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THE DAILY EVENING TELEGRAPH PHILADELPHIA, TUESDAY, JUME G, 1871.
PUBLISHED EVERY AFTERNOON
AT THE EVENING TELEGRAPH BUILDING,
No. 108 8. THIRD STREET,
The Price it three centt per copy (double theet),
or eighteen centt per week, payable to the carrier
by whom eerved. The tubtoriplion price by mail
it Nine Dollar $ per annum, or One Dollar and
Fifty Centt for two moniht, invariably in
advance for the lime ordered. , '
TUESDAY, JUNE 6. 1871.
inE APPRENTICESHIP SYSTEM.
One of the most striking passages in the able
presentment of the late Grand Jury is that in
-which it states that the rapid abandonment
of the apprenticeship system "robs many a
. .youth of disoipline that might prove an an
chor of saf ety to him; while it also peroeptibly
embarrasses onr measures for the care of
friendless and the reformation of improTident
JnYeniles." Tru'hrnl as this statement is,
however, it may well be questioned whether
the old praotioe of indenturing the young oan
ever be re-established. Various circum
stances have united to destroy it, probably
forever. The charaoter of the tuition or in
struction imparted has, in many trades,
been radically changed. Formerly, an ap
prentice mastered varied departments before
he became a journeyman. If he was a hatter,
he learned how to make a complete hat; if he
was a shoemaker, he made an entire shoe; if
he was a saddler, he made a saddle; if he was
a cabinet-maker, he made all kinds of furni
ture; if he was a carpenter, he learned every
thing deemed important that appertained to
that trade, etc Now, however, through the
introduction of numerous machines and tke
concentration of many workmen in large
establishments, there is a constant tendency
to increase the subdivisions of labor in nearly
all trades, so that there are few plaoes in
cities where n apprentice could learn any
trade as an entirety, in the old-fashioned
manner. It was also a common feature of
the apprenticeship system that the appren
tices boarded under the same roof as the
master, becoming a part of his household as
well as employes in his workshop. For
obvious reasons this custom is not adapted to
the mode of social life now generally prevail
ing in the large cities. Aside from these
reasons, there would now be great repugnance
on the part of the parents of Young America,
and on the part of Young America himself, to
such a submission to the will of a master as
was generally exacted under the old system;
bo that it is not difficult to discover causes
for the decadence of the custom of indentur
ing apprentices, however much suoh a result
may be deplored.
The practical question is, how the best
substitute for it can be supplied. A partial
substitute is already in very general opera
tion; that in, many thousands of boys are now
at work under verbal or written artioles of
agreement, receiving money wages in lieu of
board and clothing, and remaining with their
employers for such periods as are mutually
agreeable, the boy being discharged instead
of being whipped when he is incorrigibly idle
or vicious, and a change of employers being
made by the boy, whenever he considers it
his interest or advantage to make such a
change, without any danger of his being ad
vertised as a runaway. This may be a poor
substitute, but it is the best that has been
provided, and in some trades in whioh it has
become the custom of all the employers to
avoid employing or entioing away from other
employers partially trained minors, it still
works tolerably well.
Additional provision for the praotical busi
ness instruction of tens of thousands of boys
Is, however, manifestly needed. They are
sent to the publio schools, and bright hopes
are built upon the proapeot of the wonderful
things they will accomplish after they are
rendered prodigies of learning. But in
thousands of instances all the geography,
grammar, logio, Greek, and Latin that can
be crammed into their brains does not teaoh
them how to make an honest living. The
people who obtain a livelihood direotly
through their book knowledge, in this coun
try, form a very small portion of its inhabi
tants. While book education confers im
measurable benefits by the mental training
it promotes and by the general enlighten
ment it produces, it does not, in one case out
of a hundred, absolutely furnish the means
for self-support. A very large proportion of
the best educated men are, in a money-making
sense, utter failures, while a large proportion
of those who were pecuniarily successful were
dull school-boys, and remain throughout
their careers ignorant of and indifferent to
book knowledge. We make these trite state
ments here only to give point to the sugges
tion that a greater amount of mechanical or
technical instruction should be infused into
the educational system of all large to was.
