ON THE BESTORAPTION , or , • • , -BTANDARD,fOP VALUE 7 AND THE PROPER LIMIT TO THE "mg. oF, BANK bREDITAS MONEY. • •. • . BT W. P. TATHAM. .4' hiat4a'rd of ;'aloe Must be of Rca rabic?, ` i The evils resulting from abandoning the gold Wlldadard of vahreare so many and so great, that .nearly all are agreed upon the expediency of rd. turning to it. These evils have been so frequentlY dere:abed that It is needless to recapitulate them. The chief annoyance is, that the paper substitute 1a variable In value, and therefore no standard at all forfora variabk etandar&is a=.. contradiction in terms. Bence, no manwho contracts to pay or receive a dollar can know the future value of What he is to pay or receive. , By, the ilactuatiene - "orate value of paper money all time contracts become gambling - contracts, and prudent men feel-coroptilled- to, -hedge their regular busineas • transactions by counter :Operations in gold, which, in New-York alone. are estimated to coat the Merchants there about 100,600 dollars per day eonfailssionst.' Tho Merchants, of course, transfer the tax to the consumers. Every bond, public or private, now'sent abroad, is sold for ;„about 5 cents•in the dollar, to the great loss of the nation; for, the interest is paid in gold,' and the principal, if ever paid, meet be paid in the same 'way. ."'All.tigree is to the expense and annoyance of a depreciated and variable currency., Pew agree in their Method of cure. 'Mho 'Writer thinks, anffwill endeavor to prove, 'that the plain way to return to the specie standard is simply to retrace the steps by which we wan from it. There IS no shorter cut; no deal 'Vet nor easier Way; no royal road. When the first issue of legal tenders was made ' they were, for a tame, nearly equivalent to gold."' It was maintained that !their legal tender chat racter would prevent their depreciation, and hasty minds concluded that they would never de -0,--aproclate, however plenty. This led to, farther issues, until the country became supersaturated with paper money. The natural result took place. The, supply of paper money being superabundant and its circulation forced, the ‘'!llattle fell. Paper was at a discount, or, In othe • ,' , irrirds gold was at a premium, and so it has bee Meer since, changing in value from various el ' camstauces. New, the reverse precess would beta withdraw :`'•and•deStroy the paper, and as soon as the amount ; etuthretaling shoula became insufficient to effect the exchanges needed by the commerce of the ~,Scenntry, and it should become necessary to eup plement it with gold, the value of the legal tenders would become about equal to gold and the treasury might assume their redemption on ' demand. , This withdrawal cannot be instantaneous. It toady be either slow or rapid. The effects cannot be pleasant eitherwhy. Neither can any pleasant method devised of resuming the specie stand ';eird of ivelne. A specie standard requires specie price% and specie prices are lower , prices, and no reduction of prices cap be pleasant during the ;transition. All schemes which promise to avoid the cOnsequences of "the transition from a paper scale of priees to a specie scale, are delusive: Let us „taken extreme cave. :If the whole mass of legal tender notes we re redeemed in gold tomorrow, there would atail lie . disaster. Prices would fall, and those who wete in debt 'would suffer. ln the first place,. the prices of all things exported and all things len ported would immediately fall to the specie value. Then the prices of American products, competing ` with foreign products, would fall. This would , reduce the price of American labor Matt, add then the price labor sof all the moducts of Americen Now, it is certain that if you reduce the prices of an things bought and sold (other things being equal) you diminish the whole value of the cur rency which is employed Su buying and selling. The currency would therefore be reduced, either in volume or in peaty. But by the original su position, the pail!, of the legal tender w its p s raised con se qu en t having been substituted for peper, uy the reduction would be in the volume, and this is contraction. The fall of prices, though inevitable, would not take place ., without a struggle between holders and those who sought to buy; and during the etruggle, the volume of tbe currency would grad ' nail,' diminish, until the country having 'arrived 'w ould specie prices, the volume would ( peat, such as he due to theee prices. To repeat, this Is contraction. It makes little difference whether you begin with contraction or end with It. Con traction you Inuit have if you 'return tallier specie standard, provided that the commerce of otthe country remain the same. If , the com merce of the country should be materially la , created, it, might grow up so, that lie require ' meets would appreciate the currency to the specie standard , without contraction. But this , process would be accompanied by all the sorrows - '-oftontractlon, the fall of prices, and the injury , to dehtorn It would take place very slowly, for falling prices arc not favorable to active trade. - We should: therefore, for a long period, have all the ennoyances of a depreciated and Elucidating currency, and probably an - amount of disaster in the aggregate equel to, what would be caused ily a Mere'repid movement. This let-alone plan would entail the necessity of preserving the printing apparatus at Westi n:ll*e, mikes it were designed to let the paper decay on our hands. The existiug premium on gold would seem to 'show that the commerce of the country would 'have to be increased by one-third of its present extent, and under Ter; adverse clrcumstanceS, before prices would fah to , tue specie standard, end the currency be raised to par, without con traction. it is probable that the beginning et this pro cess %now felt in the frequent spasms which al ' diet the money market. It is no answer to the foregoing arguments to say that we have had•frequent and great eliangts in the premien' on gold without corresponding changes in all values. In the first place, the changes In the values of things Imported and exported did take place &El the value of the currency changed. The great fluctuations of the premium were Ise ' transitory that they could not have their due effect im other things before a new change took place. , There was no etringency in the , meeey market ..hefOre the elm of 1867. Previous to that time we were merely taking up the slack of the rope, .snd did not feel the pull, The volume of the currency, on the sth of Qc ctober, 1868. may be estimated from the debt ~,atatement, of the first of that month, and the re port of the Comptroller of the Currency, as fel- Tows: (See Report, p. 607.) fyeiten Mateo Lesed,Tenders and fractional eurrenes........ ..... $388,965000 held hi Imanke A 4,716,000 essaasswei ..Idationst &Panther bank natal.— eres.eanooo Leseisel4 by banks 11,510,00 $200,833,560 Vercalte in bankr s6o,Mume .yam cheeks held by banke.., 148441,005) ---- st% Mom Tata1.......... ~ .. .