THE PAIL TgEY ENINO TELEQRAFII PHILADELPHIA, MONDAY, FEBRUARY 13, 1871.
erxn.17 or sun muss.
Editorial Opinion of the Leading Journal
cpon Current Toploi Compiled Every
OtY for the Evenlnfl Teleflraph.
rnoFESsoR montagu Bernard.
From tht A'. Y. World. ' V '
The member of the British portion of the
commission who ia said to have been seleoted
on account of his conspicuous familiarity
with the questions of international lav likely
tooome np for consideration in Washington,
has written a book, which has been recently
published in London, under the title "The
International History of the American "War.
A Uistorical Acoount of the Neutrality of
Grout Britain Daring the American Civil
War." ( Therein he has given the result of his
labors in this interesting department of
jurisprudence. For many years Professor
Bernard has filled, with credit to himself and
pupils, the chair of International Law at
Oxford. His volume is able and interesting;
it sets forth with skill the international ques
tions growing out of the Rebellion, and dis
cusses them fairly, although somewhat nar
rowly and with too much regard to British
ErecedentB, which have always been insular,
is work is legal rather than philosophical.
What he says of the deep-seated causes
which brought on the great catastrophe of
our civil war is to be regarded as the opinion
of an intelligent bystander not professing to
have special information of the inner working
of the political and moral forces of this nation
years before the ultimate schism occurred.
Whether it be true or not that the republio
was rent asunder morally, by its two hostile
types of labor, long before a material breach
occurred, the premise is favorable to one who
vindicates the Queen's proclamation of neutra
lity which gave to both combatants belligerent
rights. Mr. Bernard insists that the British
assertion of a neutral status, .May 13, 1861,
and all that flowed therefrom, were not only
in accordance with international law, but the
inevitable result of what had already hap
pened. One would naturally be assisted in
coming to this conclusion by a prepossession
that the history of the internal forces in this
country the mutual jealousies and dissen
sions between the North and South was such
as to satisfy an impartial person that either
the South would achieve independence or
be subdued only by immense military opera
tions. Professor Bernard urges that British recog
nition of the South contributed largely in its
results to the ultimate triumph of the Union.
He says:
"What the United States lost by It has never been
distinctly stated. But It is easy to see what they
Sained. Tfcey gained the liberty to exorcise against
rltlsh ships on the high seas the rights of vUltinjr
and searching, of capturing contraband, and of
blockade-rights, which spring solely from the rela
tion of belligerent and neutral, aud whteh the neu
tral acknowledges by recognizing the existence of
that relation."
There is marked correspondence between
these views and those of Mr. Caleb Cushing,
expressed in December, 18G1, in a letter to
Mr. Fernando Wood respecting the Trent
affair. He said:
"Above all, as I think, have we been over-prone to
And lault with Great Britain for the attitude, which
she has officially assumed, of neutrality In the war
now raging between us and our insurgent Spates.
If Great Britain stood aloue, that fact might imply
the existence of Just cause of umbrage ou our part.
But we should remember that France, Russia, Spain,
and other great powers take the samo view of their
International duty In this respect that Great
Britain does of hers. If, In coming to this
conclusion, they contradict our policy, and accord
to the insurgent States a belligerent status which
we refuse to concede, and so do prejudice to us, it
Is to be considered that, la so proceeding, they do
advantage to us also, by thus reitevlngus of all fu
ture responsibility for any international acts of the
insurgent Government, and bestowing on us the
right to hold them as neutral Governments to the
punctual fulfilment of the obligations of neutrality
which they profess, and the rigiit to compel Its ob
servance by their suUjectB both on sea and land. "s
That portion of the volume before as which
Professor Bernard devotes to the blockade
and the international questions arising oat of
it is well worthy of careful study by the stu
dent of international law. There is evidently
a tendency in his mind to hold that, although
we Guarded the immense line of sea-coast
with great diligence and maintained there a
formidable naval force, yet, as the regular
arrival and departure of blockade-runners
into and from some of the Confederate ports
attested that the blockade was not effective,
England oonld, had she been an unfriendly
central, have plausibly insisted that the siege
should be raised.