We have seen what the Schools of Design are
capable of doing for young women, what
polytechnic schools oan do for young men
destined for special pursuits, what West Point
does for the officers of the army of the United
States, what the Naval School does for the
navy; and it is a question worthy
of the most serious attention
whether the principle developed"
by the success of the institutions referred to
might not, and should nut, be extended to
many of the cemmon calliBg, trades, and
arts. We are aware that the task involves
some practical difficulties, but it is every ye ir
growing more and more of a necessity to pi
rents in moderate circumstances and to so
ciety at large that better agencies than thosu
sow existing should be provided for the dis
charge of the homely but imperative duty of
giving to many thousands or young lad lu
struct ion that will insure to tuem an honest
TDE A CADEMT OF FINE ARTS. '
Tbb report made yesterday at the annual
meeting of the stockholders of the Aoademy
of Fine Arts can scarcely be very satisfactory
to the friends of the institution. The Aca
demy, it appears, owns property exoluslve of
its art collection to the value of $147,500,
nearly the whole of whioh is so tied up that
it is not available for practioal purposes, but
en the contrary is eating itself up
at a somewhat rapid rate. Money has to be
paid out for necessary expenses, but nothing
of any consequence is coming in. It is pro
posed to borrow on mortgage on one of the
lots owned by the Academy the sum of $G0OO
to meet probable loss on real estate, interest
and tjxes, and as an offset to this we are in
formed that the sum of $1000 has been
placed in the hands of the Trea
surer as a contribution towards
the erection of new galleries. The
present, it appears, is not considered an auspi
cious time for an appeal for funds towards a
new Academy, and active operations are to be
deferred until next year, when the directors
will signalize themselves by a combined
attack upon the pockets of the moneyed men
of Philadelphia. We hope the attack will be
successful, but doubt whether it will unless a
new and more liberal policy is adopted for the
management of the institution. Money can be
obtained just as well this year as next, if
those who have the means to contribute can
be convinced that they will get a return for
their investments in the shape of an Art Aoa
demy that will be really creditable to the
city, that will be a valuable publio institution
and not a mere plaything for a few gentlemen
of elegant -leisure.
We regret that the comments of Thb Tele
graph do not appear to have been acoepted in a
proper spirit by the directors of the Academy,
and we consider the little outburst with re
gard to this journal whioh took place at the
meeting yesterday as entirely nnoalled for.
We have been unable to see why a board of
directors who have not been able to manage
their own institution should desire to obtain
jurisdiction over another one that is doing a
good work in a quiet, unostentatious
way, and we accordingly expressed a
hope that the School of Design
for Women would not be united with the
Academy of Fine Arts. We see nothing in
the report made yesterday to induoean altera
tion of our original opinion on this subject,
which is that such a change would swamp the
School of Design and destroy its usefulness.
With regard to the statement that the Super
intendent of the School of Design , wrote
the article condemning the proposed con
solidation of the two sohools, we can only
enter an express . denial. The gentleman
in question never wrote an editorial for The
Telegraph in his life, and in all probability
he never will. The direotors of the Academy
of Fine Arts will do better to study the faots
whioh we present from time to time for their
consideration, and to consider candidly the
good advice we offer them, rather than to
worry themselves about who writes our arti
cles. CIViL SERVICE REFORM.,
President Grant has at last taken such aotion
as Congress has warranted in the matter of
the reform of the civil service. The appro
priation bill approved March 3, 1871, con
tained a provision authorizing the promulga
tion of rules for the admission of persons to
the civil service of the oountry, and the ex
amination of candidates in regard to their
personal fitness for the positions to which
they aspire. From the character of the names
announced as members of the board to carry
out the provisions of the act, the people
have good cause to hope for gratifying
results from the experiment about to be
made. The list is headed by George William
Curtis, Esq., one of the most accomplished
men of the day, whose earnest advocacy of
political reform in the publio press and on
the rostrum shows his heart to be in the
cause. Then comes James Medill, Esq., the
able editor of the Chioago Tribune, who, a a
member of the recent Constitutional Conven
tion of Illinois, displayed an equal earnestness
in the cause of reform. He was the author
of the provisions in the new Con
stitution of Illinois .which estab
lish the system of cumulative
voting, and may be expected to further the
cause of civil service reform in every pos
sible way. The next name on the list is that
of the Hon. Alexander G. Cattell, ex-United
States Senator from New Jersey, whose record
in the highest legislative body of the oountry
was unusually pure and publio-spirited.
