TERM OF PUBLICATION.
rue Dammam orn la pabthMea every
our sda Winans bltsyamm P. W. *wows ra Two Dollus
DIME adsamm.
' aSserttsttsyta ome 4101111111111 of rase*
tzraraligitlBll tasertedet nrrimst camper
line for first tusettioa, and Fru muss per line tor
rabsequent tlaislU. •
•
LOCAL. NOTICES, same style as matting matter,
turn owes a line.
ADVEIMBIKKENTS will inserted somatling to
be following tablaaf rates
iv I t I' fto f Sin C6m lin
Idch I $01.50_1 3.00 111.00 I 6.004 MOO 1S if
j 1001 8.00 r moo 11E400 I 20.00
ai nc hes I 4.. M k ., ' !/ 0 800 118.00 120.00 (10.00
47nches 3.00 1 8.50 1;14419 18.15) 25.00115.00
column 1 5.00 12.00118.00 111.001 10.00145.00
iolnlnp , 110.00 j 20,00 1110.00 I 10 00 U 65.00 I MOO
1 --, : . ) 111 n 21 . 1 4pol 5 1 4 00 1,0.00 t 1 4 .0.00 j $lOO I $l5O
A dmild • -• a sad Itucator se liatloes. vs; mus
t or's Notices, $9 50 • endue= Cards, lire lines. Mar
atr $5, additional itase $1 eseli.
.Yearly a4verttaers arierd4tls4 to quseterlyettanges.
t -aosient advertisements mast be paid for ist alma.
All Renolotions of Assoctetions Oommnnicathme
f limited or individual Interest. and notices of Mar.
rl tree and Deaths, exoredingilvellnes. 'recharged
rxa crinrrii per
JOB PRINTLVG of every , kind, In Hain and Taney
colors, done with neatness and dispatch. Handbills.
Blarars , Par e lli• Paaphirta. Mimed& Statersunts,
of every variety and dyie,l printed at the shorted: -
notice. The Rarowrze Olitee is well snppliM with
Power Preto's. ceohd assortment of oar typo. and
ever ythi ng i n the printing ;line an - i be executed in
he moat artistic manner and at the lowest, ratse.
?Rays TN • • RIART,V ritipt
romurzs,-, - cmun.
TOHN DI:II4FM, IBL4CKSMTTE4
MO2fROLTON. psis particniar attention to
riming Buggies. Wagons. Sleighs. Ac. Tire set and
repairing done on short =Atop. Work and charges
guaranteed satisfactory. 12.18.69.
nk.A MOS. PENNYRAOKER, 11A§
again established himself in the TAILORING
, rsr.crAct. Shop over Itiiitwell's Store. Work of
IrPry description done in the latest styles. •
Towanda, April 21, IR7o.—tt
S. RUSSiIL'VS
GLNELAL _
I,ThStIRA blek 4GENCY,
may23'7o-11 TOWANDA. PA.
•
.•" 4 b.";
4 4
F . 4 k x.
-
or 'g
••
z 4 1 4 1
p..
PA
I
F-i , •
• F 4 CC:
•••••
/4
•v•
TilE 'UNDERSIGNED ARCHI
TECT .A 1) BUILDER. Wishes to inform thi
, izong of Towanda and vicinity, that he will give
,-„irt , xu!ar attention to drawil designasiad
—ific.itions for all manner f buildings. private
ac.t onblic. Superintendence given for reasonable
...nnpensation. Office at ,residence N. E. corner of
-: , )n.1 and Elizabeth streets.
' oets'7l
IV W. Kl\ GSBURY,
REAL EF; rATE., LIFE, FIRE. & ACCIDENT
fNSU N OE G E,N C Y.
affire,sorner of :lain an l 3 State Streets,
l-rch 13. 1872
SASH, DOORS, AND BLINDS
I am prepared to furnish kiln-dried Doors, Sub
Ind Blinds of any style, size, or thickness, on short
a Aland in your order* ten days before you
wznt to use the articles, and be sure that 'you will
g .I.lors that will not shrinkcir swell.. Terms cash
I , ..ivery, • ,
T. ovanda, Jni 19. 1 , 371. . GEO. P ASH..
" _Y_T-.- - 0 - N BROTHER,
• I • -
De: Jeri Ist
'TOOL, HIDES, PELTS: CALF-
SKINS, 712
Cam: 17'a tp..t4 tile:test cash price is paid at all time'
is M. E. Roientlel4's Store, Ilaia-et.,
ruzioN, '
r.. T_lhrredr. t o•• .14.' 1 70 .tOWANDA PA.
NTIW F I R Ait •
• E lit -GOODS,' LOW'PHICES !
316;52t0ETG11, PA.
I
TRIG! HOLLON,
ft ct&II Deslen In Groceries and Provisions, D. ags
Medicines, Kerosene Oil,l 'Lamps, Chim; -va,
Dye stuffs, Paint?,-Oils, Varnish, Ymaks, •:to
i.oni..Tobarco, Cigars and Sniff. Pare Wines .ud
luors, of the hest quality, for medicinal purr , see
All floods sold at the very lowest picas. Pro.
mrefuly compounded at 11 hours of the
dry Ind night. _Gice . us a GAIL
-"TRACY & HOLLON.
M nrpeton, Pa., Jane 24, 18G9—ly.. .
B A.KERYI ,CONFECTIONERY
GROCERIES!
Tho nclersignod begs leave to return thanks to
,ople of TowandA and vicinity for . the very
—l, , rons patronage extended *to him dnring tho
plot -cason, and at the same tit togivenotice that
h•• his a:ldekto his business a s of
•
REST FAMILY GROCERIES
he , is 1i:opal-oil to .
offor AT TILOWEST
Hitt:L.:S. • • • F
E
Ho will still continue the Haking.booidess in all
brancheg, and can anthing-in this flue
sh6rtezt hntice and
tiart.-I..NTEE SITISFACTION
11 ha also fitted lap a
--- I •
DINING
Where he will at Ciliate/ be ready to furnieh. ileala
Lunchori,4 :It much lower ;L•ater than usual.
I%rmera and others visitiUg, town gate-invited to
4 A 7- Parties supplied with Ice Ceinm,eahes, Fruit,
CdTitc.ct.tonery at short notice.
V: ,, tuereiier the place, nearly oppJsito the Means
r;=n,
~~~nY.li:'i::-~.
EfOILICE A. COWLES
TO OUR PATRONS.
GP:O. H. WOOD & CO.,
PHOTOGRAPHERS,
TOWANDA, PA.
for the generous patronage of the
pa4t p•sr, would inform all wanting Pictures
that %ye are gall aflling'to our establishment ,
NEW AND IIitSOVED IN..STRUSIENTS.
And adopting tried and approved modes of
printing and retouching in order to secure
FINER pHoT7oRAPHS THAN HERETOFORE
r. - 11 of the cities., and that ve make
• •••-•••:Ity to eißarze alt kinds of Pictures to
• ,-;ae destaisi, and finish in Water Col,: - 4,
Ink, or la Oil, to the
BEST STYLES AND VERY LOW PRICES.
We also el:lac:war to take all the time poast
n Tustin:. childrenspicturer. RO as to se.
, •I , ‘ *IA nest rennits. • .
We are celesta/4y adding; to our rt•ick of .
• .71 ft A 31 E S
A:1 new patterns and tisteinl styleo. and fur
l. • theth :at a small advance frtitn cost prices.