In respect to the affair of the Trent, the
conclusion of international law which he
educes, while vindicating the attitude which
Lord Russell took, is that in certain cases a
neutral destination does not necessarily
exempt a neutral vessel from capture and her
freight from seizure and detention, if what
she carries be of a hostile character. At the
same time he contends that no matter whether
the Confederate envoys were in the nature of
"contraband of war," they were, while on
board the Trent, not liable in any way to
arrest. His thought evidently is that Lord
Russell laid down the doctrine of neutral
rights in the case rather too broadly.
The conduct of Great Britain in declaring
that she would acknowledge the nag of the
Confederacy as well as the United States; that
she would not pursue Confederate cruisers as
pirates; that she would admit publio armed
ships of either belligerent into her ports on
equal terms, excluding, however, their prizes,
but subjecting both to the rule that twenty
four hours must be given by each enemy's
ship to the other; that she would prohibit the
men-of-war of either belligerent from remain
ing more than one day at a time in her
waters, except in the case of stress of weather,
and would prevent them from supplying
themselves with more coals than were re
quired for a voyage home theue provisions
Professor Bernard maintains were not only
just in the sense of international law, but
were entirely in the interest of the North and
extremely onerous to the Confederate States.
However correct these propositions of Mr.
Bernard may be, it is clear to see that the
kind of neutrality which Great Britain exer
cised in her colonial ports enabled the cruis
ers, after they bad escaped from British
home ' jurisdiction, to maintain themselves
on the nigh seas. .
In the volume before ns the most important
question of international law which will come
before the proposed commission to sit in
Washington, which is that whioh involves' re
sponsibility for the escape and career of the
cruisers and their immense injury to our
commeroe, is discussed at great length and
with marked ability; and in his conclusion he
is very positive that, under the circuinstanoes,
there was no such disregard by England of
her international obligations as ought to make
her liable for the havoc done even by the
Alabama. Not only does Professor Bernard
aver that England, in the ease of the Alabama,
did not fall short of her international obliga
tions, but that the Amerioau losses, heavy as
they be, are, so far as concerns that country,
what lawyers call damnum absque injuria,
lit relics much upon the fact that the Ala
bama was unarmed when she left Liverpool;
and he is evidently of opinion that it is not
wise to enlarge the obligations of neutrals in
th a relation, since enlargement would lead
only to difficulty and confusion. He would
make a neutral government responsible only
when the escaping cruiser is ready for war.
Here, we think, is an evidence of what, at
the beginning of tbis article, we char
acterized as narrowness of view
on the part of the author. In
respect to the Shenandoah, Florida, and
Georgia, the Professor holds that, having
once made their escape, and hoisted their
flags as Confederate cruisers, they could not
be treated as pirates. He suggests that if
the injury done by the Alabama was great,
end if the British Government paused a long
time before ordering her seizure, the United
States should recollect that in ether instances
the ministry was both active and successful in
arresting vessels of a similar kind, and that
Great Britain always acted in good faith.
In other portions of the volume Professor
Bernard deals with the liability of British
born subjects to the military regulations of
belligerents, and his work is throughout a
valuable contribution to international juris
prudence. Having thus made profert of his
ability to deal with questions of international
law and of the careful attention he had given
to some of the issues between the two na
tions, the present ministry were able to cor
rectly estimate his fitness for the duty to
wbich he has been assigned, and the result
must be taken as evidence that it desired the
views contained in the volume before ns to
be vindicated before the commission.
THE TREASURY'S COIN RESERVE.
From tht A. T. Bun.
Before Mr. Boutwell leaves the Treasury
Department, which it is on all sides declared
he is soon to do, we wish to express our ap
proval of a practice of his which has not met
with that support from the leading organ of
the administration to which it is entitled.
We refer to his resolute holding on to his
coin reserves. Mr. Trumbull in the Senate,
and Mr. Greeley in the Tribune, have never
lost a chance of condemning this practioe,
and of advocating the emptying of the Trea
sury of its gold for the useless purpose of
reducing the funded debt. Their complaint
is that the country is losing the interest
money on the gold held in reserve by the
Treasury.