•..... ... . r . . st•OalitiLooo .Or, say, in round num bers, one thousand mil lions of dollars is now employed by the people as the Medium of exchange in the United States (leaving out the agency of gold). This is the aggregate amount of money, such as it is, which we all of no have, or imagine we have, either do posited in bards, or in our safes, or in our ;lockets. If it be assumed that this thousand millions of currency is worth 75 cents in the dollar. ingold, the gold value of the mass is seven hundred and fifty millionsii and the amount •of ;contraction ' following table exhibits the dates of the Acte lin k emrielna the tense of Legal Tender Notee, and the deore , SiStiOn AO abOWP SC the premium on gold: pate._ Amount. _ price of Gold • reb.45...0110:10D,100..Feb..T2; tO July. 1.0% . l6o.oooAoo..Jolf,'et. lit% to rob., "eh. 1110.000,000. .Feb ,453 172)4, and fluctustting S up Id lath 3.. 360010,000.. and down to the =Alum P.l' 14:e. 490:00/ , 000t. 0 4 .,/ iirgool3o.;.'Whooo ,ooo t.july. l4, lltbloer cent, Maxlmulh. `,47) eitorieltbearing. 4 . , a t a d lhleypnoupt • 1011$OP.r ;heac/dfe n*c tPeOnr eyele ep 3 e 7 c te e tandasd w e ould wo o yg lieuwltLsueK estsuth f criit tei , dmet t an i d r )04kitir itout ottit7"43- • 1 ' , /` -? '" --- ' ---------'----7----- ' '__,„a *emery to revue thettpecie standard wonld be 0 'Anro hundred an fifty kull li ones_supposini '; bus _Xere tnerintinuelflto actiiin as it lessoW.„ `.O f Iliorlyibisitse *Odd ;Old continue asitetilebsda;., , rioW,'lmitlAile ccitibmellbila of theewhiale Chtsrancy,l , ' lisequisiteln reack the spe cie standard s would •be stiorei thanss2so,d9o,43oos matie.andflenWis' ' , SsA, distinguished:Senator heehndeedfealrelliddh he,relatekte the,!SelialeSlß 'tc.spiebb • liiled , with , .' h expreselone of onest "purporles and jest views. lie desires to "descend the mountain by easy' elopes and gentle curves," so as to "return to specie payments without a crash." Thiel is eldenitahle. ' ':' Ills plan begins by axing the time of redemp tion by law on the let of July, 1871, which is two years and a half in the future. Be dreamed that - the Fringe - of his bill would "fix the value of the greenback note," and thereafter "thie value can be ascertained any day by the ordinary rules of discount," and Shat irregular fluctuation of valise • would thencefortheease by act of Congress. Re ut dreamed, oreoveisthaethe greenback note "will be et par on or before the day fixed for redemp tion by gradual appregiatiOn," and that our peotle win le e voluntaril pay their debts, and by 1 est means "the chang will come so gently on, that the people will a lm ost have forgottenit when it arrives." II 1 This dream assumes perfect faith on the part of the people, faith amounting to certainty. that the scheme would be carried into effect notwith ttending its -inherent difficulties, and the changing temper of Congress. There can be no such faith. It such faith existed to the extent and with the effect imagined by the Senator, so that upon the protege of his bill the value of the greenback would appreciate . froze its present price, up to a value to be ascertained by the or dinary rules of discount, say from 7.5 cents in the dollar up to 85 cent a, the change by the process hereittbefore described would occasion a fall in contrasf ;nearly 12 per cent and a cOnsequent tion - of the currency- fr o m ts present bulk of 11/1,000 000,000, worth at 75 cents in the dol lar, $180,000,000 in gold, to a lesser bulk o f about 5882,000,000, worth at 85 - cents in the dollar, the same aggregate value. The contraction due to the first effect of his bill would be 118 millions of dollars. The le would be of that, and als p o eo o p f the furtherprobabl contractions aware to follow. But it is not in the nature of things that the value of an irredeemable paper currency shall be fixed by act of Congress. Its velu mendke every value, will be determined by supply demandl, as it is now. l The existing supply would be redundant at the specie standard with the existing demand, and therefore it is that you cannot so soon raise it to the specie standard except by reducing its volume. An immediate destruction of the money mills at Washington, and a gradual reduction of the paper outstanding, would be the simplest plan and most easily watched and controlled. Anfgfan, as soon as its operations were felt, would cause violent outcries from those who are interested in preserving the present state of atfaire, or who would be hurt during the transi tion. But it is not probable that the specie standard can be reached by a withdrawal of the legal tenders, without a bbock to all values and credit, involving the failure of all the banks to redeem sir obligations; and the attempt would most ilely result in substituting the bad faith of the antis for the bad faith of the government, as the currency of the country. Therefore, the best plan to be pursued would be to begin thesson traction with the banks, by an amendnienr of the 31st, section of the general benking law, which fixes the proportion between their re serve and their demand liabilities. The amend ment should require them to increase this pro portion one per cont. every month so that at the end of twelve months the two daisies would have a reserve of '27 and 37 per cent.' of biles In-' stead ot 15 and 25 per cent. as is now required. Each bank %sin arriving at a fixed points of strength should be relieved from further contrac tion. The banks should not complain of a law which would compel them to invest In a security to be , made more valuable by the operation, and to col- 1 lust their debts at a time when their debtors were I, best able to pay! - Suers an amendment and the payment of the 11 per cent. certificates, would be enough for one year, and at the end of that time, ' we should probably be able to see the promised land. But this amendment is not by any means All that the banking laws require before they will attend us the best earrency. They now eollStl tete a el stem which acts by jerks and spasms of short duration, but great intensity. From the ettetalshmeot of the system until the close Of 1867, there was never much pressure in the money market,and this continued ease was ascribed to the supposed fact, that the currency being irredeemable, its fluctuations were felt In variations of the price of gold ratner than in a high rate of interest. But prices having ad vanced and business having increased, the real operation of the system begins to be felt. The dangers of the system are felt to be so great that it is even proposed by thinking men "to place in the hands of the Secretary of the Treasury 1850,000,000 of fresh greenbacka, to be temporarily used in critical emergencies." In prac tical English, this would be expressed "to place ,heeds of the Secretary of the Treasury for the time BVltg, 855,000,000 of greenbacks, with the power to manipulate the, market for the benefit of his friends." A system which needs such a supplement needs radical reform, and pith a view of pointing oat such reform let us inquire what system would give ns the best currency, and in the first place, What is currency? what Is a dollar? A dvllur, sneer the specie standard to which we seek to return, is a piece of coin weighing 05 8-JOths grains of standard gold, 01 width 0-10ths are fine gold and 1-10th alloy., The government, by stamping this coin with its image and superscription, adds nothing to its value except a certificate of its weight and One nets, so thet it may pass from hand to hand with out assay or weighing. The ,currency comilets of such dollars and multiples thereof, end also of the combined amonnt of bank note sin circelation, and deposits in banki, both payable on demand i gold coin. A mixed currency such as this, with safeguards and limits to secure the certain and