113 3. - 8' 3. •
'l4) THE CITIZENS OF. SVlN'..Sl%;—ironr itt4r.tinn is spec . izily
t•, the fat that the National flanks aro', now
'l3 r.zaire
,snbanriptione to the Capital
the Centennkil Board of Finance. The
frtim VIA aCouree are to be employed
4 t• ,. ratZti'.) . l o: the bruldingi for the International
, And the expenses connected with the
= t .e confidently bet eyed that the Heystose
'• represented by the nklne of every
dti
+arc to patriotic commemoratick Cl the one
h , ,rth-day or the nation. The shares of
lr n'ffettal for $ each, and subAcribers will
ii.mdaomeiy steel engrared -C,..rtificate of
elitabte for framing and preservation as a
rzl rater:ascii!:
.It , t-reat at the rate of six per cent per annum will
•- "alai payments of Centennial Stock from
,o payment to January 1, 1876.
I') , :rit,ere who Are not near a National Bank
tz 2 r.' , ..q:: a check Or. post-office order to the under.
i ;Ltd.
FEEDS. FRALEY. Tres/liver.
4,13. '934 loralnat St.. Phlra.
TOWANDA NII4,4ER:Y.
The caideitlimod hei , irg , prebend the
NrR.qERY o TOWANDA FLATS.
.tuE a tkutiou.to his :arge stook of
FIll:rc AND ORN,MENTAL TREES.
Wl!eh he is now prepared to
bELPIEIt 03 11')32 RE.4.SO3ASE TERMS.
Jl
ic:ra En p3r4oa or by mill promptly attended to.
. •-
Tourai, ICC
•
JAMES' WOOD, Arrow
oirommtioa at Law, Town t ioa. Pa.
SMITH h MONTANYE,, ATTO )-
vim 'xi Law. Office—corner of Main and
Pine Streets. *melte Potties Drri g nom.
R. T. B. 4OHNSONTursiciAN
D
*onmeou.Office over Dr. IL C. Porter Son
C?..• Dru g Store.
G. MORROW,f!fiyEacturt
• &reason, offers pis profinleional ne -to
thecitizens of Warren and vicinity. Best nos
:Prat house north of J. F . Cooper 's Store, W
Centre, J.
aplir .ly
M. STANLEY, Dtryna,
micomisiar to Dr. Winton.. Office in Pat t on's
Block. stairs, Main 'Street, Towanda. Pa. Ail
kinds Orvieto work a apwriajty. Jan.tr2it
n it . S.M. WOODBURN, Physici l u
and Surgeon, Office over Wickham?* B Ys
Crockery store.
Towanda. May I, 1.1173.4 y•
- ploy - LE & McPTIERS(N.
rim:ay-Law, Towanda. Pa. Will give p
attOntion to alt matters entrusted' to. their che.
Orgh'ans' Court business* specialty.
W. [may2ll3l • T.
A . B. MaKEAN, ATTORNIitY
AND.Ootrionston as Law;Tniiiivia. Pe. Par
' Denim attention paid to Inutitua m in the Orptiatis•
1
Court. , 11414520. '
I TT W. PATRICK, dit- ATTORICEST-AT
1, • Lit,. Office, Memo's Block, next door to
the Erprere Office, Towanda, Pa.! • _
417171873.
. , .
W: CARNOCHAN, ATTOR
• =7 ALT Law &strict Attorney for. Brad,
ford County). Troy. Pa. actions made and
Iy remitted. teb 111,
-B. BELLY, - DENTIST.—Of
vv• Over Wlckha,n & Black's, Towanda, Pa.
Teeth Inserted on Gold, Silver. Rubber. and Al --
Mum base, ' Teeth extracted without pain. 042, 2
MADILL A CALIFF, ATToll ..
1-T-1- if-Law, Towanda, Pa.
V. J. maroxs, • 1. N. CALM.
Office in Wood's Block, first door .bath of FI t
National Bank, up stairs. Jan.8,73.1y
(ViIRTON & 'PT, ABRRE,- Arro4-
N./ NET% AT Law,Towanda. Pa., having en
Into cop artn ers hip , their professional serial s
to the Special attention given to brizin ■ ,
in the Orphan's and Registe r 's Coprts. apt 14
N. covaavort. re:
TOHN IV MIT
•.
ATTORNET-AT-LAW, TOWANDA, PA. .
Special attention given tc citl=B against Than
ance Companies. Office, v -4 ' title of Pub
Swum. - If!"11i'
3 E. FLEMMLNG,
Boa 511, Towanda, Pa.
MR. D. L. DODSON, OPP.ItATII
anD literts'N'lCAL Dzirnerr. North Maine-a
opposite - Erdseopal Chnich„Towanda. Pa. All de
tal operations , a speciality, / . dan-14.
_
pEe & STREETER, !•
LA 1V OFFICE; TOWANDA, PA,
PtC - n. [dap-15 4 74] 11. STRIETED.
TOWANDA, PA
1)11. 1 .1:. W. LYMAN,
Office on Stain Street. Pmne'rly occupied by I)
Ladd. - Residence, corner Pine and Second street.
Towanda, June 12. IST).
- p 0. GRIDLEY,
ATTORNEY-AT-LAW.
Aprq 1.1 : A73. Tow:aids. Pa.
DOCTOR 0. LEWIS, A GRAD
ate of the College of ..Physicians and Surgeons, l
New York city, Clan.-13413-1, gives exchurtce attentio
to the practice of his profession. (Mee and resider.
on the eastern-slope of, Orwell ml!, adjoining He.
Howes.• jan 14.'89.
•
DR—D: D. SMITH, ••• Dent i st.
pnrelineed O. H. Wood's prOperty, betwed
Mercer's Block and, the Elwell Hones, where be b
located hie office. Teeth extracted without pain b
use of pay. Towanda. Oct. 20. 1870.—yr.
NOTARY PUBLIC
Office—MAlN Sr.. TOWANDA PA., with Ncble & Vi
AcktowW;lments taken;- Oatbs sttmlniste •
The subscriber acts s s commissioner in !skins de
ontions orsittesees. General duties of the oft
promptly attenned to. War 8 VINOE%T;
Noy. 12'73. • - Notary Public.
Hotels.
DINING ROOMS
IN CONNECTION WITH THE D UMW,'
Near the Court House.
We are prepaard to feed the hungry at all times • I
the day and evening. Oysters and Ice Cream
their seasons .
March 30. 1870. D. W. SCOTT & CO.
EL HOUSE, TOWAM,
PA.
• --- JOHN C. WILSON
Having leased this Horise, is now ready to accounn •
date the travelling public. No pains nor expense
be spaced to give satisfaction to those who nay 111 e
him a call.
riy—North side of the public .uare. east of -
cur's new block.
9111 I I
TEL
PETER LLND3rFS.NED.
purchased and thoroughly refitted this • d
and well-known stand, formerly kept by .Sheriff o -
fis .at the month of Rmaro.rtield Creek. he ready
gi , .e good accommodations toad satisfactory treatm • t
to all who may favor him with a call.
Dec 23, 868—tf
AT.EAN — S HOUSE, TOWA.ND
IVA: Pa., •
• con. EU= AND BRIDGE EIT.ZETS. - .
The Horses, Harness. &e. of 'all guests of t• Is
house, lutired against lose by'Fire, without any x.
tra charge.
A superior quality of Old English Bus Ale, 3 , at
received. T. R. JORDAN,
Towanda, Jan. 24.11. Proprieto .
WARD HOUSE,
• BRADFORD- COUNTY, iTNIVA.
This popular 'house, recently leased by IN- •
Soon' & Yeats, and having been completely rift • • ,
remodeled, and retarnitshed, i affords to the pu .I.lc
all the comforts and modern Onveniences of a ft
class Hotel.. Situate oppoisite the Part on M •
Street: It is eminently convenient for persons vi t
ine Towanda, either for pleasure or business.
aep6 71 SOON it MEANS, Proprie . ,
MASSION
LERAYEINTLLE, PA:
W. W. BiIOWI.M"G, PROP ••• •
This Hinge is conducted in strictly Tern • •ce
Principles. 'Every effort will be made to •• to
guests einfortable. Good rooms and the table
always he supplied with the best the martet
fords. Nov. 1.1: .
