and other Securities taken la
exchange for the above at best market rates.
D. C. WHARTON SMITH & CO.,
BANKERS AND BROKERS,
Ko. 121 SOUTH THIRD STREET.
SnooMaoni to Smith, B adolph A Oa
Kvmt branoh of Ua buinaaa will have prompt atttntioa
M heratof ora,
Quotations of Stock, Oovanmonta, and Oold oom.
tiantly reoalrad from Raw York brpHaoM win, from ems
f rianda, Kdmrfnd D. Randolph A Oo
8. PETERSON & CO..
STOCK BROKERS.
Wo. 3 South XII III I) Street.
ADVANCES MADE ON GOOD COLLATERAL
PAPER.
Most complete facilities for Collecting Maturing
Country Obligations at owoost.
INTEREST ALLOWED ON DEPOSITS. 1 W
Jj U X K L fc CJO.i
No. 34 SOUTH THIRD STREET,
American and IToreicn
ISSUE DRAFTS AND CIRCULAR LETTERS OF
CREDIT available on presentation la any part of
Europe.
Travellers can make all their financial arrange
ments through us, and we will collect their Interest
and dividends without charge.
Duixil, WTKTHBGF ft CO.ijDBBIlL, Habjbb A CO.
I
New York.
Tarts.
C81
E
LLIOTT
1 U If W,
BANKERS
No. 109 SOUTH THIRD STREET,
DEALERS IN ALL GOVERNMENT SECURI
TIES, GOLD BILLS, ETC.
DRAW BILLS OF EXCHANGE AND ISSUE
COMMERCIAL LETTERS OF CREDIT ON THE
UNION BANK OF LONDON.
ISSUE TRAVELLERS' LETTERS OF CHEDIT
ON LONDON AND PARIS, available throughout
Europa.
Will collect all Coupons and Interest free of charge
for parties making their Unauulal arrangements
with ua. fast
SILT 3E 33,
FOR SALE.
C. T. YERKES, Jr., & CO.,
BANKERS AND BROKERS,
No. 20 South THIRD Street,
4Sj PHILADELPHIA.