Senator Cattell has filled the highest position
in the gift of the people of his State, and has
now withdrawn from the field of partisan
politics, ne is therefore in a position of
absolute independence, and by his ex
perience of publio life is rarely fitted
to discharge his new duties with an
eye single to the interests of the
publio service. The other three members of
the board are connected with the exeoutive
departments at Washington, and doubtless
have had enough experience with incompe
tent publio servants to inspire an earnest
desire for securing a better class of men.
They know precisely what requirements are
needed in the civil service, and may be ex
pected to insist rigidly on excluding all appli
cants who do not come up to a fair standard
of merit. Altogether, the experiment about
to be inaugurated will be made under favor
able auspices, and if the hands of the board
are strengthened by the President's support,
excellent results may be anticipated.
THE SENTENCE OF MRS. FA lit.
Mrs. Lacba D. Faib's counsel having failed
to obtain for her a new trial, ahe has been
sentenced to be banged on th 28th of July.
There is a natural repugnance to seeing the
extreme penalty .of the law visited upon a
women, but a number of ciroumstanoes would
reader clemency in this case a grievous
wrong to society, and it is to be
Loped that Mrs. Fair's sentence will be
carried out to the Utter. It is highly im
portant that a certain class of women should
onderfctand that their sex will not be allowed
to stand in the way of punishment for crime,
and that if they will commit murder the gal
lows will be their doom. If Miss Harris, who
shot her sometime lover in Washington a
few years ago because be preferred to marry
another woman, and a few other female
criminals who have made themselves amenable
to the laws by their too ready use of the pis
tol, had suffered as they deserved to do, the
probabilities are that Mrs. Fair would not
have been placed in her present predicament.
As it is, she fully merits the doom which now
awaits her, for the murder of Crittenden is
not the only crime of the kind of which she
is guilty, and the death penalty might as well
be abolished altogether if it is not enforced
in her ease. The Governor of California
now has an opportunity to perforin an im
portant service to the country by sternly re
fusing to Interfere in behalf of Mrs. Fair,
who deserves nothing whatever at his hands;
and if her sentence is carried out it will have
a greater moral effect than the hanging of a
dozen men, and it will exert a powerful in
fluence in checking the murderous propensi
ties of handsome female fiends who con
sider that they now have a license to kill at
SAD IN FA I XJA TIOX.
Many people, as the Knights Templar swept
in gorgeous array through the streets the
other day, envied those latter-day pil
grims their grand merrv-go-rounder of the
next three months, and the aooounts fur
nished of their doings on the way to New
York and in that city are not reassuring to
those who would "love to roam" but oan't.
Whatever else they may be, the Sir Knights
appear to be men of "unbounded stomach."
Here is a tidy preparation for their pilgrim
age. On the train from Philadelphia the tour
ists were abundantly regaled by their friends.
On arriving in Jersey City the guests were oon
veyed to Taylor's Hotel, where a collation
embracing all the delicacies of the season
was partaken of. Thereafter they crossed to
New York, and marching to the St. Nicholas,
sat down to a grand dinner. And after din
ner the fortunate, or unfortunate, pilgrims
were seized by the Irauhoe Comuiandery and
forced somehow or other to dispose of an
elaborate strawberry supper. Thin, it must
be remembered, was before the pilgrims
left their native shores to fall into the
hands of people who will make an
especial point of their hospitality. At this
rate, by the time the Sir Knights reach Jeru
salem, they will be ready to buy up all the
stray copies of "Banting" which the book
sellers ef the Holy Land can furnish them.