IRETHLEHEM, fr.T . • . . •
•
" OLD MORAVIAN SUN IN 3,
Dv =T 1758.
Rich in historical interest, it is the only bnildin in
:the country except Independence Hall, honore • by
'the sojourn within its walls of Washitigton, La ay
ette, Lee. •Gates and other patriots of the re oln.
tiori. This popular hotel has recently ch • gad
bands, been improved, entirely refurnished. and
the proprietor cordially invites his friends and v
&dug public to give him a call—no pains wil be
spared to render their stay comfortarde. • •ople
en route for Philadelphia will And it convenle.t to
spend the night here. reaching the city about igbt
in the morning. A sample room on first floe • for
accommodation of commercial agents.
C. T. SMITH
Sept 4, 1873. Prop • . .
eIHART:PS F. DAYTON,
Ouccessor to Humphrey Bros.,
HARNESS MAKE:,
over Moody's Store.
Keeps ori band aMI assortment of DOUR sad
82SOLE RARNERS, and an other goods to his Ilas
Repairing and mani'c'uring dew to order.
*.ands. Ammo TX Teri.
P i fEAM SAW MILL,
SHINGLE MILL,
AND. CIDER
aIIiSHMI/N.
Inn is now Lu good order, sad I ata • •
to do an bads of work la my line ea shoat • • • • •
DUMDUM ORISOLES and LATE.. • tut
hand.
. also offer :or Isle a 25 norse•Power • sad
Boner, deep. - 1
0. F.
ilbuhsguni; Rapt 82,1177 .
RISIiItY rzsm
g. W, AICAVIDAJD, Publishei%
VoLuiE xxxiv.
- Q.
rntkneux :AND Sett:m.ox
cent.-Insnran Agents
.
. .... . , - . • . -. • , - _ -,
, .
,
'
.
-.1 - ... . .. . .
. 'I
.. 1- --
.' 1 . , i j... , -,---. ..„ ..._ • .
. , .
~,, , . •,. ~.. „ , - i !
-. . ;i. '', I ' •
• , -\\ .
•-, ' i.. •
• 1 , •
.•-• . , .
•
.f . ..--- : • ...., . . .
.-1 .
. i .
-• . ,
' '...• • - - -, . - "N
.t . -- - .... -. . .. 1 --) 11. -- •
-•- -,= ,\„,.. ~ _..,.. : ..
.- : -- 71,,
....,:...,.. -.; ~.i..
, . r •,. :::,3
..:..
..
_..
.. , . , . 1
1 , , :,:: .
. t 1 : - ik :. - :'; .
_, I . I -., l i
..; 'i
.- .' •' . ' --, ll . I r ,
.. . i I ' t „..._
(~ ..,,[... , L ,_ •• I L . • ....
.... , ~.....,, , !. .._
....•..
.
~, , L ~.
I -
' i
.
N...., ••...._ . _ -.'• • .
• • •
-1. • -..:j. ;. • t -.-- , 1 7,' %, - • . . , . . .
, • .. ~ 4 ''' ' - •
..1 - t •
. .
. . .
i dedtb istk4
!LEASING TILE CUSS
Al
111,A1C1314TID rauX311101:IIIKAN. .
The hustler 'cross, the nearer heaven,
No,Closs Without, no_God within;
Death s Judi/meat, from the heart are driver,
• Amidst the world's false glare and din.
01 happy he, with , all his hiss,
; •V'hom god bath set beneath the cross.
Ththheavier cross, the better Christian; -
. This-is the touchstone God applies;
How, many a garden would lie wasting,
Unwet bj showers from weeping eyes!
The gold by Bre is purilled
- The" Christian is by trouble tried.
The heavier cross, the strouger faith :
The leaded palm strikes deeper root;
The vine juice sweetly issueth
When men hsvepressed the elmst'ring fruit;
And courage grows where dangers collie,
Ltke pearls beneath the salt Sus foam. •
- •
The heavier mils, the her.rtier prayer:
The bruised herbs most fragrant are;
If wind and sky were always fair, •
The sailor would not watch the star:
And Disid's psalms had ne'er be .n sung
If grief his heart had never wrung.
• 4 ,
. The heavier erots, the more aspiring :
From vales We climb to mountain crest;
The pilgrim of the desert tiring, •' ,
- Longs rot tho Canaan of hill rest. ' s
The dove;bas here no rest in sight,i •
Andto the arh she wings her flight.
rhe heavier cross, the easier dying :
Death 18 a friondliei' face t see;
To life's l ilecay one bids defying,—
From Ilk's distress one then is free.
The cross sublimely lilts onr faith
To flint who triumphs over /leant.
Chritt crccitled ! the cross I earry. - -
The longer may it dearer he;
And lent I faint whilst here I win, •
Implant thou such an heart in me,
That faith, hope, lore may fl-unshthere,
Till for my arse the 'crown I wear. •
isullimenue.
KATIE'S 'LANTERN.
Truth to tell, the comfortable, old
fashioned farm-house, at the foot of
the narrow and rocky ledge, had a
picturesque position. Away.to the
southward wound and , smiled the
fertile valleys, a goodly proportion
-of whose acres appertained to Grand
father Crowninshield, and along the
edge thereof sivept the curves of the
railway, after what seemed its birth
in the cloven hedge so very near to.
Katie Crowninshield's home. As for
Katie herself, with her sweet fresh
face and her, merry brown eyes, the
little .valley and her nestling home
were all the IwOrld to her, all- indeed,
-that she had ever known, for she bad
been but a Wee thing-when Griindfa•
Cher and Grandmother Crownin
shield became father and mother to
her, in place of those whose faces
sLe copld hardly remember. Nei
ther did it ever occur to her that she
- was iu any sense an heiress, for she
seemed rather tolaelong te the valley
than the valley to her ;' while the
idea,-if anything had brough.t it to
her mind, that her good old grand
parents were not: to • lire forever,
would have turned the brightest June
day to the gloomiest December. -
But, in Ithese pater years, one
great entity had painfully struggled
into Katie's world, with an apparent
mission to unite the valley with that
great unknown, which lay beyond
'the hilts and ledges. 'Katie had seen
the ragged rift cloven in the
- granite
wall, watching it curiously from door
or window, and listening for'the dull
_reports of the blasting . charges, until
the-baffle was pierced, and the rail
waY crept out and found way down
through the valley, anilever since
the trains began to run, shOhad con
nected with them the idea of a life
that was almost human. She had
; waved her handkerchief enthusiasti
tally to the very first train, and had
been liberally responded to by pas
sengers and• conductor;, and, altho'
she bad been then a little girl, and
was now a young lady, she had never
yet dreamed of any unmaidenly
boldness in giving the same, white
,signal of welcome, at times, when
the great railway mystery came rush
ing out of the cloven wall. There
was one train in particular to which
Katie's attention wore at last pretty
well restricted—a, through camas
which went by at 8 o'clock in the
morning, and there was another from
the same direction again at 8 o'clock
at night. With the latter, for a very
long time, Katie hlid.felt no sort of
sympathy, since it could, as she
thought, neither see nor acknowledge
courteous greetings, 'while from the
former, just as easily as her ova
dainty " good morning " fluttered
skive the garden gate, so certainly
would- there be a fleeting flash to
answer her from the platform of one
of the cars, or even from the engine
itself, for that, too, had happened.
And' Katie knew' very well that, in
these latter days, at last, her answer
had always come from the same
hand. .A
tall, erect, manly fellow be
was, dressed in dark blue cloth; and
Katie had been well aware, for a
'good while, that he was the conduc-
Or, of the train, but she had "never
byet been near enough to speak to
him, or get, any clearer notion of his
face and meaning than might be giv
en her in tho , e swift but almost daily
glitupses. , When or how he found
his way back to the beginning of his
perpetual journey was a question
that Katie never asked even of her
self. It 'was enough that every
morning the swift, train brought him
out of the nnkno*n country beyond
the bills, 1 and 'added a something,
that had grdwn tO be very pleasant,
to the peace and quiet of her day.