immediate pestilent of the paper in gold on the demand ot the holder, without such demand causing a dledi- GllllOll 01 the whole volume of the currency ley reason of the wants or fears of the payer of the gold, would Polgeos all the beet qualities of the best cunt ec): unlfortoity of value, portability, cheapness, divisibility, etc. The reasons for Including both deposits and circulation under the term "currency" are" that although they are differently created, held and trapeterred, yet they both perform the Bailie fade- Coe sof teems; the larger sums, deposits, being lodged iu bunk, and used for larger payments, and the metier bums, In bank notes, composing the cilcitlatiwn, being carried in the , pocket and used tor smaller payments. Beth represent debts which the batiks owe, and owe to the people. Both are mutually convertible at will. Both are payable oe demand, and not, like credits payable at a Noe e day, revolts d in uncertainty. Both constitute the money of the people, being the means by which they buy and sell all things, and pay duet collect their debts. The differences be tween them are only formal; the resemblances are essential. if we wpuld make our currency scenic, we must treat them both alike. During the debates In the British Parliament in 1844, resulting in the passage of the Bank Charter Act of that year, Sir Robert Pee) held that the currency, with which the public had to do, was merely the promissory notes of the banks pay able to bearer on demand, and that the deposits lu banks wore of a different nature, and mere analogous to what lie called "paper credits." - le therefore dealt with them on different principLis. Let us see with what success. Tbc bank act of 1844 separated the business. of the Bank ot England into two departments,' to wit: the lieu° department, which is automatic, and has every thing to do with the' issue and re demption ot bank notes; and the banking depart ment, which banks upon the notes issued to it by the haste department. The banking department Is entirely unchecked in its opera lions, which are not limited In any way by the bill. The issue department, on the other hand, is limited to an issue of .0.4,000,000 sterling on credit, and a further issue of note to the extent of:the gold bullion held by the depart ment. If the issue department have £10,000,000 sterling In gold,tbey may issue £24,000,000 of notes to the banking' department,• that is to say, 110,000,000 sterling upon the gold on hand, and £14,000,000 eterliegsmon public securities lield by the ite. Pertinent. ;., . , . 11, ~t :,;•; • . >, At,the , time Of...the:lmVsage of‘the act it eras found, by the bank returns of her circulation for the spresent century, that at no, period within that gum s nor even at the times of greatest wife and suns upon the bank, bad the opt ' THE DAILY EVENING BULLETIN-PHILADELPHIA rIJESDA.Y, JANUARY 26,1869. fitsb inglUnk notes been lesa than X 16,009 10 0- )30 2 1Inft: In fact, for their own. convenience or &':iloteessitiee. the people wont aetenat, 4 ,0 :deign which were no*fited forlfeeenq A was, therefore, con edetthat teAle o cpinitancee could the Ecotthe bank d tented in such amount ad:to ignee th4ofi tanda,, ',lng'elrculation below 'X14.00;009 rliu nun , consequently it was coeildeeed'stafef,,te permit tdtd..' , issue;of that amount dnry, of securities , and to 'require alt beyond that bo:'ltpOti gold on band. In concluding bis speectUnpon the introduc tion of the bill„Bir Robert Peel expressed a hope "tbet'the wkdout df irstilialifenTleill" at' letigth" devise measures which shall inspire just mil-% demo in the medium of ./aXellingeVatittlfpnt a check on improvident speculations, and shall in t sure, as far as legislation-can insure;the just re wards of lenuetrY.": _ Twenty-five years' exPerience of: the workings. of the bank act of 1844 pt•ciree that:this hope was. a delusion. It was too much to expect , by any such means to avert commercial disasteri; but the act, al - though it placed the nonvortibilityof the ban notes by the tome department beyond' all doubj, and so far has been of immense benefit, has utterly failed to guard the country *met finan cial disasters, occasioned by overbanking and • overtrading. In December, 1847, Bir Robert Peel, in revievr ing the operationof tho est of 1844. said: "I do not deny that one of the objects contemplated by the act was, the prevention cd the convulsiode that hitherto occurred, * * * "The bill of 1844 had a triTe, object„ , ltsiirYt Watt was that in which admit lthas namely, to prevent, by early and. gradual, eevete and sudden contraction, and.the panic and- con fusion inseparable:from _ But,the bilthad %yip other objects of, id tenet equatirnportatteet the one, to maintain and guainntee the-convertibil ity of the paper , currency' Inter_geold; and the other, to prevent, the difficulties; which arise at all times from undue speculation being aggra vated by-the nee of paper credit in the form 9f, promissory votes. In. these two objects my be lief to that the bill hers completely succeeded.' The act, then,was a partial failure, and the reason is plain. it ,and mecm :the eine lation of the bank upon .credit u ,,and therefoto people who have notes carialwaysget gold for them upon demand. But it leaves unlimited and unsecured the liabies of the bank for deposled. and consequently people cannot always get gold or notes for their checks. In fact, the act closed the window,, bet left the door open. Reason and experienceth enboth teach us that if we would control the currency - by law, we must treat alike both notes and deposits, payable on demand, as currency. • The national' banking acts of the United States have partially recognized this; truth, and they require theta, certain propor ti ons (( 1 5 per cent. in some cases, and 26 per cent. in others), of the cash liabilities of the ,banks, including,both de posits and circulation, shall be held by, the baulta in various paper legal tenders, or gold coin, as a reserve for the prompt redemption of these lia bilities. The recognition Is a great step towards a etable currency. But lot us consider how the present rule works. The average reserve of the banks is nominally something over 27 per cent. of their liabilities; but practically it is considerably less than that, because the 3 per cent. temporary loan cerufi caws, and the reserve funds of country banks de posited with the city banks, are neither of them reserves on hand, bat reserves to be recruited or emergency, and then they may not be tortticom- ng. Assuming the practical reserve at 26 per cent., then four times the reserve will be the limit to which the circulation and deposits may go. Let the reserve increase one million, the banks may increasetheir demand liabilities ' four millions Let the reserve dituinieh one Million, the banks, if at their limit, must reduce their demand habit ides four millions. Or, if $l. party should draw 610,000,000 of legal tenderstroth the bmikqben the banks must withdraw ; n multiplied argon tof currency from the people in the shape of deToeits i . and circulation. 