Their dearest friends would not be able to
recognize them, and the band will not be able
to blow a single note out of its once melli
fluous throat. And yet such is the perversity
of human nature, and so little do the most
painful warnings impress us,- that it is pro
bable that 50,000 Philadelphians would madly
rush after the pilgrims if they could get the
chance, and willingly Buffer all the conse
quences. AN "EPISCOPALIAN OPINION OF
' Some one lias been Indiscreet enough to send the
libretto of Fautt tot review to oar contemporary,
The Episcopalian, This Is what he gets lor his
From read l no; the explanatory preface of the
drama, we should think it very objectionable on the
score of morals. What do Christians want to know,
either by poetry or by song, mnoh lets by represen
tation, trie hidden things of darkness, of which It la
a shame even to speak? Why cannot we have
music or the nig nest cnaracter unconnected with
vice and crime? Cannot a love-scene be depioted
without sin and impurity"? Cannot a pure and
sanctified affection oa which the Lord will
tiuile be portrayed and surrounded with
all the embellishments of art, without
being dragged Into the mire of sin, and
foaled with the protane language of the pit? We
surely could not go to listen ib this piece of music,
nor allow any over whom we had a responsible con
trol to go. We could not permit it to be sang in
private, or recommend it for the Christian nouit.
we fear we ahall be condemned by the musical
critics, and regarded as too particular by niauv of
whom we should expect a different judgment 'But
It la not the art, the science, tli music, the
deceratlon and embellishment, the beauty
and melody, we repudiate or fall to appre
ciate. It IB the teniiment, the unhallnwed
action, the worldly and wicked scenes portrayed by
the story, to which we object. We regret that genius
oanuot give us something unexceptionable la the
direction we have pointed out. Co u I it this not be
the case if that genius was Inspired by the spirit of
true religion? but to us it seems as If the poetic
a Hiatus comes from another spirit, even that of the
god of this world. We think for Christian families
the advice of holoruon Is well applied to operatic
amusements, studies, and scenes: "Avoid it, pass
not by It, tara from It and pass away."
The reviewer Is apparently oulivlous of the fact
that the libretto In question la an exceedingly di
luted version of Ooethe'a great poem, but it may be
sets under the belief that the original is a naughty
work which Christians should avoid, pass by and
turn away from, or more probably he knows nothing
whatever about it. With regard to the libretto he
acknowledges having based his opinion on a perusal
of the explaratory preface, and It Is tolerably evi
dent Jthat be has never read a scene of Goethe's
poem or witnessed an act of Gounod's opera or of
an) other opera, in fact. Such being the case, how
la It to be expected tht either the rellgloas or the
non-religious publio will have any particular regard
for the views of the Fprn-opalian on the moral ten
dencies of either the poem or the opera?
We bold that the moral tendencies of a
literary or artistic work should, so far as they are
good or bad, secure for It the praise or condemna
tion of bpth the religious and the secular press; but
before condemnation la pissed, the censor should at
least know what be Is talking about. Now the opera
of Fount happens to be one cf the most prowuoclly
affecting productions of the modern stage, and It Is
not possible for a person or any sensibility to witness
a reasonably good performance of It without being as
much improved as by the ordinary run of sermons, or
even by the weekly dissertations upon religion and
morality to be found In the columns of the Episcopa
lian. The music or Gounod's fautt, although Its
claims to the highest rank are denied by some, is
strangely In sympathy with tha subject, and the
struggles or a pure soul with the powers of evil, and
Its ultimate triumph and puriucatton through suffer
lcg, are so set forth that -a theatre full or people who
witness the opera are, to our way or tiluklug, far
ruoie likely to be benefited morally than they would
be If they took the weil-meaut but lgnornt advice
of our contemporary and remained away, All true
art points Its moral unmistakably, and as its Influ
ence la purifying and healthy to all bat those
attllcted with morbid and diseased Imaginations, It
Is a most Important auxiliary to religion. If
Gounod's Faxmt is condemned, then Goethe's works
must come unaer the ban, and if Goethe's poem
why not Dante's or Milton's er Shakespeare's plays T
or, lu fact, ninety-nine oat of a hundred of th great
productions of the human Intellect that have been
read with profit and pleasure by the best men and
women of centuries past? The "Divine Comedy,"
"Paradise Lost," the best of Shakespeare's trage
dies, all treat of the "hidden things of darkness," as
the Xpincopalian puts It, but we scarcely think that
our contemporary Is prepared- to advocate their
' baiilsLiueiit from the libraries of the faithful; but
If these prodnctlona are allowed, so must
the opera of rwt, for the same objections will
apply to the others as to It. Igt oranre of evil may
be a very good thing, but In this wicked world tt Is
Impossible that the average roan or woman can re
main Ignorant of evil; and the best Intellects la the
Chonh and out of It are of the opinion that the
study of Just such works as those we have referred
Ito exert an Important Influence In strengthening
Christians for the work of combating evil, and In
bringing the minds of the non-re.,glons Into a suit
able Btate for the reception of religious and moral
Impressions. Of course, there are some professed
teachers of religion whose opportunities for literary
and artistic stndy and Investigation have been lim
ited, and they settle the matter to their own satis
faction by dealing ont general damnation to what
ever may not happen to strike their uneducated
fancies favorably at first glance. That the cause of
religion Is promoted by such proceeding we do not
SCNPAT 1 GSVTS'
AM) f SrMMBB J AND
EVKHVDAV f ") BOTS'
tClT8. ' (CLOTHING.