There is no sounder or mors self-evident
proposition than that in all banking opera
tions a certain amount of cash should always
be kept in hand. If it be not necessary that
it should be in coin, as mav be urged is the
case during a suspension of specie payments,
coin is nevertheless needed for other pur
poses. It is necessary at tho present time
especially to show that benen'V moun
tain of paper money transactions uioJosedby
the bank and Treasury operations, there is
something at the bottom which denotes some
degree of actual solvency and real ability to
pay.
We have at this moment an irredeemable
paper circulation of about seven hundred
millions. Now, who but the most crazy advo
cate of paper issues and no-money banks oan
say that this gigantio pile of paper money re
quires no coin basis r
Let it be always borne in mind that our
Government is plying tho business of a
banker. It issues and keeps out in circula
tion four hundred millions in notes payable
on demand, and these notes form the basis of
three hundred millions more of bank notes,
by being made legal-tenders for their redemp
tion, ice banks are exempt from the neoes
sity of keeping anything but greenbacks to
redeem their bills, and thus they do without
specie almost entirely. The last annual re
turns show that our sixteen hundred and
forty-eight banks held on the 28th of De
cember last but twenty-six millions against
an aggregate of circulation and deposits of
over eight hundred millions.
If the Government is to keep no coin re
serves on hand, what sort of a show would
the country make in the eyes of reasonable
people everywhere in respect of its ability
or intention ever to resume coin payments r
The banks and the Goverament would be
alike banking on nothing. Together they
wonld use seven hundred millions of demand
notes and five hundred millons of deposits.
And if the Government is to strip itself of
gold, as Mr. Trumbull and Mr. Greeley
recommend, the only solid basis of this enor
mous aggregate of twelve hundred millions,
due on demand, would be the beggarly sum
which might chance to be found in the vaults
of the banks.
The current coin balance of the Govern
ment only averages between forty and fifty
millions over and above its demand obliga -tions,
and this is all the basis it holds to pay
its demand notes of four hundred millions.
Talk about the Government losing interest
on its specie ! Doesn't it gain the interest on
four hundred millions of paper money, and
is it too much to ask that it shall show some
thing in hand towards paying tbis immense
amount of disregarded obligations ? Suppose
the Government does not intend to pay its
notes, doesn't it owe something to the old
fashioned prejudice of honest people, that
when paper money is issued there ought at
least to be something behind the counter to
redeem it P
Our paper money fabrio has stood for seve
ral years with great steadiness, owing to the
large and constant annual addition to the
publia stock of preoious metals, whioh has
precluded the necessity of any argent demand
on the banks or the Government to redeem
their circulating notes; and also to the im
portant, perhaps more important, fact that
the Government bonds, issued in suoh enor
mous amounts to defray our war expenses,
have become a considerable part not only of
our own currency, but of the currency of the
whole commercial world. They are equiva
lent to money on every exchange in Europe,
and answer every purpose of coin in settling
our foreign balances. Until those bonds
shall have passed into the hands of perma
nent investors, as sooner or later they mast,
they will continue to fulfil this function,
and continue to check, as they now cheok,
the demand for specie to pay our interna
tional trading aud interest balances. But
when the period arrives that this fruitful
source of means to pay foreign debts is dried
up, and bonds are no longer available in
large amounts as remittances, then the natu
ral and legitimate demand for spocie will re
vive, and we shall see the paper money theo
nzers put to flight, as they always have beea
in past times. And if, when there shall coma
a real want and demand for specie in the
country, the condition of the banks aud
the Government should show an indebted
ness due on demand of twelve hundred
millions, and exhibit only the present meagre
reserve ia the bank vaults of five-and-tweuty
millions of corn, who oan fail to see whit
ruinous results must ensue? The Treasary
Department could not then, as by the con
sti vutive policy we applaud it has boen able
to do thus far, steady the vast shaky pile; nor
could it, as it did on the famous black Fri lay,
save the country from the blasting effects of
unscrupulous operations in the gold market.
We repeat that Mr. Bont well's conrse in
this matter is deserving of unqualified ap
proval. - r- . .... . . ..