'Recent events in New York have illustrated these truths in a painful way. Let it ba remem bered that the demand liabilities - of the banks constitute the money of Me people ;and it msy be seen how cruelly this multiplying rule may be made to act. In fact, the multiplying rule Is like a multiply Ma reel, and those persona who trust to banks for the irloans trequentle wound up un comfortably fast.will if they be not landed in bank ruptcy. The safemultiplying riile is wrong altogether. a safe rule is, the rule of addition, which Sir R. Peel applied to the eirculation of the Bank pf .fingland, and thereby made the bank note really convertible into gold.' It we should apply this rale to both deposits and circulation, we should have a ,banking sys tem free from financial panics and sudden strin gel net'. tis perhaps impossible to avoid conessercita panics, or the difficulties and disasters which arise from over:trading, and the abuse of credit by business men. Bat Ms considered quite feria ble to make Ptancial panics impossible by so guarding and limiting the demand liabilities of the banks, that no doubt can be excited among the people of their prompt.payment on demand. It is quite certain tbat the absence of financial panics will mitigate the severity of commercial' ° panics. In order to explain the application of the rule suested, we ust go-back to Sir R. Peel. INI • found that there m was a large sum . of bank notes which could - not possibly be presented for pay went. Be. therefore held that to each an amount, and no farther, credit . might safely be used us money. In like manner we will fl wit nd is ' a largo sum of money on deposit h the there banks which cannot possibly be drawn out, and to that extent credit may safely be used as money,and no further. , At one time, in November. 1867, the acti've business of the city of New York rf virtually word have from dearth of money. It - was all needed to settle past transactions. Grass have grown in ' all the streets if those days h d not been shortened. Sterling , exelniuge sold or 16 per cent. below par. . In some cases, goods juste arrived from Europe were returned by the ;first packet, although thd consignees in New Yorkwamed thorn more than anything else,f xeeptmoney. 1 Yet, at that time of greatest searcity, the to turns of the city banks showed— Notes in circulation Deposits =drawn $50,783,45 This amount does not include the notea , of country banks circulating in the city, and con stituting most of the small change. I Allowing for these. and for-the Increased busi ness of the city of New York, it is probable that at this day the money required to conduct the business of that city would be over ono hundred millions at the specie standard. The Comptroller'l 4 ., report for October bib, 1868, gives the deav4na j liabilities of 56 banks'of that city $206;164,90f the existing currency, euivalent to abut, 4150,000,00 1 3 in gold. It may therefore be assumed, that before the deposits and - cit culation could be redgeedi to $100,000,000, the scarcity of money wouldp such that foreign exchange would fall so low a to compel the importation of gold. In other wo ds. the paper money in New York would be more valuable than gold in London, and therefore might safely be left with only a reserve , for re deeming the excess over one hundred millions. This amount, being the trilninaura amount of de.- posits and circulation required by the people of ,New York, we might safely permit the banks to become liable for so much on credit alone, ut any Increase of demand liabilities beyond t at Bhcrald be upon a reserve of gold on hand, doper for dollar. The returns of the New York city banks or December stb, 1868, exhibit— Aggregate of depoeith and circula tion $224,098, 76 Reggriro of all kinds 77,136, ,40 The following table is inserted to show the iilX pungion and contraction of these banks under the present multiplylng rule, and under the sug gested addition rule, assuming their minimumn! to, he $100,009,000. Mel/posed reserve. Possible circulation and depos t ire. Multiplying rule. Addition rule. $77,136,740 $308,546,060 $177136,740 60,000,000 240,000,000 160'000,100 '50,000,000 200,000,000 150,000, 00 40,000,000 160,000,000 140,000, (Hi 80,000,000 120,000,000 180,000,000 20,000,000 80,000,000 120,000,000 . , It Is evident that now the banks are require& to make a multiplied contraction whenever , their reserve is diminished. The habitual conditiont of . Mayor ahem' is one of undue expansionj te which they are led by a desire to make ,large' profits. Under•the existing system, any anarchy of money or credit from natural causes' is In4n i ; r 1 IP 31:1, '4ified by Inc condition of the be,nke find :'f dit4ittit., of the law. The penalty tor nOtetpaystie bane . , Ithtf,deffith 0, theLbank, tlinXiagAirr no fill *live ',White n'tetted„burltipreskflieSe)'WhOlif e lifinn t mt •in a',lflur old #roltor if. ',,,?!:' l'so; ' r',, f Under , eyeterti,--Augg tedi'- to e bank is ;OW not ;tear e diminOon f; 00 reserve 4 wAch ' I would' g •;'Otep.,sitep with the diann4tiobegk! NAlieli Ilabfittles,ad 'they Ott Id filwoysideAd Ahdet feedlots 'from bills iteeliiibre. 4A sdblettYlit money from natural causes would not be aggro.: valid by a further scarcity growing out of the necessities of the banks,and the timidity of note holders Mod depositors. -- - - ---; - _ A demand by such parties for payment would "rift leiseli 'the) whole volume of the currency. The nee of credit for the purpose of money would bb so - limited that great expansions and great contractions mould be unknown. ' ...1116 - ,use of Predit es Money is a measure of economy, and, up to a certain point. ft is bene fetal to a nation because it costs next to nothing, and ; when usedln connection with gold, answers the same purpose; but when the currency con tains tho element of . credit in excess; it becomes •too- sensitive; and, althefigh more" profitable to the banks, it costs- the people so much,-that on he whore?: the nation loses by reason of. the ex gess. _ The proper lintleof credit Is the sum of the notes wnich•will nev s er.be, presented, and of deposits which Will never , be Withdrawn. ,It wee easy enough for the British Parliament, in dealing with one great corporation, like the Bank of England, to fix the issues of the 'bank upon'credit, within safe limitsL but it would be impossible in this country to decide upon such limits for every locality, or to fix limits which the growth of the country might not noon render too restricted. ' Any arbitrary saotment of banking privileges 'would be obitetionable and unsatisfactory, as is now the allotment of the priVilege of issuing bank notes. , It is necessary, therefore, to suggest some relf- Acting,_plan, which would distribute the banking capital; as needeiVilifolfglieut the country; • --- It Is believed that a rule by which the demand habllities'of the banks In excess of their reserve should"be limited to the amount of their capital stock, And be secured by a deposit with the Corplitroller ',of Unitedßtates bonds to the fated funount, and taxed by the government to I'llie extent of'— p,er cent, ,' to be retained out tor Of the intereeit'accrding oil the bonds, Ss a . price the privileges granted; tbgettfOr wlth'a change of the penalty for failure to redeem, or for other violations 'cif the law by any bank; Into a he r of all interest on her deposit of bonds during her delinqueney, rind also' the complete abolition of the usury !awe, which prohibit coo tracts, or impair the obligation of contracts for the loan of money, would furnish a self-acting plan under which the banking busineis could be thrown open to all, free to the banks, safe to the p ch eopleof these and profitable to the government. provlsione demands some illus tration. roller's First—The limit. By the Compt report: The capital stock of 1,64 D banks in October. 