There was something very note
worthy even to' railway men, about
the Manner in which the road broke
in upon the valley. A deep cut, .a
sharp curve, and ,heavy downgrade,
Combined to make the precise, point
where the conductor had learned to
look for Katie's greeting an interest
ing one ; and her white kerchief may
even hate seemed to wave a species
of congratulation at his repeated safe
passage of what might at, any time
have shaped itself into a danger.
-Be that 14 it may, 'the railway
" cut " had brought to Katie Crown
inallield,Olong other results,a -short
er and easier path, to t'he home of
her aunt,; her - mother's sister, who
lived just' a - little way beyond the
ledge, Ein4 who was never gadded
TOWANDA, BRADFORD - COUNTY, PA., MARCH 12,1874.
too many days I passed beivithout
bringing t . e sunlight of Katie's face
across herthrishold. And so. Katie
I
had ;gone antl-returand many and
many a time, by the narrow path be
tween the! granit walls. She had
learned to walk the rails like a rope
walker,ami she knew the time of eve
ry train t well, as she often told
aunt ;Bets ever to get herself caught
in the cat. Even if she could, she
to
said, there were ever so many places
wheria she could clamber up on the
rocks at the sifle and be entirely safe.
Noladdy in that peaceful'region ever
dreamed of fear at being out " after
dark,'' and 'again and - again had good
Anntlßetey detained her pet until
nighthad fallen, although her . only
company homeward was her little
star of a ;anted!. It was a neat lit
tle lantern! ? with a sort of piquant
and'Winning character of its own,
like eVerytiiing:else that belonged to
Katie Crowninshield, and she herself
was half in lined to make a confidant
of it. 1 1 1 '
In fact, Katie's lantern found its
own qccasidn for putting own almost
the semblance of a personal friend.
There came a day • when Katie'i
handkerchief fluttered in vain, and
thenwhennetherwhen even the reply
she ceivell from the train convinced
it
her at there had been a 'change of
some kind,land that she would re
ceive 2i o more signals from the same
hand.; It Was odd enough, but her
long-accustomed bit Ad , morning
pleashre seemed suddenly turned in
to something Childish and uninter
esting—a wern!out amusement that
it wan time: to ;put aside with her
dis ai ded dolls.; And so she sadly
pre
ct
aced to 'give it up, in the first fit
of ermine blues she, had ever in
daleil in ; but! a few' evenings after
war , she lingered at thQ garden gate
,
a little, after her return from Aunt
Betties, to see the night-express' it)
flashing by. It was a grand sight
when [it came, incomparably more i
teresting and mysterious irethe dar -
ness than ever in the day, and Kati.
wondered she hid never thought s t
before ; butlslici almost unconscious
ly raised her little lantern, and swung
it round her heid as she had used to
wave her handkerchief. -
Could shelbelieve her eyes.
She almost refused td give them
any faith at first, but then, there fol
lowed a quick flush in her cheek and
a warm glowl iniher heart ; for she
was stint there had been an answer
ing light, anil she could almost pict
ure a tall form in dark-blue Clothing,
standing on; the platform between
two of the oral
She knew; very little of railway
mattrs, but; iiv as not so dull that
I
there was auy special mystery to her
mind in such althing'as a change of
train by a eunOuctor. She did not
let randfather or Grandmother
Crow inshield nee her, however, the
next veningl when she again crept
out ti the gate, almost smothering
her little lanern• ' for she had a half
fluttering sort of dread that this sec
ond qxperitutat might fail. i
Fall? 1•16 the greetindfroin the
train was as ready as was Katie's
own ‘ good evening," and the little
tante n was likely thenceforth to be
the very foret4stsof prime favorites
with its mistress. And now, while
the Gctober clays grew cooler and the
glorious evenings longer, Grand
mother Cid i wpinshield began to
grunible a little at the disposition
her Marling 'eiinced to pay so very
i
many visits to Aunt Betsy. /
" t's a lon i glivalk for yon, child,"
she aid ; " rid it's right through
i:
the nt, too. What if a railway train
sho d come pliang before you could
get nt ? " I 1
"91 Grandreamma, that 'll never
hellion," laughed Katie ; "'the rail
road! and I are very good friends."
t‘ 'Fon ought to be," said Grand
niother. "I; never-i. saw any living
being caresire for a dumb thing
• than you've always done for that
there train." I
ri
But Granmother wis nearer right
than Katie; fdr only a night or so
after that—i lirnst have - been that
Aunt Betsy's 1 clock was slow—for
Kat i e was iu the very middle of the
cut when her ears were suddenly
fine with flit shriek and roar with
whi h the train dashed in at , the up
per end. I , -
H i er heart beat quickly for a mo
ment, bat net; with fear; for; as she
spring light!''upon a projeetingiock
i
thati she had often before noted, as a
y
very'availtb e perch, she 'gathered
her I fluttering dress more closely
aboht her and exclaimed: 0 i
.
“frhere, Ili.safe enough; but to
think of its bOming to nears"
Near eno4o ; indeed, and Katie
leaned back&hard• against- the crag
behind her;j:er it seemed as if she
could feel b I eat of the iron mond« r
on per icheelf. In orm, hand as
eltifohedinere tightly the folds of
her Shawl;:aud in the other she raised
her ilantern;laii if its feeble star could
be of some.prhtection, and then her
grarip ofsitTrew suddenly very tight,
indeed; foil , leaning,ont a little from
the iplatform C, f a car, and looking
forward, as iftimpatient fur the train
to clear the cat. stood a tall, hand
some, bearded man, in dark-blue
clothes, with a lantern in his hand,'
and, his eager, watching, expecting
face, Caine So:very c,lose to her own!
It was 4k4 a flash of lightning ;
but! Katie ktiew the face,
and she
knew . also i th# she herself had, been
seen, and she had even marked the
swift paling 4f the bronzed visage as
it recogrlizether,and then swept off
intt the darktess beyond.
' He was afraid I would be hurt,"
she, thought; and then she said,
aloha; "Bat!he must have seen how
safe I was,ltip here on the rock. I
don't bclievehe swung his lantern at
,i
our garden gate to-night." j
Katie did not relate her adventure
even to h . r IGrandmother and on
hei next visit to Aunt Betsy's she
wail caret . tio come away in time:
MI don' Want to get home so very
mdch too sly," she said to herself,
are ithe fi ninhed hcr visit and-harried
her departnrs; "but I don't •like bit
ini caught' in the_ cut at all.- — lli .
glad I'm no nnre not to meet any
body: Irheve J?d want to bide
away from a itrasnger to-night, almost
as pinch from a railway train." •
It was i'n4ed an unusually dark
and gloomy . -night; but Katie WAS
dentbed to he diva ...idea in the.
=wawa os umnreaurs non• AIT
_OMB' NI
hope of totting through the out vrith
out seeing anybody. As has been
said, the granite ledge had'necessa
rily been pierced on a curved line,
so that no one standing 'at one end
of the cut, moderate as were its
could see more than half
way , thrOugh. e .