1 ! THE NEGROES. ; ;
From the If. I Timet. . '
Senator Revels may be supposed to be com
petent to speak of the effeot ef legislation
upon the relations of races, and of the in
jury that is sometimes done to the colored
man by over-zeal in his behalf. He now dis
courages the idea of mixed - sohools in the
District of Columbia, as the prioe of compul
sory education. The cruelty produced by the
Prejudice against oolor oannot be exaggerated,
lie outgrowth of a system whioh has happily
been swept away, it remains evidence of the
great wrong whioh th? promoters of the
Rebel Confederacy made their oorner-stone.
It is idle to ignore the existenoe of the pre
judice, or the extent to which it is diffused
throughout society. Legislators may de
nounce it and enact laws against it, but itill
it exists. The more they assail it the more
demonstrative it is. You try to stamp it
ont, and it burns more mischievously than
before.
Tbis is one of the matters in whioh time
and events operate more effectually than
law. The great sourco of the prejudice was
stopped when slavery was abolished, and the
period that has since elapsed has done much
towards obliterating mere unreasoning
hatred of the negro. Indeed, the progress
made in this direction has exceeded the
most sanguine expectations. The law has
clothed the colored man with all the attri
butes of citizenship. It has secured him
equality before the law, and invested him
with the ballot! There may yet remain a ne
cessity for affording him educational facili
ties in States wfiose local authorities fail to
do their duty in this respect. But here the
frovince of law will end. All else must be
eft to the operation of causes more potent
than law, and wholly beyond its reach. Party
exigencies have given the black man politioal
importance. Even Tammany tenders him a
place in its processions, and is silently
snubbed for its pains. His old oppressors in
the South rest their only hope of party suo-
cess upon their ability to obtain his good-will.
He rides in our street cars, jostles white men
at public meetings, and from his seat in Con
greES teaches a lesson which the Senators
around him may usefully ponder. The change
in popular sentiment respecting him has been
rapid, and on the whole satisfactory; and the
ratio of its growth will be greater in the
future than in the past. All that is now
needed is that he shall henceforth be allowed
to make bis way in the world quietly, and in
reliance upon ma merits. The law proteots
mm, or snould be amended if it does not,
For the rest, give him fair play, and do not
make too mucn fuss about mm.
DRAMATIC HANGINGS.
From tht If. Y. Tribune.
Are our Philadelphia neighbors going to
make hanging a fine art ? or is it a thing
tney are secretly ashamed or and are trying
feebly to practice but keep out of sight ? The
recent execution of the poor wretoh Hanlon
was involved in an atmosphere of mystery
and dramatic gloom worthy of the stage. It
took place not in the court-yard, but the cor
ridor of the prison. Only a dozen privileged
spectators were present. The window through
which the scene was visible was draped in
muslin or crape. The prison officials were
absolutely dumb; all questions of enter
prising reporters were answered but by a
silent shake of the head. It was equally im
possible to ascertain whether Hanlon had
confessed his guilt or what he had for break
fast. The prisoners whose doors opened into
the corridor, and who, if anybody is to be
benefited by this exhibition of the majesty of
the law, might be looked upon as in need of
such a lesson, were shut out from the spec
tacle by leather flaps nailed over their grat
ings. Enough representatives of the press
were admitted, however, to publish to the
world of evil-doers the fact that Hanlon died
"game," and forgave his enemies in the esta
blished formula.
Now we want consistency in the advocates
of hanging. For our own part we do nat
look upon the poor wretch who, out of drunk
enness or sheer excess of bis animal nature,
kills another as in any sort a hero. We do not
care to hear whether he has "nerve" or not,
or what is his opinion of his jailers. He
should be quietly taken apart as a
tainted wether from the flock, to be
cured if possible, but in no wise made
the subject of a melo-drama. If our
friends in Philadelphia regard hanging as
necessary to avenge outraged justice, and
not as a terror to evil-doers, why were the
press admitted at all ? Why not put the vio
tim quietly and seoretly out of the way? But
if capital punishment, according to the old
arguments, is a bug-a-boo to deter other men
from murder, let us, in the name of common
sense, have the time-honored gallows-tree,
and Jack Ketch in his flame-colored gown
and mask, and the yelling, cursing multitude
below to learn their lesson. ' What that lesson
is we all of us know. A criminal who disap
pears for life into a penitentiary loses pres
tige forever among his fellows. His fate is
more than terrible it is disagreeable to them
because it is one of hard work and no glory.