1868, was $420,635,000 U. S. bonds owned by banks 414,665,000 Difference e 5,970,000 In this particular the rule would make little change. Second—The security. The banks would hold reserve on hand for the same amount of demand liabilities, and the Comptroller would hold U. 8. bonds for all beyond this: The worst that could happen to the people who were creditors of a faiUug bank would be t that they would become creditors of the United States. The capital, reserve, and liabilities protected by reserve, of 1,645 banks, fu October, 1868, 1 ' were Liabilities.. 0854,947,078 Reserve.. Capital. Difference 099,550,151 To bring the banks within the rule, the capital and reserve would have to be increased, or the liabilities diminished. 7'hird—The taxation. This is the most im portant feature of the plan, for several reasons. It would be a gauge by welch the amount of bank expansion could ne regulated. It is evi dent that if there were no tax at all, the deposit of bonds would be a security, but not by any means a limit. It is c" - ally evident that if the tax were to the full amoilnt of the interest on the bonds; it would absorb all the profits of banking, and if the law could' be executed, it would tax the banks out of existence. Now, between these extremes one which would leave banking with out limit: - and the other, which would destroy 'banking altogether, there is an intermediate rate, 'Which tvoiliffpreserve it safe limit, and restrain banking within proper bounds by the self-interest of bankers. The Bank of England has the privilege of issu ing £14,000,000 sterling of notes, based upon a like amount of government stock, on which she draws 3 per cent. per annum interest, amounting to £420,000 sterling. This is the gross profit of the bank upon her circulation. For this privilege the pays annually to the go vernment the sum of £lBO,OOO sterling, leaving as a profit to the bank the sum of £240,000 sterling. That is to may, of the whole profit, the govern ment takes 3-7ths and the bank keeps 4-7 tbs. It must, hoWever, be 'remembered that the bank Prints ber own !total, at an amnia expense, esti mated in 1844;iit fronr.£ll3;ooo to £117,000 ster bug. This,ingether with the Commissions which the pays to" other banks issuing her notes, itinountleg £24;000 sterling per 'annum, re "daces ' her net piofit on circulation to about £lOO,OOO. By-the same proportion, the rate of taxation upon the bonds deposited would be three-Sevenths of 6 percent. 'in gold, together with the cost, of printing bank notes. This would yield a revenue to the government of from 18 to 21 millions per opium in gold. on the present business, leaving a like amount as profit to the banks, besides in tercet On their capital. D. is impossible to Say betorehand what rate of taxation would Produce a safe limitation, but 8 per cent. would be a good rate to begin with. The penally ,should be exacted without any dis t credo!, anywhere. Then fte to the usury laws. There is a school of financiers in New York who desite an "Elastic Currency," which they would define to be a currency capable of bug apanded or contracted to suit the"requiremeets of trade," They profess to claire that this paper currency may be uniform In value, but variable in quantity. It le believed that these two quali ties are incompatible with each other.' The true way to furnish a supply of money, , to suit, the requirements of trade, is, in the first place, to take security that the thing which we call money shall really be so, and, eecondly,qo repeal all laws hampering or restricting in any wad the free employment of it. No system of banking can have free and healiby action, the usury laws exist, and titigge'etionreir the 'safe limit, 4o which' credit why=be tiled lid perferim the functidnis , of money may be properly folltiftdibY few 'words in re lation to the evils resulting from laws restraining the use of money, and the benefits which-would result from perfect freedom. . I The whole sidelect is so fully treated in the mei:portal andleport of the ts Philadelphia Board Tr ade, and' , the eocumen, aceompanyieg of dated )day 21, 1866, printed by the House of Be preseratatives, 139th Congress,. let &salon, Miss. Doc., No. 124, that a brief synopsis only of that paper is needed. It shows, let, that in Holland thorn have been uo usury laws for 175 years, and in Englarad none since 1854. 2d. That it is impossible to enforce the laws against Maury; inch laws merely haniper trade, Bd. That there is a natural rate of interest for trtotoy. Which varies, ' with the supply and de meta; which,again,dePend uptaa the profits open money employed in other ways than lending. 4th. That the restriction upon the rate of money haft a tendency to drive capital away to' countries where it le allowed to earn its natural return. sth. That the usury laws tend to raise the rate of interest by the cost of the additional risk,!or expense incurred in breaking or evading the law; and by the fact, that the quantity of money eat. ployed in lending, is diminished by the operation of the law. It shows, further, from the experience of corm triee which have been relieved from the restrle- ) than, that,. Tat: 'The batiks are able to discount all good paper offered in times' of difficulty : 1 Exceseive °Beth: l p are checked by raising, the rate, and not, by On arbitrary+ rejection of peper. , 2d. That, in tlmes - of great praiser°, fewer fell ' uretaecenr than had happened ' in similar emer ' getelee Wore the, change, inasmuch as capital is no* perWtted floW freely to the points of the , irabit interisivret4uto.'' oCeraditroltersßetiortexvi‘, 58,087,44 .42,696,0 k $234,761,927 420,635,000 655,396,927 - ad. That the cbangelhirs a" ent.the amount of mot ey employed in tbe, mme !al market. 4th. That. the eate.of int& t. pod Arpoll raert „., ekages remaint., p, u octet:ll,y tit, , n 7... ,oent. changes the; oney,Marketi _.'”- -:;:,,, .L . t . :,,fi:'sllr. That tl‘chto is &Orally opriliV.und '.that a return" ee t the d system won t be deckled' , iik grievance atrOt Oh &drip. rt i i .;,l tit, The wisdocrifol the lala,tAr4 ' knactedtipt, 4, 1 „1 although monr*mit ~ tocellne fell co, li. sha ll Pot' trtcome dear. . I;.i-,,,...„. ,, , What is really 'Wanted le to make money free. Then, a demandin any locality beyond the sup ply,.vottlit raise the of hatemst, - mad - the TWO et the rate would attract a new supply, and make it all more active. The reform of the banking system and the abolition of our usury laws would give to our currency all the "elasticity" which is consistent with uniformity of value. The cry for elasticity ban grown out of the hard operation of the existing system,' which le elaatie the wrong. way. It Millets money super. - ahubdribt 'when not 'wanted, bnt .. - veryscaTee as soon as any real demand meats:'"'' ~ . -' In fact, before the war., when the..bauks %were paying specie on demand, the currency never was practically convertible into gold: , ' The ,eur reney for Which gold''-was actually ,` de Mended, was redeemed and converted Into gold; but,upon •tbaa(Thapd" being made, other - mirtency for Which gold' was not demanded *as redeemed by aktorptum, and ceased to be. So that the practi cal workintr of the system was that the currency was convertible) partly into gold and partly into air. The ex:biting currency is much the darrie,exceM that there is