Every gent and boy In Phlladalphla who expects
to go on
The Grand BxcnwiON
to thb Capes,
Atlantic City, or elsewhere, should be comfortably
rlsd In the beautiful, stylish, durable, and cheap
garments now being made up and sold by
Wakamaker A. Bkown,
at their immense establishment,
s. b. cor. sixth and market streets.
Thin Scmmbr Vests.
White Maksbili.es Vests.
White Dccr Scits.
Linun Hacks and Suits. ,
Costumes db Voyage,
Drap d'Etb Coats and Surra.
Bixb Flannel Sacks.
Boys' and Children's Suits.
We would like the publio to coropire our goods
aad prices with any they can And elsewhere. !
Wanamakbr A Bkown,
Wanamakbr & Brown,
The Largest Clothing Douse in America,
Oak Hall, s. E. cor. Sixth and Market Sts.
Oak Hall, S. E. cor. Sixth and Market Sts.
A FULL STOCK
Fine Teas and Coffees
Choice Goods for the Table '
OP EVERY DESCRIPTION,
At prices Intended to Induce purchases for summer
consumption in tne country.
All goods sold In nnbroken packages at wholesale
E. BRADFORD CLARKE,
(SUCCESSOR TO SIMON COLTON CLARKE,)
S. W. Corner BB0AD and WALNUT,
6 8 Stuthir PHILADELPHIA,
WILL BE READY ON MONDAY
A Romnnco of Germany and Italy.
. By Mrs. E. D. Wallace.
IT. O. ROGERS & CO.
Claxtcn, Hemsen & Haffelfinger,
Nos. 819 aDd 821 MARKET STREET,
6 8 8t
-1XT ILL BE PUBLISHED JUNE T
''THE GERMAN CONQUEST OP
ENULASiU IN 175,"
Described by an eye-witness In 1925; describing the
arrival of the German Armada; destruction of the
limit li fleet; the oeclslve battle of Dorking; capture
of London; downfall of the English Empire.
Ltpr lined from Black woods Magazine. 12mo,
parer, Sue. Cloth, gilt, 60c.
"A powerful satire ou toe military helplessness of
England. The Britons are stirred up by tt as they
have been by no maiotzme article of this generation.
"1 he Klgbt at Dame Kuiopa's School' did not bit tie
bull's eve of EimiiHli feeling more squarely than this
clever shot ironi Old M;r." Journal of Commerce.
For sale by ail Hokneiiri.
PORTaR A. COAXES, Pub Ishers,
6 6 8trp Philadelphia,
- DRUGS, ETO.
Genuine Olive. Oils,
FOR TABLE USE.
COX'e SPARKLING GKLAT1NE. RIO TAPIOCA,
BERMUDA ARROW ROOT, SCOTCH OAT MBL,
now landing and for sale by
E0BEKT SHOEMAKER & CO..
N. BL Corner FOURTH ant RACE Streets.
Elder Flower Soap.
Just received, by the Flora Halburt, from London,
An Invoice of BKUBoRO 8 CKLEBKATEj) ELDEli
FLOWEH, WINDSOR, GLYC'ilHINR, and HONEY
E0BEBT SHOEMAKER & CO.,
N. E. Corner FOURTH aud RiCB Streets,
61 8n;4p ; PHILADELPHIA.