But the man who shows bis pluck to the last
on the gallows is a hero to the youthful Jack
Sbeppards who look on. The very class who
are intended to be frightened by his fate are
the men who sing with admiring gusto of
how "the night before Harry was stretched"
he played cards on his coffin, and when the
drop fell "he kicked, but that was bis pride.
And "died with his face to the city."
The man to whose worst nature murder is
cot repugnant, or to be abhorred for itself,
is very likely to have a better trait of brute
courage which will not be soared by hanging.
These men are the class, as wo said, who
watch the gallows with such anxietj to know
how their fellows go off; and it was for their
benefit, we presume, the Philadelphia officials,
while keeping strict silence on questions that
would have settled the point of Ilanlon's
gnilt, suffered the tidings to escape that he
"died garne." .
MILLINERY.
U R ' 8. R. DILLON
NOS. 823 AND 831 SOUTII STREET,
FANCY AND MOURNING MILLINERY, CRAPE
VEILS.
Ladles' and Misses' Grape, Felt, Gimp, II air, Satin,
EUk, Straw and Velvets, Hats and Bonnets, French
Flo were, Hat and Bonnet Frames, Capes, Laces,
Silks, Satins, Velvets, Ribbons, Sashes, Ornaments
and a!l kinds of Millinery Goods. 14
WHISKY, WINE, ETO.
QARSTAIHS & MoCALL,
No. 128 Walnut tnd 21 Granite Eti
IMPORTERS Of
Brandlei, Wlnei, Ola, OIIyi OIL Eta.
WHOLESALE DEALERS IN
PUnC RYE WHISKIES,
IS BOND AND TAX FAXU. ' U sy
FINANCIAL.
WilminBtorif and Reading
ha tt.ho Ad !
i
SEVEN. PER CENT. BONDS
Froo of Taxes.
We are offering $200,000 of the Second
Mortgage Bonds of this Company
AT 821 AND ACCRUED INTEREST.
For the convenience of investors these Bonds are
Issued In denominations of
- $1000e, $500, and $100.
The money Is required for the purchase of addi
tional Rolling Stock and the fall equlpmeut of the
Road.
The road Is now finished, and doing a business
largely In excess of the anticipations of its officers.
The trade offering necessitates a large additional
outlay for rolling slock, to afford fall facilities for Its
prompt transaction, the present rolling stock not
being sufficient to accommodate the trade.
WE PAINTER & CO.,
BANKERS, -
No. 3G South THIRD 8troot,
BB PHILADELPHIA.
SPECIAL NOTICE TO INVESTORS.
A Choice Security.
We tare now able to supply a limited amount
of the
Catawissa Railroad Company's
7 PER CENT.
CONVERTIBLE MORTGAGE BONDS,
FREE OF STATS AND UNITED STATES TAX.
They are Issued tor the sole purpose of building
the extension from MILTON TO WILLIAMS rOKT.
a distance of 80 miles, and are secured by a lien on tht
entire roaa ef ntarty iuu miles, ruliv equipped and
doing a flourishing business.
When It Is considered that the entire Indebtedness
of the company wl l be less than 116,000 per mile,
leaving out their Valuable Coal Property of 1300 acre.
it will be seen at once what an nuusual amount of
security la attached to these bonds, and they there
fore must commend themselves to the most prudent
Investors. An additional advantage Is, that they
can be converted, at the option of the holder, after
15 years, Into the Preferred Stock, at par.
They are registered Coupon Bonds (a great safe
guard), lBnued in sums of $500 and $iooo. Interest
payable February and August.
Price 9 and acorued interest, leaving a good
margin lor advance.
For further lmormatlon, apply to
D. C. WHARTON SMITH & CO.,
No. 121 SOUTH THIRD STREET,
18S8 PHILADELPHIA.