Aunt Fretsy'S bongo Wei some
tle distance from the upper entrance,
and:the approach ti- the latter was
gloomy enough; that night, even for
one' who. knew every inch of the way
as well as Katiejlid ; but her little
lantern shone mitt cheerily against its
bright reflector, throwing its radi
army ahead, guilt : it were trying to
tell her : " There, dear,
that's it ;
don't be afraid, now, I'll show you
the track! " . •ButKatie remembared,
just then, that it was getting , liter
every minute, and she tripped brisk-.
ly into the cut, wondering why the
lantern-light should make it look , so
strangely high and narrow. She bad
not gone fur, however, before the
granite walla brought to her ears, all
the 'way to the lower end and round
the carve, as if the cut had been a
speaking to , the sound of voices
that were evidently meant to be low
and guarded. \There were no other
sounds mingled with the voices, and
Katie could not make out more than
a word or eo here and there, but
there was something about it all that
starthaand frightened her.- At first
she was half inclined to turn and
make the best of her way back to
Aunt Betsy's; but that seemed fool
ish, and Katie was really a courage
ous little soul. •Shenid her lantern
under hes shitwl, however, and step
ped very lightly and swiftly forwards
trying to remember if there were not
a rock or hollow where she could be
as
,safe from men as she had been
from the passing train. She diA,not
think of or find any ;such a place,
and, after all, the persons whose
voices troubled her were not in the
cat, nor were they coming to meet
her. She was very nearly through
herielf before she could any way
make oat what it all meant ; but, t as
she paused in the deep shadows of
the rocks and peered timidly out to=
ward the now dull and muffled
sounds, with which the=voices were
so mingled, a broad. quick'gleam, as
from a lantern suddenly shaded or
extinguished, shot across the track
not many yards below, and then all
was darkness and silence.
But that one moment illumination
had revealed extraordinary things to
the keen, excited vision of Katie
Crowninshield. •
There were , men, three or four, she
could not .say just hoir many, bat
rough, fierce, wild and anxious-look
ing, and Wore them, on the railway
track, from which the rails had' been
pried away just there, was a con
faded heap of heavy granite bowldeis
and fragments. Katie understood It
as clearly as if those men• had taken
her into their confidence and told
ber in words.
It was - a plot to wreck the. train
No matter why—whether for . re
ienge or plunder, or in the utter ma
ggnity 'of lost souls— Katie never
paused to so — inuch as ask 'herself• a
question, but trirned and fled back
through the cut as for life and death,
for both were with her, side by side,
and hurrying step for step. She had
no thought or dread that the wreck
ers had seen ter or -would follow.
Neither was, it at all likely; but Ka
tie's brain was too full of her pur
pose to admit a thought of self, and
she held out her lantern fearlessly
enough now,that she might be doubly n
sure of her footing lon the ties and
gravel.
And now she was out in the open
air, beyond the upper eatrance, and
she could see the peacefll light still
shining from Aunt Betsy's window.
Bat there was no time to go there
for help.
,The train must be so very near!•
Katie, did for a moment think
of kindling a bright fire on the track,
but that would take too. long, and
greatynin and horror would' come
before even a small fagot would be
well ablaZe.
"There's nothing bat mylown lit
tle lantern," almost Bobbed poor Ka
tie; !`.may be he will, kaow when he
reaches the cut."
The lantern shown like' a frosty
little star determined to be seen as
Katie sprang forward up the track.
She had not far to go, for the train
was ahead of time.that night instead
of being behind, as would have been
more desiribld under the cireum
-Aances. Never had anything ap
peared to Katie Crowninshield more
suddenly than did the great glaring
eye, of the locomotive headiight that
now glowed upon her out of the
overshadowing night, and her lan
tern seemed to have instantaneously
vanished.
"It is so small," she 'cried, in ago
ny, 4 ' and he will never see it."
Nevertheless, on a low mound of
earth and stones, close by the side of
the track, Katie took her pest of
charity and danger, and swung her
little lantern frantically to and rfro,
while she now tried to make her
sweet girl's voice heard througtt the
roar and clamor of the rushing train.
On came the railway 'giant, tug
ging with him his precious freight of
human life, and it flashed upon. Katie
Crowninshield's mind what an awful
capacity for suffering' that train may
have on board. 0, with the great
glare and the all•absorbing torrent
of sound, and almost. before Katie
knew it the object of her, hope and
fear had dashed ruthlessly pas , and ,
was quickly swallowed up from her
sight inthe rocky jaws of the deep
cut. With a cry of, grief and disap
pointment on her lips, and a strange
thrill of pain at her heart, the poor
girl sank upon the ground and buried
her face in her hands, while the little
lantern dropped" neglectedly beside
her.
Only for one brief instant, howcy-.
sr, did Katie yield to\ the - terror and
the trotible of it, for in another she
picked np her starry friend,, sprang
toter feet, and darted - away down
the railroad .track toward., the cat.
She,patised a moment 'when-the low
eyelid was reached to 'ether breath
and to brush the salt trust from her
eyes before she looked upon the aw
ful scene she knew must be prepared
for her. I - -
And then—lity, there wee the
train, the rent; car . rieingclew'
front of her, while the .othersi (and
there were but few of them that
night) ,stood all erect upon their
wheels beyond—mot 'all • upon the
track, to be j eure, but all apparently
safe—all, except one great, dark
mass, whose polished metal glitter
ing in the' raring lights that flashed
npOrt it, and whose hosxse throat
screamed angrily with the egciping
steal:l:odr the locomotive had CARie
kigriiel pretty decidedly among' the
granite boulders that were lies
on the trick by the fiends whci,
planned the wreck. The , passengers
were swanning out of the can; and
none of them seemed to be lairt at
all, nor did Katie hear a sonwithat
told of pain as she .'swiftly threade.
her way among and 'past them.l She
bad . caught • a glimpse of a group
away beyond even the shattered lo
comotive; however, which forbade
her lingering for an instant.
down toward. her own garden gate
four nten!were carrying a heavibur
den, and others were following, i and
Haticheard them say as she darted
by: I •.
" Who it it ?" -
" Wky , it's the conductor. He' was
thrown from the platform of the' for
ward ear.;'' •
" Is he:killed ?"
."Tbey:'say no. Nobody else was.
hart. He was a splendid felloie
A tall, handsome, bearded map, in
dirk-blue clothing, but his faca was
ghastly pale when they laid him on
Grandfather Crowninshield's ;own
bed, and the surgeon, who had been
among the-passengers, bent glootuily
above him.
'Seed right," muttered ! the
man of- science. "Only a cut or so.
Ab,lhere's a rib, two of 'em; and his
'left arm below the elbow ! Struck
the ground sc, that's clear, andi the
other bones are likely to be all right.
Must have been leaning out to look
ahead. I should say: "Hallo,
what's that light on his face,"
' The light in the room, what with
the crowd and the country dandles,
had been none of the brightest,i but
just,t? that moment a clear golden
gleam was poured down on the as
of the injared man, and slowely, as if
the radiance itself had wakened ltim,
he opened his eyes and., looked
dreamily about him.
The surgeon beard a sigh that was
half a sob clbse behind him, end
looked up to see that, and 'the sud
den light came from Katie and ;her
lantern, hut just then the 4:petition
ing eyes of the wounded conductor
fell upon her face, and he exclauned,
faintly but earnestly. : •
•
"I knew, it was you. There was
hardly room to stop the train in,ibut
we'd have all gone'_ to pieces if it
hadn't been for you and your light.
You've saved them all, God bless
you."' ' '
And so Katie Crowninshield end
denly found herself a heroine, with a
swarm of grateful people around her,
very much to her discomfort. They
would have made her a present if she
would have allowed them, but , the,
only really welcome words she heard
from any one were those of the sur
geon:
"What, killed ? • A man like him?
Nonsense! he'll carry his arm in a
sling for a month or so, but he'll be
up again in a fort-night,"
Of course, no time was lost in re
pairing the track and in forwarding
the passengers, and a few hours only
saw the' old farm-house as quiet; and
peacefal-looking as ever. Evefl the
surgeon had done his work and gone..
