Ikr <£*titre glrmwnt Turmm Sl.&O pr Annum, in Ailranoa. Thursday Morning, January 9,1879. The Cause of Hard Times. Ever since the failure of Jar Cook in September, 1873, political orators have been accounting for the panic which then took place, and the hard times which followed that panic, and which, unfortunately, have not yet passed away. The cause* assigned havo been almost as numerous and va ried as the persons who promul gated and discussed them. In the limits of a single newspaper article, wo could scarcely cmiiuci.vte, much less discuss and analyze the many alleged cnustn of the present depressed condi tion of the business of the country. We will, however, notice two or three, as indicative of the general character of the most of them. Did the failure of Jay Cook cause the hard times? His failure, and the suspension of his bank, frightened ma ny people, and undoubtedly caused a panic throughout the country; but this would have been but a temporary af fair, passing away in a few weeks, if there had been nothing wrong save the insolvency of this prominent financier. It is also tme that many individuals lost heavily iu consequence of his fail are ; but the wealth which was once theirs was not destroyed; but only transferred to other hands. No wealth was destroyed by his failure, however much individuals may have lost; as all the property previously existing, whether consisting of lands, goods or money, still existed after his failure the same as before. The effect of his operations was to take the earnings of one class of persons who dealt with him, and transfer them to another class. This process necessarily made pome persons poorer and others richer, but the aggregate of wealth iu the country remained unchanged. Had ail the wealth which passed through the hands of the great financier and banker been actually destroyed in the process of his handling it, we could easily understand how the aggregate of wealth would thereby bo deprecia ted ; but even then it would have been bis course of business and not his fail ure, which caused injury to the coun try. Did the contraction of the currency produce the hard time* ? This i* a very common theory, and a* erroncou* at it is common. The paper money circulating in any country add* no thing to the wealth of of that country; unless indeed the doetrinc of fint mo oey, that is, that he government by affixing its stamp to a worthless pieee of paper can thereby give it an intrin- ; sic value, is true. To illustrate our proposition, suppose a new bank was established in this county without capi tal, hut with legal authority to issue oue millicn dollars of hank notes, j The managers of this bank have their not* printed and signed, ready to is sue. Has any thing been added to the wealth of the country ? Certainly not, for the notes arc worth nothing as long a ibey remain in the possession of the tank, but the cost of manufacturing thriii. Tito first week the hank is o|>en- > >l, its entire i .-uc of a million dollars Is burrowed by citizen* of our county upon their note* with good endorsers. Is the county any wealthier in const •jucuee of thii week's transaction? It is true tliere are a million dollars more hank note* in circulation in the coun try than there were a weeok ago, hut •air citizen* are in debt just a million f .bn Vr the hank, which balances tta aiount r.ud leaves the actual w -with of the county unchanged. At rise end of ninety days these notes given to the bant by the borrowers have all fallen due and been ]>aid in the bills of the bank. In other words, the mil lion debars of tank notes have been ■starred to the vaults of the bank, ar.d R >!u- promissory notes of the citizens hsva been lilted and cancelled. Has this pence** lessened, in manner, or to amy degree, the wealth of our county ? This proeeiM may be repeated as often as may be. and for any length of time, cud the result remains the same, the aggregate wealth of the county is un affixted by it It is true that some of them borrowers, while they have this mosey may invest it in productive industry, may by means of it give em ployment to labor, which will add to the total wealth of the county; but it it the labor which adds to the wealth) nni it does HO to the same extent, if it in paid for in gmin, meat, or merchan dise. The fanner who employe labor which would otherwise IK> idle, to clear hia fields and otherwise improve his farm, adds us much to the wealth of the country, if he pays his hands in farm products, as if he paid tlreni in bank bills or even in gold and silver. Changing suddenly the volume of cur rency may affect nominal prices and disarrange business, but of itself, it can neither impoverish nor enrich a coun try. Did over-production bring the hard times upon us? Over-production in any particular branch of industry, may, by reducing the prices of those products, so low that the further pro duction will l>c unprofitable, clog that particular branch of business, hut as those who have to buy these pro ducts are thus enabled to obtain them so much cheaper, they tire benefited as much as the producers arc injured, by the dcelino in prices. As all produc tion adds to the wealth of a |KN>ple, it is difficult to see how too much pr<- ductiou cau impoverish them. Hut the idea of over-production is mere myth. There has been less production during the last five years than during the preceding five years, and yet the de mand is not equal to the supply, and prices are far below those of any year from 1801 to 1873. The trouble is not that the producers are producing too much, but that the consumers have not the means with which to purchase. The real occasion of the hard times, is the general poverty of our people, which has been caused, not by the