DUNN BROTHERS,
IlANltEIlti,
Nos. 51 and 53 S. THIRD St.,
Dealers In Mercantile Paper, Collateral Loans,
Government Securities, and Gold.
Draw Bills of Exchange on the Union Bank of
London.and Issue travellers' letters of credit through
Messrs. BOWLES BROS it CO., available In all the
cities of Europe.
Make Collections on all points.
Execute orders for Bonds and StockB at Board of
Brokers.
Allow Interest on Deposits, subjeci to check at
sight. 19
ELLIOTT, COLLINS & CO v
IlAJXKUllg,
No. 109 South THIRD Street,
MEMBERS OV STOCK AND GOLD EX
CHANGES.
DEALERS IN MERCANTILE PAPER,
GOVERNMENT SECURITIES, GOLD, Etc.
DRAW BILLS OP EXCHANGE ON THE
UNION BANK OP LONDON. 9 8fmwi
"yE OFFER FOR SALE, AT PAR
THE NEW MASONIC
TEMPLE LOAN,
Bearing 7 3-10 interest,
Redeemable after five (6) anfi within twenty-one (91)
years.
Interest 1'ajable March and Bep
teiuber.
The Bonds are registered, and will be issued in
urns to suit.
DE HA YEN & BEO.,
No. 40 South THIRD Street.
611
PHILADELPHIA,
StockB bonght and Bold on commission. Gold and
Governments bought and sold. Accounts received
and Interest allowed, subject to Sight Drafts.
JOHN S. RUSHT0I1 & CO.,
BANKERS AND BROKERS.
GOLD AND COUPONS WANTED.
City WarrautM
BOUGHT AND SOLD.
No. 60 South THIRD Street.
8&J PHILADELPHIA.
riNANOIAL
TREASURY -DEPARTMENT,
i . i j
t f WASHINOTON, February 4, 1STL
PUBLIC NOTICB 13 HEREBY OIVKN THAT
BOOK8 WILL BE OPSNED OS THK
SIXTH DAT OF MARCH NEXT,
In tola country and in Europe, for Subscriptions to
THE NATION!!. lOAH,
Under the Act approved July 14, 1870, entitled "An
Act to authorize the Refunding of the National
lebt," and the Act In amendment thereof, approved
January so, 16T1.
The places at which subecrtptlons may tie made
and the names of the authorised Agents of the Gov
ernment will be annonnend hereafter. The proposed
Loan tomprmes three ciunses of Bonds, namely:
First. Bond, to the amount of five hundred mil
Iocs of dollars, payable in coin, at the pleasure of
the United States, after ten years from the date of
their issue, and bearing Interest, payable quarterly
In roln, at the rate of Mve f er cent, per annum.
Second. Bonds to the amount of three hundred
millions of dollars, payable in coin, at the pleasure of
the United States, after fifteen years from the date
oi thetr issue, and bearlDg interest, pavable qiar
terlr In coin, at the rate of four and a half per cent,
per annum.
Third. Bonds to the amount of seven hnndred
millions or dollars, payable in coin, at the pleasure
of the United btates, alter thirty years from the date
of their issue, and biarlng Interest, payable quar
terly in coin, at the rate of lour per cent per annum.
Subscribers to the Loan will have preference in
the following order, namely:
First Subscribers for equal amounts of each class
of bonds.
Second. Subscribers for eausl amounts of bonds
bearing interest at the rate of four aud a half Jper
icui,, niiu ui uuiiu. ucniiuj luierusi at 1(10 rale Oi
Ave per cent.
Third. Subscribers for five per cent binds.
When a subscription Is made the subscriber will
be required to deposit-two per cent, of the amount
thereof, to be accounted for by the Government
wiirn me uuiiub arc uenvereu ; ana payment may be
made either in coin, or In bonds of the United States
known as fivk-twentk bonds, at their par value.
The coin received in payment will be applied to the
redemption of Uve-twentY bonds.
The bonds will be registered or Issued with cou
pons, as may be desired by subscribers. Registered
bonds will be Issued of the denominations of
$100, tsoo, flOOO, $5000, and $10,0(o ; and ooupon
bonds of each denomination except the last two.