nogold lb ,It iseenvertible prac tically, a poetion into legal tenders,•and the rest into thin air. , ' If the propesed,systeth were adopted, the cur rency, for the first time, would be practically convertible,' After th e return to the specie standard, there would be a smoothnese, end ateadincee, and WOO , in btisidessheriitefore un kootern—Soliflity_irepriente affairs , .would begot confidence in public matters. debtth pinblic ldenable andus to redtieti the • litereet on lighten its • burden. It, is not expected that this system will meet the approval of bankers generally. Their object Is to make money, and the present state of at fairs suits them very well. The government pays them Interest on over 60 million° of their 'reserve." , • , The country banks got interest on neat fifty millions of their "reserve" lent to city banks and re-lent to.stock operators owes& •It is not sur-' prising that they are in favor of ; letting things mend themselves. The brokers, too, are not averse , to a state of affairs which by constant attrition, yields them a revenue out of the national wealth. But for the government to take the advice of ban advice brokers in these matters; Is to take the of interested parties, and it would be unreasonable to expect them to be indifferent to their own interest. There are, however, many among both classes (and they would be found to be the governors of the strongest institutions) who would not be averse to a safer system than the present. The plan recommended in the early part of'this paper (while treating of the return to the specie standard) of requiring the hanks: gradually to in crease the proportion of their reserve to their li abilities, would be the best means of transition from their present condition to a conformity with the new system. The banks might be alidwed to lucre:tee their capital at pleasure. When any b ank should arrive at such a state that the' sum of her capital and reserve should be equal le her demand liabilities, further contraction should cease. After strengthening the banks by this, process. the law might permi the holders of greenbacks to convert them into t 640 bonds, and provide for the final destruction of the notes so received. This act would be operative when the interest on the bonds exceeded the market rate of money, and would cease to operate during a money pressure. The troubles to grow out of an early return to the specie standard are somewhat magnified by the imagination. The shrinkage in nominal values would amsunt to nothing in the absence of debt. - Most com mercial me have debts due them, as well as debts to pay , and they would go far to balance each o th er. 11by a preliminarystrengthening of the banks we should avoid a financial crash, the change could be made with more safety than in any other way. In considering the whole subject, we should not forget , the cases of those persons to whom fixed money payments, such as widow's dowers, annuities, interest,- rents, dm, arranged under the gold standard, are still payable. Upon each persons. the abolition of the standard of value operates like sheer robbery. The restoration of it would be simple justice. The people, with the same courage with which they encountered the horrors of the war, are not now afraid of attacking and destroying one of its annoying results. The conclusions arrived at in this paper. are: 1. Every plan of returning to the specie stand ard involves sereduction of prices. 2. Every reduction of prices Involves con traction of the currency, either preliminary ,to it, or consequent upon it; except one pian,which is a lorg and dreary waiting until the demands of commerce should increase, seas to require a currency of the existing volume at the specie standard. 3. That this do-nothing policy would merely lengthen out the agony, and copid not avoid the reduction of prices, nor its consequences. 4. That the safest way to contract the currency, is to with the. banks, and in a strong begin position . and to dealplace withthem the leol teeders afterwards. b. That the present banking system is a dan gerous and oppressive one, owing to the false principle contained in It. 6. That the proper limit to which bank credit should be employed as money is the sum of the deposits which never will be &awn oat, and' of notes which will never be presented for payment. To use more credit than this• in the currency .inzikes it too sensitive and elastic the wrong way. 7. That all depositeor bank notes issued be yond this limit should be upon reserve in hand, and nut upon credit. 8. That all bank credits employed as money. either in the shape of notes or deposits beyond the amount of reserve on hand, should be limited to the amount of the capital of the bank, and ge cured to the full amount by a deposit of Units d States bonds, which should be taxed by the government at such a rate' as to.keep such credits within the proper limit. 9. That a complete abolition 'of the usury laws is necessary to .8 correct financial system. 10. And finally, that the people: of this coun try, who cheerfully endured all the dangers and hardships and burdens of the late war, will not now shrink from the comparatively easy task of 'removing one of its evil consequences, , namely, the destruction of the atandard of value. , Philadelphia, Santrary, 1869. , sikiEclAL risolriuiPts. • MR. DARNES'S SERMON ON LIFE AT THREE SCORE AND TEN," For Sale atthe Presbyterian HOLM; No. 1831 Cheothut street. j M. analip• INSURANCE COMPANY OF l'clE STATE OF PENNSYLVANIA. JANIIATLY The annual meeting of the atockhohters will be held at the Company's office. Nos 4 and 6 Exchange Building, on MOND"Y. February 1.1869, at 12 o'clock. noon. WILLIAM LI ARPER, 35V-6te Secretary.. CONT-------NELLNIVILL----E GAB CUM. COMPANY. -Puct.suxLrais.Jan. 22, 1801 The Annual Meeting of the ntockholders will be held at 0 their office. No. 8106 Walnut street. on M0N0.2.2. reht rv usrz tor the 8, 1869. a ensu t 12 i o'c year oclk M .. to elect live Wrathy 144 e ng . NORTON JOIINBON, tiecretary. ja23 eamweti) OFFICE 'HUNTINGDON AND BROAD TOP 1 145 :r MOUNTAIN ItAILRvAD COMPANY. 417 W 1.1.• 14 la ATREET. `Porr.anirirtna, Jan. 18th, 1569. The annual meeting of the Btockholdors of the Runt• inadon and Brood Tap Mountain Railroad aid Coal Com ny will be bold at the Office of the Company. No.. 411 WALNUT Arcot, Philadelphia, on TUESDAY, ebrnary 2d. at 11 'O'clock, A-. M.. when an olection.will be hold for a Prtaident and twelve Directors to oervefor the enatdog joiey ,p. AORTBEN, a to th trifle Secretary. ultlp. ----liff.FE----Ile THE 1301113YLKILL NA.VIGA '"'" T1 ( 0 ) N COMPANY. NO. SU 'WALNUT' TRE. 11111.ADIWPIIIA. Jenuarr 12 , Ira , romp is hereby given tont the Annual Ideation o the ' Stock b olden and Loanholdent of gas Company., and the - election of Officers for the ensuing, year , will 'he held at . this , .oMo° on TUF.BDAY , the ninth day:of .February -I.(1 , at 11 o'clock A. Al.' W. M. 231.4111 MAN. ilecretary. 1P.12-tu th a fedil • - . ' , . . s i oir i NOTICP..---OFTTCEI MUCK 31.ClUNTA IN ( . 16:111- 2 . , ~‘... ~,,,,,,. 1 "-" . r.f'"'" 4 ° • • . j sway i5t.1262 • . ' Pnri.sintr.tura. iiik .., ._ _ ..., The annual Meeting of ' tho stockholders or tag num : Mountain Coal Con:marl a ill be he1...,t1 a e.n t t N he ea oill. s c A e l ie , r t o li tl. e company. No.,' t ..% Metall , . oh., 9/. 