failure of any individual or corpora tion, nor by the contraction of the cur rency, nor yet by over-production. What then has caused this general poverty ? THE death of Robert W. Markov is an almost irreparable loss to the circle of shrewd and trained poliUcians that at present controls the organization of the republican party in Pennsylvania. As a manager and orgnuizer of party forces he was without an equal in the .State, and to his skill and sagacity it may l>e said the republicans are almost solely indebted for their triumphs iu the past few years. He was the one man to whose judgment the leaders were generally ready to defer. He was cool, calm, clear-headed and far seeing. He possessed undoubted abili ty, and for the success of his plans alwnys worked with an energy that never showed a sign of weariness or fatigue. Of the methods he may nt times have adopted to secure results it is not our purpose to speak. He is in his grave, and of the dead we would say nothing thnt could be thought harsh or unkind. We cannot hut think, however, that it was unfortu nate he did not seek a better field for the exercise of his extraordinary powcrs. With his rare gifts of mind, untiring industry and active habits of life, he might have been in some high er sphere of duty, much more useful to his fellow man, and gone to his grave with a fninc far more enduring than thnt of the adroit and skillfull politician. Ily his friends, he was greatly beloved as one to whom no appeal for aid, ever came in vain ; by his'enemies, he was respected as an antagonist with whom it was danger ous to trifle. He wrestled with an in sidious disease for many years, and how his weak ami broken frame could liear the constant strain put upon it by his restless and untiring will was a wonder to all who knew him. It was the power of a strong mind over n fccblo body. Rut the " inevitable hour" came nt last, and the spirit of Kolwrt W. Maekey took its flight to another world "wlierc the weary are nt rest," THE vitality shown by Wade Hamp ton in wonderful. It in stated that during the war he received eleven gun shot wound*, and he lately was oblig ed to submit to the amputation of a leg. Still he Mirvivan, and promises to live long enough to become Patter won'* successor in the United State* Senate in reality. SntLtD AT LAST. —Public opinion long wince settled that polygamy la wicked and wrong, and the Supreme Court of the United State* decided, on the (Jtk insL, that Congress ha* the power to prohibit it in Utah. The decision was made on an appeal from the Third Judicial Court of Utah, in the caae of Reynolds, who was convict ed of contracting a bigamous marriage. EDITORIAL COHREMI'ONDKSCK. HARRIHBVEU, January 7, 187!). For many days the streets and public places of liurrisburg have given forth signs of an approaching session of the legislature of tlm state. With an assured republican ninjorlty In both branches, considerable interest was manifested by members of that pnrty in Iho distribution of tho spoils; and there were mysterious comings and goings of the faithful, quiet whispering! over the organisation, and endeavors to arrange slates that showed conclusively that tho race of patriots wil ling to servo the "dear people" for a reasonable coui|M>nsation is not yet extinct. Tho republican members as a rule were early on the ground, and by Friday of Inst week the "Lochiel" was reasonably well filled. Tho democrats did not begin to arrive in any numbers until yesterday, ami having no patronage to distribute, their voles to-day wero mere matters of form and compliment. Not so with the other side. At first it seemed likely that tlie struggle over tho speakership of the House between the friends of Long, of Allegheny and Hall, of Philadelphia, would be animate.l and perhaps bitter; but at that time tho musters had not sjsoken. In other words, the successor of the late Robert W. Mas-key was not yet in the field. He appeared, however, on Friday night, in the person of Recorder Quay, and nt once assumed command of the forces. Under his t|>ecial dictation the magic word "Harmony" was passed along tho lino. Threatened hostilities immediately assumed peaceful airs, and personal rival ries yielded to tho authority that com manded. Hail went out of tho contest, and tho success# of Long became at once a certainty. The caucus of last night was therefore nothing more than a ratification of the ord'-rs of the reigning power*. It is true that Wolf, of Union county, was 1 on hand, ready and eager to fight, but lie hud no following, and coub.l nut raise the slightest breexn of opposition. All was serene and lovely, and last night it look tho House caucus exactly seven and • half minutes, by the watch, to go through the formality of nominating Icng, of Alle gheny, for Speaker; Dr. Shur!ock,of il-a ver, fr Chief Clerk; Harry liubn, of Philadelphia, for It-aiding Clrk ; and appointing a slate committee, with Hall, of Philadelphia, for Chairman, for the d'*- trihution of the other offices. On the Senate si.