The engine lay battered and help
less among the boulders where it; had
forced its willful way. The conduc
tor lay still on Grandfather Crown
inshield's bed, and the fitful slumbers
the surgeon's opiate gave , him were
starry with signals that white fin
gers held up before his dreaming
eyes. As for Kate and her lantern,
the latter had fairly burned itself out
and asleep on the -little table in
Katie's own room, and she ' herself
had by no means clearly compre
hended as yet, the happy consequen
ces of her railway signaling. It was
very much like a dream to her,. for
Katie: was no -prophetess, nor could
even her -lantern throw any light on
the future. She could not see,! just
then, and yet the days That followed
brought it all to pass, and neither she
herself, nor Grandfather and Grand
mother, Crowpinshield would i con
sent to nny more railroading or
signaling. It was much better,
indeed,they all declared, nor did he
himself pretend to deny it, that
Katie's husband should farm broad
acres of the \ fertile valley than that
he should any \ more be at the mercy
ofltrain-wreckers and wayside lan
terns. And when thelnestion was
decided to her liking, such a hug and
kiss was that which \ Ratio Crownin
shield gave— \ -
- "To whom ?".. _
"Why, to her lantern, of course.'.'
W. 0. Stoddard, in Appleton's
Magozine.i
•••.• •
SPEECH OF SENATOR CAMERON It
THE UNITED STATES SENATE..
On offering his Amend/ion! to tlie Act entitled
"An Act to Provide 'for the Redemption, of
' the. Three Per Cent. Rrapoary Loan Clvtiji
cotes, and for an incredse of National Bank
Notes."
The President pro tempore: The
Senator from Penusylvaina gives no-,
tice' of his intention to' offer, an
amendment, and desires it to he read
for information:
The Chief Clerk read the proposed
amendment, to, strike out all Of the
bill after the enacting clause, and in
sert in lien thereof the following :
Thityle much of the twenty-sec
ond section Of -the act. entitled An
act to provide a national currency se
eared by a pledge of United States
bonds, and to provide for the circu
lation and redemption thereof; ap
proved June 8,1864, and of the sev
eral acts supplementary thereto and
amendaterfthereof, and such of the
provisions of en act entitled An act
to provide for the redemption of the
three per cent. temporary loan certi
bates and for an increase of national
bank notes, approved July 12, 1870,
and so much of such parts" of any
other act or acts of Congress as limit
or ai inay_ be construed to limit or
restrict the entire amount of notes
for circulation to be issued under
Redd . stft_df Inge 8, 1664.1md the tosv-
era' stapplements thereto, be; and l the
same are hereby, repealed Liand it ythat
hereafter all associations organ4cd,
or that may be organized, for carry
ing on the business . of banking tin
der the provisions of said act, shall
be free to establish and, organize !Ta
tionalbanks with circulation at any
place within the- several States tend
Territories of the United States upon
the terms and conditions, and subject
to all the limitations and restrictions
now provided by law, except the lim
itation upon the entire amount of
circulation, which is hereby repeal;
ed."
Mr. CAMERON. Mi., President, in
offering the substitute for the bill of
the. Committee on Finance, lam i -
pelted by the highest, consideraticins
of public duty. The one -point
O n
which my mind is thoroughly c1: 1 1- 3
viticeals, that there are not anon
banking facilities now in this country
to transact, the stupendous business
our enterprising people must and
will transact. The irrepressible en
ergy of the American people renders
it certain that an immense amount
of trade wilt be carried on. If money
is to be had at fair pipes, it will he
done, with money.- If not, then cred
it will be employed. This being as
sumed; and I think the assumption a
safe one, it becomes onr duty to de-
Cide whether the , business of the
country shill He eafely conducted n
adequate capital, properly sectir d,
or wildly and dangerously done n
overstrained credit. Ido not con's It
antiquated theorists — of, a hundred
years.ago to determine whether We
have, or have nor, enough money for
the business necessities of the coun
try. The wisest' bf them not more
-comprehended the financial wants of
to-day; than they foresaW the present
greatness of our nation . . Being i a
practical man, I look 'upon things kis
I find them, and will' insist' upon a
!systeth of finance which has proven
beneficial to our peo le; even if.tl4is
throws me in oppositi n' to the coo-
jectures of antiquity. 1
I have not yet beard a y business
man affirm that we .have enMugh car
rency ; but millions of men who re
resent the paralyzed indastriei\of t he
country, earnestly believe that re-
W rl
quire more than we have how. die
many who demand an increase_of, t e
circulating medium, have ,long since
come to denounce the banking inter
est, which, it seems:id- be assumed
here, is imposed to that increase as
a monopoly. regret this, but I 4 m
not astonished lit it. I remember the
national banks grate.fully - for the
good they hav4 done, and I deemlil
a wise thing, if it be possible, to re
lieve them from this unjust aspersicin.
My purpose is to satisfy the demand
for more money; and at the same
time, to do so without a' shock.. to
capital invested in good faith '' 1
I entertain 'the opinion that there
is too much profit in banking in•the
large cities and commercial centres
for the good of .the people, at large •
and my remedy- for this evil islbi
wore equally distribute the ad' anfa
ges of the national / banking system
throughout the country, and to So
vide borrowers with it supply of cur
rency essential to their _projects it.,a
rate which leaves them some' return
for, their enterprise and industry.
i
This is secured, I hink, by providing
for such an incre e of our present
admirable bank- n ,te currency as the'
interests of labor, ,Of, commerce, man
ufacturing, and development gene's-:
ally, require, leaving. the enact
amount of the increase and the nevi ,
banks to be established, to be deter
mined by the relentless law of sup
ply and demand. •By such a plan as
increased banking facilitieTs, under
the safeguards of the national bank
ing law, new banks will come into
existence where the growth , and de
velopment of the coluitry,,increased
population, and the industrial inter
ests of iparticular sections; demand
them. 'Thiss not inflation; it is
merely suppl y So, too, where I the
urgent necessity for 'money diaap
pearts and banking proves lean-Profi
table, the banks will retain theirjun
employed currency,' or lend 'it at
cheaper rates, until a .revival of ac
tivity in trade again employs it nt a
profit. And this is not, properly
speaking, contraction; it is simply
the circulating medium adjusting I
it
self to the wants of the country ac
cording to the •eiperience and the
business interests of , the con
„try.
Thotillers of the soil, the delvers in
the mines, the transporters, mer
chants, manufacturers, and the Ira
ders of the country, know- better
than Congress what they want: and
this bill simply proposes to let them
arrange it for themselves, in Strict
conformity with their necessities' and
in localities of their own choicel
Let me try' now to illustrate what
these necessities are. About thlet
of September the crops of the W est
and South are ready for moveent
to the seaboard. To move the re
quires about $200,000,000; and! this
,very large' amount is required in
money or 'other means of exchange
beyond the wants of the sumnier.
By the law as it now Stands,l the
amount of money is fixed. It can be
no greater When the crops are !liar-
Nested than when they- are growing.
It, is well known that we have an
abundance of money one part of the
veers and a famine the balance. 've
.
\
rybody knows this; and the m n of
Wall Street arrange their ", am
paigns '' , the sure , recurrenee of
this financial fact, which• repeats it
self with inexorable 'certainty t very
autumn. This, fixed and 'arbi rary
currency is.the \ terror of honest' men
!
and the jubilee '
4?1 - the speed tors
every year. The industrious an en
terprising - must_ have relief. The
present limited -nurnber \ of bank can
not lend more than they\lare.awthor
ized and
.etipoirered to 'issue ;I and
the greater number , of the m, . too
remote from the grain-grO "re •
gions toc be useful to the f ere.'
Their depositors drain them at 'such
times as these far the purposes\ of
speculation and' of • realizing high,
rates for their money, thus ith-
drawn. Distress and ruin foll was
a matter of coarse, and'are of nnal
recurrence. Now,- my project l aimi
at supplying thavery elesticity bleb
seems to be the .only .thing wa, tin
to prcrent this disrrees sod,r,ruirk,
and to make oar a m
yatem of onay
perbset fdi out tottfradt,ustol.` aid. ft
, ,
ier.Anntun in A d vanc e.
1 I .1
also supplies that healthy cclinpetli
tion *lnch makes money available; at
fair rates of interest by . multiplying
the number Of the national hanks,
and increasing tar pOwer to e*tend
Oiled in times o danger! ,' '1 11 f,_.