The Interest will be p-kyable In the united States, at
tne omce 01 tne Treasurer, any Assistant Treasurer,
ur ueotKiiaieu lu punuarj ui luu uovernmonu
The bDnds of the several classes aforesaid, and
the Interest thereon, are exempt from the payment
of all taxes or dues of the United States, as well as
from taxation in any form by or understate, muni
cipal, or local authority.
After maturity, the bonds last Issued will be first
redeemed, iy classes and numbers, as may be de-
Biguatea uy me secretary 01 me Treasury.
GEO. S. BOUTWELL,
8 9 6t SECRET ART OP THE TREASURY".
JAY COOKE & CO.,
PHILADELPHIA, NEW YORK and WASHINGTON.
m cooke, Mcculloch i& co
LONDON,
AKD
Dealeri in Government Securities.
Special attention given to the Purchase and Sale
of Bonds and Stocks on Commission, at.tne Board of
Brokers In this and other cities.
INTEREST ALLOWED ON DBPOSITS,
COLLECTIONS MADE ON ALL POINTS.
UOLD AND SILVER BOUGHT AND SOLD.
In connection with our London House we are now
prepared to transact a general
FOREIGN EXCHANGE BUSINESS,
Including Purchase and Sale of Sterling Bills, and
the Issue ef Commercial Credits and Travellers' Cir
cular Letters, available In any part of the world, and
are thus enabled to receive GOLD ON DEPOSIT,
atd to allow four per cent. Interest lu currency
thereon.
Uavlrg direct telegraphic' communication with
both our New York and Washington Offlees, we can
offer superior facilities to our customers.
RELIABLE RAILROAD BONDS FOR INVEST
MENT. Pamphlets and full Information given at our omce,
S 2 8mrp No. 1U S. THIRD Street, PhUada.
A IECAL ITJVECTIVIErjT
Having sold a large portion of the
FcsniylviBia Railroad General IJort
gage Eondi,
The undersigned offer the balance for a limited pe
riod at 95 and Interest added in currency.
These bonds are the cheapest Investment for Trus
tees, Executors, aud Administrators.
For further particulars, Inquire of
JAY COOKE A CO.,
E. W. CLARK A CO.,
W. H. NEW BOLD, SON A AERTSEN.
C 4 H. BOKIE. It 1 lm
P O It SAL K,
Six Per Cent. Loan of the Ciij of Wil
Liamsport, Pennsylvania,
Froo of all Taxes,
At 85 and Accrued Interest.
These Bonds are made absolutely seoure by act of
Legislature compelling th city to levy sufflolent tax
to pay Interest and principal.
P. 8. PETEflSOH a CO.,
No. 39 S. THIKD HTRBET,
SB PHILADELPHIA.
FINANOIAU
B. K. JAHIS02I- & CO.:
. ? 1
successors to 1 1 I
111 Mi' i
JE. JP. KKLLY & CO, j
BANKERS AND DEALERS IN
Gold, Silver, nd Government Bond
At Closest. Market ftlatea, :
K. W. Cor. THIRD and CH.ESHTJT SU.
Sneclal attention riven to COMMISSION ORDRR.1
In New York and Philadelphia Stock Boards, eta.
eta mi
R30 530
zzAzixixssozg axun&ijo,
BANKER. '
DEPOSIT ACCOUNTS RECEIVED AND INTER
EST ALLOWED ON DAILY BALANCE8.
ORDERS PKOMPTLY EXECUTED FOR THE
PtJKCHASIS AND BALE OF ALL RELIABLE 83
vUKITlEo. COLLECTIONS MADE EVKRYWHERE.
REAL ESTATE COLLATERAL LOANS KGO
HATED. 8 n em
No. 630 WALNUT St.. Phllda.
Bowles Brothers & Co.,
PARIS, LOB DON, BOSTON.
No. 19 WILLIAM Street,
N v Y o r It,
INU11
Credits for Travellers
IN EUROPE.
Excharge on Faili and tne Union
Bank of London. .