> there wa# no epposi thm to the nomination f Hstnmeriley, #->me year* ago, and Childs, formerly Librarian, in which the former proves! tfio victor. Child*, in hi* di*ap|#>intmenl, created something of a sensation thi* morning by preferring charge* and specifications of peculation and malfmsaoro in office against his antagonist, and demanded a re-assem bling of the caucus to bear hi* complaint*. The caucus came together at hi* Instance, hut did not change iu previous action. Cochran remained the nominee of his party, and Child* wa* i-ermillcd to nurse hia wrath as beat he might. To-day, at precisely twelve o'clock, the two house* were call<-d to order, the Senate by Lieut. Gov. latu, and the House by Chief Clerk Shurlork, and both branches promptly proceeded to the work of organi zation. In the Senate, Mr. Herr wa* of course elected President pro Inn., the democrats voting for Senator Krmantreut, of Berks. For Chief Clerk, Mr. Cochran received the vote* of the republican*, and the democratic Vote* were given to that old veteran of the party, I'nclo Jake Zeigler. of Butler county. Of the national* in the Senate, Parker ofSrhuylkill.vnted with the republican* and Palmer, of Allegheny, with the democrats. In the House, Long, for Speaker, received the entire republican vote and the vote* of five national*. The democrat* complimented Sherwood, of Northumberland, and the nationals, eleven In numW, who remained true to the ac tion of their caucus, Doyle, of Huntingdon. After the election of officer* the usual com mittee* to wait upon the Governor and upon each boOM were ap|>inled a* was also a committee by the Senate upon inaugural ceremonies. Both bouse* then adjourned until to-morrow. One of the queer frsture* of this organi sation of the bu lm that end. How would the lx-11 punch method do in Pennsylvania? The revenues of the State have fallen off during the pant year to such an extent that it has been impossible for the State treasurer to pay tnanv of the appropriations made by the legis lature during the session of lad win ter and spring, and the probabilities are that new source* of revenue will have to be nought in order to meet coming demand# upon the treasury. A committee of the legislature at it* pre-nt *e*ion might with entire pro priety examine into the merit* of the Virginia law and ascertain whether it* working* are feasible and satisfac tory. If found to be nil that the Auditor of Virginia claim* for it, there may lc no objection to it* adop tion in Pennsylvania, as a mean* of replenishing nn almost exhausted treasury. Our present license laws for the sole of liquor* are at best cumbersome and uujiopular, and if a new system enii la? devised that prom ise* more fruitful result* in way of re venue, it might probably !e bettor to adopt it, rather than tinker eon tinuou*ly at our present enactment* which never seem to grow any better under the operation. IT A PIT. AN* tlint Chairman Potior and (Jen. (ox, of the Potter Invcsti eating Committee, went to New (Mean* for the purpose of affording John Sherman nn op|ort unity to present whatever further evidence he might have to *u*hiin hi* charge* of intimi dation and bulldozing in the election of I#7G in Louisiana. The New York World say* that, "Last *uminer Mr. Sherman and the Republican pre.** complained bitterly that the Potter committee would not receive hi* pro poned testimony a* to intimidation in Louisiana. In time the committee decided to receive this testimony, and after an unsuccessful effort on Mr. Sherman'* part to prove bulldozing the attempt wa* abandoned. Recently hi* counsel have claimed that they were prevented by the yellow fever from getting this testimony in. According ly Mr. Potter went to Louisiana ex pressly to afford them once more au opportunity to exploit it, and nuec more they have declined." The wily and unscrupulous Mr. Sherman was very bold and defiant no long as he thought hi* charge* against the people of the South would not be heeded by the committee, but when a chance b S'ven him to make them good he pro *ntly remain* silent. Comment is unnecessary. Morton MeMlchael. The brilliant career of thi* distin guished journalist and useful citizen was closed by death, at hi* residence in Philadelphia, on Monday last. He was proprietor of the North American, which ho conducted for many year*, with groat ability, and led a most blaroelem life, public and private. •** -SHL v Wi propose to publish from time to time a series of articles culled from letter* written to one of the editor* by a friend travelling in Kurope during the last summer. The information they contain ami tho histories they recall have all DU is dull, dirty nnd s<>il<- every description of work—fine or coarse— that any machine, at any price, ever did, or can do ; equally a* rapi. anywhere with privilege of examination before jaymentofbiU. Agents make money rapidly' supplying the j-reat demand for this the Cheapest Machine in the World. Territory free. AMrr.n, for descriptive books, &•c., "Family" Shuttle Machine Co., "55 Uroadwav, New Turk. 80-ly A IIKMAak lUt.a Hxari-T.—lt make* no difference how many Physicians, or how much medicine you ha'va tried, it is now an established* fnrt that German Sjrrup l the only remedv which lias given complete satisfaction In sever* taw* of Lung I)iea*es. It it true there arc yet thousands of p-rsons who arc pre disposed to Tliroat ar.d Long Affections, Consumption. Hemorrbairss, Asthma. Se vere C!Js settled on the Breast. Pneumo nia, Whooping Cough, Ac., who have no tiersonal knowledge of U... f W. German Hyrun. To such we would say that 60,- tJOO doaen were sold last year without one complaint. Consumptive* try just one bottle. Regular sits "6 cent*, 'flnld by P. ] POTTS GBKK*, wholesale and retail. 2t-eow-!y PrasnvH who are troubled with weak ness arising from a disordered state of the t'rinary and Pro-creative Organ*, such as lndlsp.is.tion to exertion. Loss of power, or memory, difficulty in ttrna thing, Ner vouaness, Trembling,' Weakness of vision, Wakefulness, pain in the small of the back, Muscular Lassitude, Mot and Ifry Skin, Eruption* on Pace, Pale complex ion, Ac., should at once procure a bottle of ( Compound Fluid Extract of Buchu. A judiv-tmtsand prompt use of this preparation may be relied upon to five ton* to tba Or* gans, restore their power and rcmov# thn symptoms price one dollar—six for five dollar*. For sale at F Porra Gbkkk.'* Drug Store, Rush House Block. ly-Sdaow • 'J m Lv..