CHEOARAV INSTITUTE, NOS. 1521 AND 1.729
fePKIXE Street. Philadelphia. Pa, ENGLISH
and KBNC'II for Yuung Ladin and Hi?. Board
lng and day pupils win reopen on MONDAY, Men.
tewber IW. t'renck is the laiuftia'ji oj the amity oiJ
i i coiftuntly tpoken in the Institute.
lthstufiml MADAME D HKKVILLY, PrlncipaL
KB, LOANS. HTCL
BOl'GHT AND SOLD '
AT THE BOARD OK BROKERS.
i 25 tuthB2mrp No, 18 s. TUIU 3 Street.
1805. FINE GROCERIES. 1805.
cnxrrxjx? & xvxaddocix,
Pi: lis 8. Til I III Street,
Invite the citizens of Philadelphia and Burroundlnga
to their large and fresh stock of
Which they offer at greatly reduced prices.
Families about removing to the country can And
here a fail snpply of everything fine In tne rtrocery
line. All oroers given will be necnrely packed, and
delivered free of charge to th depots. All goods
warranted as represented, or money refunded.
" BDUAH-CFRED HAMS,
EOCKHILL A WILSON are ready to provide
FOR THE COMFORT and enjoyment of their
FELLOW-CITIZKNS, If the thermometer
WILL KEEP at anything below
TWO HUNDRED and Twelve Degrees.
Castimere Suits for
HOT D US
Linen Duck Coats for
White Vests for
CQQL Alpaca Garments for QJ QjytJ
COOL unenDu8tefor HOT DAYS
CHEAP PRICES (
CHKAPPKICKHFOIt HOT DAYg.
CHEAP PKICES (
On all descriptions of
GREAT BHQWN HAIL
ROCKHILL & WILSON.
603 and 605 CHESS UT STREET,
J AS 7)n .4 PHFQTNIITST:
Elegant Styles In Light and Dark Mixed.
Plaid and Striped Suitings.
Diagonal Coatings of beautiful design and fabric
Handsome styles In Pantaloon Casslmeres.
White, Brown, and Fancy Linens, Drills, etc.
Drap d'Ete, Alpacas, DuckB, Bamboo Cloth, eta.
WESTON & BROTHER,
S. W. Corner NINTH and ARCH SU,
A full assortment now in store
OF THE CHOICEST NOVELTIES OF
FOR GENTLEMEN'S WEAR.
A SUPERIOR GARMENT AT A REASONABLE
PRICE. I 8 Smrp
GRAND SQUARE AND UPRIGHT PIANOS.
Special attention Is called to their
PATENT UPRianT PIANOS.
Warerooms, No. 1006 CHESNUT btreet, Phtladel.
phla. 413 tfrp
Grand Square and Upright Pianos.
DUTTON'S PIANO ROOMS,
6 lfl lmlplm Nob. 1126 and 1123 CHESSUT St.
jgj PIANOS AND ORGANS.
GEO. 8TECK & CO. "SO
BHADBUKi'S, V PIANOS,
HAINES' BROS', J
MASON AND HAMLIN'S CABINET ORGANS.
GOULD k FISCHER,
. No. 3 OH KSNUT Street
i. I. GOULD. No. 1018 ARCH btreet.
wit o. Ftscnit, . 1 IT tftp
lfetntllfelicl lu 1854.
ETC. ETO. ETC.
C. & A. PEQUIONOT,
No. 60S CUESNUT 8TRKKT,
J II B
WHEELER & WILSON
For Bait on Kary Term.
NO. 914 CHESNUT STREET.
1 nwrt PUILADKLrCIA.
BEW ORLEANS, MOBILE,
Are building a trunk lino, connecting New Orleans
with Mobile on the east, and giving the
ONLY EAILE0AD COS NEC HON
Between the former city and the great and most
productive State of Texas on the wet, the total dis
tance from Mobile to Bountou being 479 miles.
The Company Is composed of strong Northern
capitalists, who have air cad j expended nearly TEN
MILLION DOLLARS or their own f inds In the
construction of the line. Thej have bnlit about S25
miles from Mobile westward, and secured by pur
chase of securities and made provision for the
thorough repair and equipment of the ins miles con
stltutlDg the Texas division ; leaving bat 140 miles
to be built
To Complete tht Entire Road.