3 1 .,‘,""" - t - -1-',.f. , - p,. runty Sid, 1/139, nt 11 o'clOck A. ps. , An de tti o n. my. , kesen directore to. coro n a .the .eitanhail year will be held on the Caine day. Perigee t he Aionre o 111 A. rd and 2P.M. t. - T. ii, Tll 1 . X011 , R, , ,- ~ kincretary. Jet 1. rr, tu 10t* •/ r . D tr,; I L U . o.oll''..ialD GORILLA ,HUNTDiO; • • - •,/: ,1 a 4 - • '.. e on, yc IN EQUATORIAL AFRICA. Xlc.'R,iklit.,tliDtfOßAlLLEl will give ONE LEUTUILIZ on the nbneo tittbjitt,profneely illustrated with Pala' nlO4 an. and desiribinghlkunique and thrilling adven tu res in Africa. at • " CHESTNUT STREET, , AytovE TWELFTH, j3;.rtFar. MONDAYEVENI&G. February Ist. 1869.- Tickets of Minthisien. 60 goti6; .itesertekoo4o4§erits. The Bale of Tickets for Reserved dean will take Place at TeUMPLEIPS. fl2tl Chestnut street,. ost Wedpesdai. Tbuisday and Friday of this week; where aim a faecal TvAlcalt VOUPOlpapirly be 1:m.3,410d , si the &fall the eveuttei of we Lecture. , . a istiAt• ser - ANNUATMLETING OP= TOO- , HAYS FAkM OIL COM ANY wilt be bold at the Wtth aril' Douro. lisitsom. above Slithton FRIDAY. SehruarY 12, at O'clock, P. Id. 1ja85.11A9 J. B. WADE,l3offetan. afis. PHIDititELPEIFA "*"••• Railroad Compatty.—Tha - next trial Meatina the Stockhoidan of thu Company will held in the. Mall of the Delaware Cortaty ,Institate Science. , in the Morough of Moab.: on MONDAY. ' tbelth'dare Sabra. ary. log). at 11 o'clock. A. M., at which timo and place en eleo ion will be held for ofticers to , servo the sionista Year. rlttitre c ip f l t its., e .1411. x. h oard. A. LEWIS SHIM J'a"b at eB{ necrelaiy. skr , PITTaBINVOTI, Cit 4 CINI4ATI AND RAILROAD GOas PANIC. firgasintrnza. 0.. Jan. 18. eta 'NOTICES la ' hereby anon to the Stochheildera of the Fitteburpb. Misclunati and St. Lotds hallway Company to meet at. lim office in litenhenville, 0., on. AIONVAL. 'February In. 1848.'bersnext the hottra , Of KO 4 teclont P. M., for too purpose of clotting TtiligtfiEN DARPA:TORS to terve for the ensuing year: and for the traasattion of nth other business as maybe W& before ahem. J.O. MAW& /Secretary. )a7l•tfel tar OFFICE OP rKilB FREEDOM IRON &ND r, NO, too toura THI RD. , STBRET. ‘• • reetutriiir.rni4Janntiry 20.1839. The Animal Meeting of the btockboldors of the Veers dem Iron and Steel Company will be bold at the office of thelieniinsiny:No._l3l) : Routh-Thir d street . Philadelphia. on littilli3D.dY. Febrility - 4thilbeic - sit - 111 - Veloalt:M. v hen an election will be held for Directors to servo for the awning year., The 'Mader Book' will be, closed for fifteen days preview' to the date of holding said Oleo. Don. VASA& WEISTI)ri, . .jallt fel§ hecretary. „ , ser cs iIII NoT T i: TO HE lIOLDERB OF T 7 PER EMT PHILADELPHIA. AIM ERIE BONDS. PAIED,OtasT lit. IESb. Pirmansuenu...lsui; The Philadelphia Mad Erie Rallroad Company ore now prepared to exchange,. or purchase from. the holdess thereof. the Ronda of said Company dated le t de/ of July. 1865, Issued tinder anther*, of the Act of Assembly sp. proved March eth, 113415, and will exercise Abe ,optlon of hityltrit tholooltgage securing Rio exam .to per mance of the agreement and condition endorsed en said bonds . 6P.0. P. LITTLt. Treason:a ED Walnut street._ 151836t4 ser THE PARMEP , S • AND EDII.ANDIr 'NA TIONAL BAWL • SI • e ..; ......., . P111.1.A 2 ,11.1.111A• Jan. IA Imo. At an election hellion tha-l•th... day of Jarman'. 1f a. the following named dtuckhdldens are elected DireetOrs of this Bans : Pawn] M. Lewin, Jorbas D. Lippincott, John Aehbuht. .L Edward Fannin].. Anthony J..antelo. George W. Farr, Jr.. Benjamin A. Parabola. Will iam U; WoedWard, Fratirla Tete, Charlet IL lintchintam. Lindley Sml th. II curs , P. !Sloan. Richard C. Dale. And at a meeting of the Directorsre-electe this day. P EresidenD WIN M. LBW ID. Eq.. was ututnimounlv d t. Jall-leti W. RUSHTON. Jlt , Cashier. ' ter I.X.4I.6IONWSALTIL "" Man election held on the tlemen were elected Dir Chita. ch erten. V. P. Mitell. L. N.ifturronalia. W A. Bolin. Peel P. Heller. Jno. Wanamsker. And at a meeting ot the B F. NOhTON.Ece..wne • )05 Or N O XL I 7 ( 111Liffi l :firi d nItilitt l ir Mri reitaru.rute. January 16th. Ink NOTICE. ~ _ _ . .. the Aimual Meeting of the ntocinsolders of the Tre mont Coal Company will be held at No. 33 PhilaielPhis Exchange, in the Lily of nbiledelphle. on TLIExtioAT. the tecood day of Eetounry. et 13 o'clock,_llf., et which time and place the Annual Wootton for rrnldent end Directors to serve the ensmng rem will GO heheldi x IL Q. ET. 1a1.301 Beerefeel. . nair- THE BIG MOUNTAIN IMPROVEMENT COM PANT . ..,,. ... PILIZAXISUZERA, Jam:Lary 141 b. imk The animal meeting of tha ntocineleent of the "Bie Mountain Improvement t'omPanY" will he held at their office, No no INalnut etreet, on fttON JAY. tbettret der of February next, at 4 o'clock P.M. when an electton I will 113 held for Sae Directors , to eerie for the areminit , yeet , 1 he ?render Books will be tinted frets Monday. 26tb lent. to Monday. Ist prox . both dare inclusive ja18.120 W. r. JENKS. President. wi r OFFICE OF TIIE'LOCUBT MOUNT EN 00AL AND molt COMPANY. rattan 'struts. Jemmy 9,1808 The annual niectina of Abe btockholders of we Locust lilountaln Coal std' Irunt Compax,iy ho held at the office of the Company. o. 200 Third autism MON DAY. the tint day of February nest, atlll o'clock, WiltD laltieCtlOU will be held for Diteet4o spwAsi) swim COMMERCIAL EXCHANGE Or PIIILADEL sor yhts.—The annual meeting of the Commercial Es armee will be held on TUESDAY. jaw nib. 1360 ho Annual Report of tho Board of Managers will be read et 113do'Cloch. • The polls will brooms from 10 n.,11.50 3 P. M. for the election of caws weave for the ensuing Year G. IL Tusem.i. !Secretary. wsin- OFFICE OF VIP. 'HUBRIS CANAL AND IiANKINO COhLPANT. Jangler Ctrr Jan.l4 WS. Notice is hereby given that the Board of Director have day declared s Dividend of TEN PhD CENT. on the amount of h o Preferred stock. payable In scrip, redeems ble in twenty years from the ant day of ffebraarYnalls bearing tntervst at the rate of severt per , etlif-Per an num, payable selbtarinnalb - . upon the first Tues day of August and th e first Tuesday of Feb ruary . then following. Certificate!! ,of this Scrip will be delivered to the bolder* of the Preferred Stock on the fire TUESDAY , (the gd) in Parc ary next at the Office of the Company. In Jamey City, and or the Office of Id. W. CLARE & O. ,•in Philadelphie. to eimh dteekhOblers resident to and near that city. • ' • The Transfer Boob' will be closed from this day until the eecond day of February next. jatetle3.l) JOU ssi N 110DGE, Secretary. OFFICE 4 , F Tuu NORTH. PENNSYLVANIA RAILROAD. CO APANT. 11IIIADEIX.1114. NO. 401 WALNUT STREET.. Janos - 11v o, IND. DIVIDEND NOTICE, • The ?render Doak" of this Company will be-closed on SATURDAY , the fh lost lit II o'clock P. and will be reOpened on eATURI)AY, the leth inst. A Dividend has this day-been declined of FiVe l6) Per Cent., clear of taxes, pay Ale in scrip bearing no interest, and convertible into Seven Per ; Vend. Mortgage Bemis cif the CrannanY, in thins of not Ws than Elundred Dol lars. on and after Nay Ist next.. _ _. The said Dividend will be credited to the Stockholders ILP they shall stood registered on the books of the Com. winv on SATUNDAV, the etti inst. (signed) , WM. WISNER. jai' tie§ , . Treasurer. Roar THE DELAWARE AND RARITAN CANAL •""" COMPANY, AND THE CAMDEN AND AMBOY RAILROADt eAr,ND TaAN 3PO 89R,_ TA h T COMPANY. lON a o ove nda tlari Neb o Ja L uar t 6,, e tB,are h en er t s ed to ff s dividend of ME (OP. It CENT., payable at 11l Liberty street, New York. or WM South Delaware avenue. Pbila- BIGHAIMsToorrqN. . • Treasurer. PIIILADELPDIA AND,RFA.DING RAILROAD "Or COMPANY. 