I think I may aafely! triistihetiSen
ate withi the task oft, finding bjec
tions to this sch One, and shell there
fore apply myself to , noticing the' ad
vanta,ges which- believe it to Ipos •I
78. The' first, and perhaPs 1-the
eatest i l advent ge Proinised
,3 7.fi the,
emancipation of , Ithe (business t th:
'mplefrom the rigid compressien of '
our • restrictive j j financial I system, so
mirable in eve ;thing but it 4 in
-1lEli&
to te orrgisathn;'beaaPnikeiglisants
a :i pe bil r i m ti i . tte
1 r
der the authority and the Sanetien of
national ' charter r, thuS attracting
capital to theilid of the businesa ne
cessities of -- the ,Country. j Illtatithori
zes the neeessaryjincreasenf tlie tear
rency in exact ratio as itjis required,
and it sPreada over the w i hole 'cepa
try the benefitsjof banking ,facillties.
Thus yen at once make the' currency
elastic, and bring, the fanditiee nted
ed by the producers. to their doors,
alich they are now forced to prepare
t a great distance; aid ynu' localize
the national banks, with their ad
vantages, by distribuing theni t • ever
all the land. ' - II , i! •
On the ittivantages of this prOPos
ed multip it:stied and diffaSion ( 1 ,4, na
linnet banks I need !not dwell, I
trust Bet some pointed henefiti re
sult from it, andare worthy of [your
atteation.l cities
11 1
In the cities orcomm rola and fi
nancial cntres m oney iajless - needed
than-in .t e ' agriealturaljor'prodnfling
regions. In the , former t jall traMitic
li:,
tiens of i Portauee are eondUcted 'by\
the nse of bank checks. i In;the . ural.f'
districts, on the contrary, the 1 hor:
eril mechanic, and producer 'must
have currency, and, •the employer Can
only satisfy therojby thepayment: of
bank notes, cheeks being tiseles4 to
meet the email 'wants of ' !event-dav
life. To keep these currency mites
w ere they' are seeded, and t? ire
st ain them from flowing. to where
th y are nßainlyj used in Speculation,
or lockednp by ,p arties '.engaged in
ra sing or depreSsing the . price l of
preduce,. should he the aim of tail
who desire to cure existing !lila.
TO secure this . ' most deaf abl e able IV
'the, existence of I nellecting and do L
b Hug agents is essentially; necessary
,
a d the hanks I' ! seek
demand d l seek to 1 ,, aatifoime
will be the very ag by
i. ,.
the exigencies oflindustry,, and Id'
be locate precisely where thei in
pertant - d ties are to be performed.
Another benefit, secured hyl i , 'lhe
atibstitntel offer is, that the curren
cy which or s! he principal iiiticli
um of buainess \ is, made afer 1 ,- t he
increase in the numb°i of co ntry
°alike: The rePort'f the ,Comptrol
ler of the; Currency will show • that
the safegnards provid d by - -law 'for
the nubile. are ;more nerally and
\
faithfully' bserved by th - -rural thin
by the ci y banks. That j revision
of the na ioual 1 anking laiik . winch
Il i
reqnires reserve to be Ikept in the
vaults for the security of neteheilders
and depositors , } vas more conticilen
tionsly obeyed everywhere 'in the
country than in the cities, and in th:
ftl f urteen (great Cities, denoininated
by the ,DePartmeut "cities Of rederep
-1 s' '
tion," than in New York. Th e gross
amount of reserve reqUired by the
country hanks under the law to pro
tect theirlliabilitles was on the ' 12th
of SepteMber, 1873, a bout axveek
before the panic c came, sBo,oo) ' 6 1 65 .
They actually held on that'day $ll%-
110,455, an excess of more; $3O;-
000,000 over th legal requireinen . is.
The banks in th fourteen areat i l clies
(excluding New York) itv ere required
1
to have in their vaults,' $67,291,175,'
and- thei nett', Ily ht $68,95,598,
being three-ten'tha ofj 11 per I cent.
more, than required; while the - banks
Of New York city, which were requir
ed by last to have $50,263,741, tlid
only $46,064,341, or nearly 45,090,-
000 less reenritY than the law pie
mauded. I , 1
Thus you will see that the liat
measure of eseurity exists at the
, 1 ,
great centre of, speculation; complete
compliance with the law in th other
Marts of I trade:l, l ,as a 7hole; ut im
ample and generous excess in Ithe
rural baiiks. •Hence it was that the
hnsiness public'saw at once that l the
country banks would have had no
difficultin co tinning; the tranluic
-3i
tion of t eir le gi timate binsiness, end
1 ,
affordin all p per aciommodatlons
and meeting all their liabilities L while
;the city ,banks mmediately %Ion! the
puncture of th speculative bubble--
having their m eans to
and
treat extSnt
; beyond their relach, and t eref)re.not
available, were obliged to. erccriMb
'to the storm they had, in many in
stances, helped to raise. ! Therere
hut few national banki in th cpun
41e
I try that could not and did no meet
the demands 61 their qepzisitoi-s ; rand.
;the few ithat found i t necesslari to!
as a fetv days' indulgence from their
i i
i custonie,rs were such as had an i un- •
dne, prOportion of the ir asltsi t in
trusted to the , eeping of th b nks
in the finaneial centres, and sc piac
i. • • 1 ,
led - beyond theii• reach, until the! city
!banks could extricate' then - ll:titres
1 • them
Ares
their emharrassments. 1
Another excellence m jthe system 1
seek to !extend has been) i abundentlY
! ,
i shown during the lastjfi fi n anci a l trou
bles. In former times the first thing
the holder of la hank-roe thought, of
:doing vrhen fiancial i dismiter over
, took, the count y, was to' get rid - -of
his nuts, - 4o ex hange-it for anything,
in the fear tha it would; prove to be
1 ( 1 .
worthless on Ins hands. I The, cense-
Twine jwas that the value Ofj every-,
thing sympath i zed with the di trust;
of the bolder ; f the bank note. plow;
however, we have seep that { the one
thing which eVerybody considerh, the
most secure ' end reliable property,
excepting only United State ' lionda,l
is the national bank note,. Mad it l
I 7
eannoti be a ; dangerous erne to
sei ;
supply ithe eoTatry rierouslyi with
a currency far &Term to any we
have e . ver enjied in the past,jand stt,
.perior even to the tim idity and Salarm
of a financial revulsion.i . In thili:con
heption, 'and! before taltnitleo of
this part of the , stilieek 1. , desire to
recordimy opinion that our present
currency is . - Ono convenient; than a
metalluaiurreney and equally etafe for
alt the ( rise of our internal I): . . 14, is
NUiBF 41
geit; is eosin .. and cheaper' tirtrang-
KA''.Snd is very MU& •Varer - for orni• -
ktdy lithan': any metallic- I: ctirreneY. -•
whatever.. - -'- - -4 , ~ : -.- , • - ,
• I new come to consider el Proposi , ' •
tion ;bleb' I, fear. Wll.l - present : _itself - :
to. the; 'Minds of 'Senators as ti Pan- •
dox. 4 hold that it , ' the niv '..
tiOne4ibinks will- enable!' ' 'United
=II
State,' hi mural tipe44: --.. " 'Watt •
'soon* than .by 'my ;
....., I; preen. , '
Evert national bank o :- .
~ : ~ and . .
. all hereafter to be nzganiz- - mist •
by la! keep up a reserve four the se-
.•
curity of, the public and its I f ;, iMmedi-
atecietomers. This' relent/ must be' -
mainly in United sat . notes, 'now .