IN SUMS TO SUIT. lTSrat
Q 1 I T OF BALTIMORE.
11,200,000 six per cent. Bonds of the Western
Maryland Railroad Company, endorsed by the City
of Baltimore. The undert lgned Finance Committee
of the Western Maryland Railroad Company offer
through the American Exchange National Bank
$1,200,000 of the Bonds of the Western Maryland
Railroad Company, having SO years to run, principal
and interest guaranteed by the city of Baltimore.
This endorsement having been authorized by an
act of the Legislature, and by ordinance of the
City Council, was submitted to and ratified by an
almost nnanlmous vote of the people. As an addi
tional security the city has provided a sinking fund of
1200,000 for the liquidation of this debt at maturity
An exhibit of the financial condition of the city
shows that she has available and convertible assets
more than sufficient to pay her entire Indebtedness.
To Investors looking for absolute security no loan
offered In this market presents greater Inducements.
These bonds are offered at 8Tj and accrued Inte
rest, coupons payable January and July.
WILLIAM KKYSER,
JOHN K. LONOWELL,
MOSES WIE3ENFELD,
1 6 COtt Finance Committee.
' EDUCATIONAL,.
J J A It V A 11 D UNIVERSITY,
CAMBRIDGE, MASS.,
Comprises the following Departments:
Harvard College, the University Lectures, Divinity
School, Law School, Me Ileal School, Dental School,
Lawrence Scientific School, School of Mining and
Practical Geology, Bussey Institution (a School of
Agriculture and Horticulture), Botanlo Garden, As
tronomical Observatory, Museum of Comparative
Zoology, Peabody Museum of Archmology, Episcopal
Theological School.
The next academic year begins on September 23,
ISTl.
The first examination for admission to Harvard
College will begin June 29, at s A. M. The second
examination for admission to Harvard Collegeand
tliej examinations for admission to the Sclentiflo
and Mining Schools, will begla September 83. The
requisites for admission to the College have been
changed this year. There la now a mathematical
aMematlve for a portion ot the clasnlcs. A circular
describing the new requisites an! recent examina
tion papers will be mailed on application.
UNIVERSITY LECTURES. Thirty-three coursea
In 1ST0-71, of which twenty begin In the week Feb
ruary 12-19. These lectures are Intended for gradu
ates of colleges, teachers, and other competent
adults (men or women). A circular describing them
will be mailed tn application.
THE DAW SCHOOL has been reorganized this
year. It has seven Instructors, and a library of
16,000 volumes. A circular explains the new course
of study, the requisites for the degree, and the cost
Of attending the school. The second half of the
year begins February 13.
For catalogues, circulars, or information, ad
dress J. W. HARRIS,
8 6 3m - Secretary.
-ry ASH1NQTON O O L L E O E ,
. VIRGINIA"
GENERAL G. W. CU8TT3 LEE, PRESIDENT,
WITH FOURTKKN PROFESSOKS.
The Spring Term of the present scaaun begins on
the
FIRST OF FEBRUARY.
The rearrangement of clusses then made enables
Students to enter the several schools with advan
tage. Students entering at this Uuid pay only half
fees.
All the ACADEMIC SCHOOLS of the College, aa
well as the Proteshlonal Schools of LAW aud EN
GINEERING, are lu full operation.
For further Information, address
WILLIAM DOLD,
Clerk ef Faculty, Lexington, Va.
January 1, 1871. 11.6
pDQEHILL SCHOOL
MKBCIIANTVILLE, N. J.,
Four Miles from Philadelphia.
The seaslon commenced MONDAY, January 9,
isn.
For circulars apply to
8 VJ Rev. T. W. CATTELL.
VOUNG MEN AND BOYS' ENGLISH AND
1 CIJISSICAL INSTITUTE, No. 1308 1IT.
VERNON fctrect. Rev. JAMES G. SUINN.A. M,
ITiwipai. 1U 81 Bintum
pAUPET AND CLOTH ROLLING AND
V I braricK Machtu. ro" pitH'e .olid. reUiuing
width ndlJlgth. UIR(!k O. liOWAKO. '
ft Vuii
1 . WW. U.v. u .