0D10,221 9. FOURTH street. Dec. 30.180 a. . . `DTVIDEND LIUTICE The tranefer imolai of thin Company will be closed on the 4111 of January next and be reopened on Tneedatr January 17th. A Dividend of Five per cent. has Wilt declared on the Preferred end Common Stoek.chier of , ethane tinekthater 11 axes. t,ayitble in Commen Stock on and after January 7Ltb 1889 . to the holders thereof as they shall stand reels tei ed °tithe JLitiolta of the iiomvany oa the 4111 ot January next. All payable at this office. PtrlAll ordent tor nividende must be win:mined and stamped. Ilea° lmf B. BILS.DEORD:Traftefir" or. s i r O ` T IC E . WEST:: . .IF,RBI6IY. RAILROAD OOMPANY, OFFICIO. OF THE TItEABURER,. • ' Cannes. J. January loth; 1851 "The Board of . Directors have this , day dealstretta Semi- Ann ual Dividend of FIVE PEtt CENT.. clear orriational Tax, payable to tbo stockholders of this d 1589ats,on and at the after WEDNIttODAY. ,the. 8d day of Fehreliri. . Trea,urees'Ofticti in Camden.' Tbe steer. transfer books will be closed from the dato hereof until the 4th day of Febniary. 1869. ' ••' OFARGE.Z. ROBBII4d,_ js t fQ4 • :Trimaurer W. J. E. 11..00. NOTICE. PDIVIDEiIILADELPfiIti AND.TRENTON, RAILROAD COMPANY. Office, 224 Beath DELAWARE avenue. ,- , . Plittoinni.Pl3o , .. Jan. 20th,1862. The Direetera haie this day 'deelared a semi annual dividend bf Five (5) Per Vent. upon the Capital ock of the Company, clear of taxes, from the profits of the six moathelending December Met, 1855 ; PoYable on and after yob; nary:lste:lmo, toehe holders thereof as theY stood registered o nth ahooks of the' Company on the 15th lust J e w itt4- ' A4 Z;PAIIKER CiOttltld„--Treasurer. 014 T OR INIISLAID-L-PERPETUAL POLICY No. 5.608 iJ leaned by the Enterprise Flre Insurance Company on HENRYd.'2I_EVREEN streot, now itethe name of W. TYLER. AnY , persort- having said Policy will please return to the above address, Reapplication has boat/ made, fop Anew one. . „ Jal9 tu th e T ORT OftqIthiLdID—OERTIFICA.TE OF DEPOSIT Jut fr et coin , Eacharige National Bank, No 516; dated Slay 1 85 1881. tot Thirtyetwo thindrad' aid lorty-two WOO 242'82) dollars, to the order of jO3: Itt Paul and W. uvenal jointly. All persons are cautioned rajah:wit , negotiating , tho same; payment „having been stop e , de99.tu•ht• -- . QUEATEIING FELT FOR BAL.—TEN (10FRAIRES IJEngliati blumthing Felt. by yErER WRIIikIT Ac, 150N0415 Wattle, Area; nol7 it , • &i~.`{ ''CONCERT liaLth NATIONAL BANK- - . inzi.rula. January 1.5.3kal 13th inat., the fallowing 'gds are of thla Bank: C. IL Ouhtll4, , .' Theo. Wileon. IL W. Qtliy. BACIEMeI K. likahton. elm. F. Liar aell, It‘bert B. Blerllne. oard, held this day, Cherie+ Limously meleeted Pre/Meat ILL U. YOUNG. ()ashlar. DavwEx~ cWaEa. LOST. Titusexatiratav reinytge W. Oris thousand miles of liiOnßin Pacific Rail- , road are now finished and in operation„ Tim health of Gov. Geary la improving but he is not yet able to attend to business. Tun bit in dgettA r cirkintsestrlidk higher,. vitaileb;,s, ,r ftl, SisriAxon Monnow B. Lawny had an attack of aralysis yesterday. ONit thousand distilleries are in operation In the UnitedAtates. CoirinAcrirhave been - niade for carrying the malls between Sydney and Panama. BEVII.LE and Cadiz, it Is said, have proclaimed ,n favor of Duke de MOOPeluder for Jung oAminft M. Al DREws was 'arreited at Buffalo. on Sunday afternoon, charged with issuing a largo amount of forged checks on business men. E. El. BAsitiAve, postinsaten ..Pottland, Ore eon, hasteeti sentenced to twelve years laiprfs: onment for robbing the malls. -- Tuatonse of ex-Sheriff King, in Robertson, county, N. C., Wail attacked , by „robbers,: and A. Z. Ward, a visitor at the house, was mortally wounded. BLAISDELL AND EeKELI,COLIVICted in NOW York of ddrAtididleilte.tteiterimienitif" the Whisky tar, weroletteMay sentenceireaeh to thtee years' im prisontnent in the Penitentiary. Joim WHALEN and wife were fearfully burned in a basement house in ,Sauds , street, Brooklyn, on Sunday" night. They went to bed drunk, leaving a candle burning near the bed, which ti oon caught fire. Tun steam-tug Hercules ran down a small boat in NeW....York. barber, yesterday morning, eon, tainini s Capt. Osborn, of _the ship Warenoutti, with - his Wife and sister-in-law. The latter, named Mies`White; waldrowned. Almon; from tiatt Domingo via St. Thomas statc ! .that ;President , ,Bset has sold theisland of Alta. Vela to a French company, ignoring its previous sale; that the &mail Consul hael_pro tested and sent for a'war vessel, and that Baez had entrenched himself in his capital. Grin. BTUNEHAN has appointed a board of three gentlemen at Richmond, Va., to investigate and report upon the qualifications of applicants for Thus far 721/ officials have been removed for political disability in 'Virginia. leaving about 3,000 in e lig ible to be unseated. Imo Case aft she oprglisa Senator. Tho Judiciary Committee of the Senate sub mitted yesterday a resolution recommending that the Hbn:lostins Hill be not admitted as a Sena tor foam Georgia. Accompanying the resolution is a lengthy written report reviewing the events in Georgia, political and otherwise, from the date of Gen. Meade's proclamation declaring the adop tion of the Constitution ap to the present time. In coneldefingthe matter the committee says : The case of Mr. Hill depends upon three con siderations - Firat—Dld the Legislature of Georgia, regu larly organized In accordance with the Constitu tion of the United States and the Constitution of Georgia, duly ratify, the Fourteenth' Amendment, and comply with the various conditions Imposed by the act of January 26 1866? Second—Have the Legislature and the people of Giorgio., subsequent to such compliance, coat milted such acts of usurpation and outrage as to plath the State iii a condition unlit to be repre sented In Congress ? Third—Whtther, in the whole case, taking the action of Georgia, both before and since the pre tended ratificatioh of the fourteenth amendment, a civil government has been established In that &ate which Congress ought to recognize ? These questions must be answered by the law and the feet& The committee then proceeds to quote the pro clarciatlot.• of General Meade, calling the Legisla ture together ' and his correspondence relative to the eligibility , of certain of its members, and also reviews, at some length, the action of the Legia lawn) itself on the same subject, and expresses the opinion that doubt exists that the number of disqualified Inembera wnstarge, but that all of those members who were allowed to retain their Seats did so In direct violation of the Fourteenth Amendment. In the electicin for Senator, Mr. Rill received 110 votes; Jos. G o Brown. .94. and` Alexander 'AI. Stephens 3; - 'arid it is extremely probable- that this majority re ceived by Mr. Hill was , made up of members who were disqualified by the Fourteenth Amendment. The committee next refers to the exclusion of the celortd reembera, and states that it is not possible to hold that no remedy for this wrong fir in the* power of Congress, a wrong by which more than one-half the people of Georgia are deprived of the rights and privileges to which they are en titled. In regard to the condition