It Is believed that no other railroad corporation In
the country has ev r made so large an expenditure
from its own means before offering any of Its seen
ritita to the public
The Company now offer for sale the
Eight Ver Cent. Mortgage IJonds
upon the Louisiana division of 226-; miles from New
Orleans to the baliine River. This will prebablybe
the most valuable portion or the whole line, as It will
be the only rail communication by which the enor
mous productions of Texas can reach the Southern
So important is this road considered to Louisiana,
that the State has made very liberal grants In aid of
the enterprise, by direct donations, by endorsement
of Its bonds, and by subscription to the stock of the
Company, amounting in all to over eight million
The Bonds now offered are of two classes: '
FIRST MORTGAGE BONDS,
to the amount of $19,500 per mile, and
SECOND MORTGAGE BONDS,
to an equal amount, both principal and Interest
guaranteed by the State of Louisiana. The price of
the two classes Is the same, and subscribers can
take their choice.
The Bonds are only In the denomination of $1000,
or 800 each. Interest payable January and July, at
the rate of eight per cent currency in New Yorx, or
seven per cent, gold in London, at the option of the
holder, at the time each coupon la due. Bonds can
be registered, If desired.
NO BETTER SECURITY HAS BEEN
to Investors. The line is a good and 1 nportant one,
and the stockholders have proved their determina
tion and ability to carry the work to an early and
successful completion, by the very large amount
they have themselves put Into It.
The Bonds are largely profitable, aa well as en
tirely safe. One thousand dollars Invested In these
eight per cent, bonds will give the purchaser mort
than teventy-aeven per cent, greater annual Interest'
than the same amount Invested In the new Govern
ment Five Per Cents, Into which the Government
Sixes are' being funded by the Secretary of the
At the same price, an 8 per cent, currency long
bond Is far cheaper than a T per cent, gold one.
Calculating a return to specie payments In three
years, and taking the time that the bonds of the New
Orleans, Mobile, aud Texas Railroad have to run 45
years we find that by compounding the interest of
each, every six months, at 7 per cent., au 8 per
cent currency bond at OO will give a return
of 82C11-18 MORE than a 7 ier cent, gold
boutt at the same price, or nearly three
times the amount of the orlgtual Invest
ment. While the purchaser of the 8 per cent, bonds of
this company can realize this special profit, he also
holds the option of taking advantage of any tempo
rary advance In gold, as he baa choice, at every
separate coupon day, of gold Interest at T per cent,
or currency interest at 8 per ceut.
The Bonds are dated May l, 1871. The first cou
pon will, therefore, be a fractional one, running
from May 1 to July 1. The price is 90, and accrued
Interest at 8 per cent, currency from May 1 to date
Subscriptions will be received in Philadelphia by
DC HAVEN & BRO.,
No. 40 S. THIRD STREET,
Of whom full information concerning the Company
and the Road can be obtained.
V. C. 8HATTUCK, Danker,
Financial Agent, N. O., M. & T, R. II. Co.,
No. 83 NASSAU STREET,
CSftu4p4t NEW YORK.
Our Letter of Credit gives the bolder the privilege of
drawing either on
DREXEL, 1UKJES & CO., Paris,
Kesiri. A. S. PET RLE & CO., London,
As may be found moet convenient or profitable, and
In available throughout Kurope. To parties going
a'uoad we offer Bpeclal facilities, collecting their tu
Het,tand dividends during their absence without
DREXEL & CO.,
So. 34 BOTJTH THIRD BTREET,
JOST OR MISLAID TWO PER PBTUAL POLI
j cits OK1N&1 RANCH, issued by the Trustees
i f the Ure Amoi latiou of Philadelphia: one to
a J4,.t5t-so, and ii to MAUVOL'INN for
f i.m o, dated July 24, i(jj4, No. 82io4. Information
u ill I u r. i'f K fi1 litf
Willow knigbt shrtook,
AdrrmilKirHb K, tat of John Douohue,
6 1 Ct t,o. 16 North bliVAVl a btreet, Plula.