: considered,: and just ly toOsideredi
t
the cl4ef . obstrnction to he i!,resiamp- --- .
tion oil specie paymen ,It is pm-
...
tale r erefore, that, by the i increase ,
of ban a these noted vitill be ablorb-: - '
7
ed in he bank reserves - den - 4 become '
a fixttire in the vaunts of the- banks, - :
:4:Hien:leering. altogether fro in eiretda- - -'
tion e - ;•,- .t from the' trwit isections of .
the •b, : , of the overnment, , ..:
i i
whichreognizes no iot r Crimiacy
in its: ealings with its lizerm • • '
- Thel , figures I latelYead to de-
1 e 0
scribe t he! comparative-
_ralition of
the - banks when the pas came, will .
show:yol that this , abticaption is itl7 .
ready- eater than maiyiktelleVe, and -
is grea er, 3 fear, than many Irian-.
c a
ciers e s Mate. This . : :Will go ,on until
the neet banks take tip fargeyro
por!ionl of the United States .notes
which the old banks have!, note already
:absorbed; and these greenbleks will
eventually be held by th; banks, in .• .
strict conformity with I w,fas the • -
1 eellateral security for their 'ci reula •
tion and deposits. The moment the _, •
Treasiiiy escapes the danger of a run '
ripen 4 for the redemption 11, orA,lbq
greenbackstiler in specie, -- her Orovern
meat can m announce its eau option. •
The q ed comes:
43 absorption itd he Lion therefore coee •-- up, , .
/
" Will t tl'reasti-
ry note .by the banks; a 4 indicated.
protect4he Treasury fro a demand --.
'for their redemption in Cain r I un
hesitatingly answer that it kill af
ford a TcomPlete protect on against
!such al demand, in my judgment: •
'When the banks find themselves the i •
i ,
osiessers - of the greeib+k eircula- - '.
, ion, they hold the precise thing in
Whiektheir own - nob:IA ale reldeemar •
:tile by liw.. The - fact th a the Tree
llmy haS resumed, and isrying• •
spe
cie, will be of no cons qtrence .to • '
•tem; for the same quahties 'which . -
sake pape r . superior to old in the I •
I
:h ith institutions forced t incur the
ands- Of others, has ;gr liter' force
'v
ask of geepine• large Ara o nts'ef val- •.'
*ship plopert; in their elstody. • To
this it may. be. objeete that this '
plan assumes the irredeemable char - '
'toter of the - Treasury - otee;:' and
. t.
tree. s their redemption rim ateri-: •:- -
el. A little reflection wil re 'eve so
dasty a eonclusion. Wh n A 'etime - I '
omes fiir resumption,; th ,pcitier of
the Government will be a solute over •
the whole subject of the edemption -.-
dr the "Cancellation - . of . 1 - ese 'notes..
Then the promises to pay Can! be
Changektir gold gradually; Orajely, .
4 rbitrarOy. While the • l)anks may
be Hatiscled with the Treasury notes, • ,
the Government may `; a T ire to re-'
'deem them at its ple.asure, and the
banks cannot; help . themsrvesi_ The .
time will mime, and ono o' ' y
than m ny . imagine, whep th ',, Gov- ,
..
1 s'oetdil
' ern Men I will desire to pa:i and !caned ,
'her not fi, and then reqiiiietli 'bank's'
to rede In their circnlnti in coin: . •
And uch ' a requireme t ,will not
injure t o national banks for uch is -
the exc pence of our pr sent, paper. -
currency that no man th ks °flock
ing at eibill to see what . I anktissues
it.' Thtt consequence; q this ' un
,quiestio mg confidence ..ps• that the'
notes °flour banks are -scetteed • ,a 11...
firer thelland, and are Onally geed
eVerywhre in the land. ~ISo difficrilt
iS it to ,ob tain enoti g frligtes c4:l any , •
Particular 'bank to distress-it by de-
mand f o r specie, that 'any danger •
from tat source is not to be Bert- •
ously cnsidered. In ' fiat, we - are .
,et lef, to theorize over this' point.
When e l bank fails now; it can. 'only
repssess itself of the bonds- owned
by it'and held by the' treasurer as
secnriOor its cirenlati4 by, a re-.
turn tC t e. proper officer of its own
notes; en ' rccuring these seittered
- 1
potes
.ie op r ifficult; that brokel bank •
billaariejadvellised for; ithettt sue- • '
cess, at a premi m as limb
,ini some '
cases as 1 ,5 per ee t. abo ve par . [; Thus - .
.the prPtection affo ded ty, ourl i ljaw is
ample
ample in every res ect„ .and II urge
the safety, the polic the negessity, . •
of inersing the facilities see*ed by '
thise • ara bl e system. 'l\_, 1 ! '
. •
n .
,In so ;rdently cornmhn4n,;;an-.in
creaseln banking priViliges, t seems
.•.,
to be.pr„per for,me to otice,.e. vul
gar prejudice, fostere by [ ema
gogues,Jto the effect that nati nal
I:auks' are specially fallored. 1:)y 1 w- •
in- exeMPtitan from taxation while en
...
gaged in -a profitable busineis, and ' ..,
that they also enjoy ' , immunity from
taxation while drawink interest on - .
bdride awned by them and deposited
with the United Statesi Troaatarer-as ' •• ,
the bests of their business. In the
• first Place, these' bona were' issued '
:for iriOney actually 'paned ' to ithe ..'
Croce -nment; and they. would bear
interstl whether owned by a hank or --
'any ne else. Aud i 13eelndly, the _-
,
bank 4o actually pay. back in taxes.
very nearly all the
-interest their
bond draw. .1. have` he authority
of o ntal data kir affirt slug that tho' • 1
aggregate of taxes pakd by [the ria- '
ticinbanks is 4i per 'Cent. , on their
capit 1: . 1 1 - They hold 50.80,440,70 0 -in .
bond to secure circulation aid near
ly $1 , 0 00,0,00 to secure the I,United •
State deposits made with them. ! -
al
Ba the. first item is the one I have i
to deall with. This •$480,410,700 is. 'i
'Made pp of $172,651,450 - at" 6 per
cent., and $207,189,25114 5 per cent, '',
The - primal interest ' aid to them -
amen is to $20,718,74 50, end the .
taxes Paid by them,
.i. veri, nearly •
$lB,O 0,000 a year. - ince f !.the.ior-. .
eaniztion of the natio al- banks 'in - • -
.1864, t
t e'Jannary 1, 1874; .thay, have
r ii
paid .
,o the Federal and
,State •
gove *lents a suml Jargelyl;exiteed-
..
ing 1100,000,000. -ilniothe4 words,.
these reviled banks, :charged with -. .
evading taxation, ,hake paid' this
immuse sum in twa t ! for 'the sip- ,
port Pf Goveininen .It will ibe •
~
cj v
obse ad that the= bonds hearing 6
per cent.; now owned, by • thje banks,.
are 'reduced to $77. 1 651, 400 . • - *ll._ -
the residue are 5 per ts., an d - In
the organization of.fut , ,--: ' the
spe cents,are the ~. y b 4 .4.
,ds avail
able
Or that purpose,: the 6: rants: .
bein ';'; now, all . abeonbed. ' .41 the
r
, •.
tax Ore 41 per cent :, caw*. . 20€
read
ily 8, n that the profite of gin•banks
for interest • on - - atilt' [bonds' is .isot .. •
likelrto reach an y &Filing' figure s .
SO mech fOr that'eon *tile ' Ow_ , -
hu ts
1
of pt*Tersioui and let t_.,„ - -
The hurry 'With w • . I', ave Um :.:.
forced: to prepare 40. ! .w . .. , :#o,' per' .•
eentaiion hulreetnn . . tho•liztatia- . -
ed andelaborate - ~ orokoletilaid
ad, alike 'l)..* . the iorkietenie - outhe
• •*.ebiltetin.ban4 20 lliosei,to whom
any
,oPiniona _are ~enliiaitt4dr.:; l int I . •
OannOi forego -one , -: *00..1101 b :: .
milli I, :Vito -ftWe.. - J IMWO. ' .