Daily evening bulletin. (Philadelphia, Pa.) 1856-1870, January 26, 1869, Image 2

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 <of affairs In
Georgia, it Is believed to be one of anarchy. Tee
committee, learn from the, agents• of the Freed
men's finnan, thet in,, that State there have
been three hundred and • thirty-six cases `o
murder, from January 16, 1868, to November 1,
1868, and for all those outrages there had been
no legal redress, and the civil government has
evinced its total inadequacy or its total unwil
lingness to protect impartially the rights of all
the citizens; and under all the circumstances the
committee have come to the conclusloo that
Georgia Is not entitled to representation in Con-
green.
Mr. Hendricks, the Democratic member of the
committee, stated that he *voted givehisviewa in
opposition when the subject came before the
Senate, having been prevented by, ilineas from
preparing a =lnertly report; ' , • „
The Chairman of the committee, Mr. Trumbull,
submitted a minority report, which is also very
voluminous. He quotes .from the official pro
ceedings in Georgia, the lettersof,General Meade
and the orders of General Grant on the question
of the eligibility of members of the Legislature,
maintaining that Georgia was reconstructed ae:.
cording to the prescribed fortes. He also quilstes
the act of January 26, 1868,1eclaring
entitled to representation in Congress and as
serts that it is not Competent for the Britian:tuba
to exclude the representatives of Georgia. The
unfortunate difficulty between the Freeldeot And.
Congress was concerted on this very point, the
President holding that each House must decide
for itself as to the admittance of its own
members, and Congress holding that the two
Houses conjointly most pass upon the question
of representation, and Congress had rettereted,
this position. thingreas having declared that
Georgia Is entitled to admisslon, it is not corripoi
tent for either House to refuse admission to. the
regularly acereditea Deresentstives of that State,
The Senate has iso right to revise the action of
Congress. As to the charge that the Fourteenth
Amendment was not ratified in good faith, it is
not sustained by, a particle of evidence. The fol
lowing are appendeil to the majority report
1 concur in the conclusion of the report that
Mr. Hill ought not to be admitted, and agree,
that the retort ought to be made.
&MeV& CONKLING.. r
I concur in the conclusion of the report that
Mr. 11111 ought not to be admitted, and agree that
the report be made. F. T. Fannurane rags.
Miralre in . Cuba.
HAVANA, Jan. 25.—Sarlous troubles have re
cently taken place in Jeans Marla ward. - Yester
day afternoon , the disturbance broke out again
in the same quarter. Some people on the house
tops fired upon the•volunteers in the streets, and
the lattct returned the fire. It is not known
whether 'toy. one was killed.
At a late hour in the evening•the house of Senor
Aldana, a rich planter, suspected of giving old
and comfort to the revolutionists, woo entered, by
police officers, Supported by a guard of. volau
teers,'andkearched for arms supposed to be hid
den there. The building was badly damaged by
the troops. The Spaniards assert that this house
was one of those from which the volunteers wore
tired at.
At 9 o'clock on the same night, In the vicinity
of the Louvre Coffee house, and Tacon Theatre
opposite, shots were fired at some volunteers
who were passing through the street. The lower
hall ofthe Louvre was crowded with people, who
were utterly ignorant of what was going on
outside or on the upper floors of the building.
Tho detachment of volunteers halted, faced the
Louvie, and fired upon the guests indiscrimi
nately, with fatallettults.
Several Spanish gentlemen, government em
ploy& and officers of the army were, killed. Two
German merchants, Messrs. Itochling and Lap
ipenberg, and , many other persons were danger
ously wounded. Samuel Cohner, a well known
photographer from the United States. was at
tacked and killed near the Louvre, about the
same time, by some armed men who are imp
posed to have belonged to this volunteer force.
While the audience wore leaving Villa Nueva
Theatre, shots were flred, by whiclt two' ladies
and severaiOhildren wero killed. , • -
The American schooner Artists; formerly
Key West wrecker,
has been brought to this
port as a prize by the Spanish' gunboat Dolts,
- O nP . 01 3 carrphik l etiPpllee r
When discovered they preteidqd to be engaged
in wrecking a efilifl,ot-, orCilJollirledtifeetaffs:, The
Sisel
Arilsta cleared from Key' Wolff, ()tithe - Bth for I
thtvArta, Thin. 25.—A meeting of the nommen
dera of the volunteer forces in this city was held
--lI tad tßettip, presefit; and deplored
ho remit .Wurft wieretiolved4ttt all
volunteers, excepting those on guard, shattliero
after remain at their homes, and only come out
when a signal of twelve guns is fired, or at the
, ) .Ainmand of their chief eitlicers, until the arrival
of additional itetops from SPhin.' Sailors frcird
the Spanish men-of-war in the harbor areilo per
form patrol duty, and they are now patroling tho
streets outside the walls.
Business has been suitiended since the com
mencement of the dloturbanees with the' volun
teers, but thepeople aro now greatly relieved,snd
the feeling of security is growing stronger; as the
sailors are,well disciplined, sober, and faithful,
and perforsi(their &idea, to tine satisfeetion of pal..
The city is not perfectly quiet.. '
BAVARIA, Jan. 25, 10 P. 51.—A1l quarters of the
,city, inside and out , the walls, arc quiet. Nothing
, has owurreil - to4ilght to disturb the ptiblic Vaa
-1
The killing of Mr. Cohner is the general theme
of conversation, and is looked upon as a cow
ardly assassination.
_
lussliedStatesSupieme Courri
On motion of Hon. William L. Sharkey, John
W., C. Watson, Esq., of Mississippi, was admitted
to practice as an attorney and counsellor of this
court. On motion of Hon. George W. Paschall,
John D. McAdoo,,Esq;, vf Texas, was admitted
to practice as an attorney and counsellor' of this
court. On motion tif Hon. P. Phillips, Samuel EL
Torrey, Esq., of Louisiana, was admitted to prat
lice as an attorney and counsellor of this court
Oil motion of Hon. B. R. Curtis J. J. Markiand
Esq.,(oC.lthode bland; was admitted ; to practice
as atilitterney arid counse'or of this court.
No. 17. The United. States ex ref. P. S. lien
bow, plaintiff in error, vs. The Mayor and Alder
men of lowa City, in error to the Circuit Court
of the United States, for the. District of. lowa.
Mr. Jostle° Davie. delivered the - opinion of the
court, reversing theudgment of the said Circuit
-Court in this case with posts, and remanding tile
cause for further proceedings in- conformity to
the opinion of this court.
No. 22. The Louisiana Mutual Insurance Com
pany, pLaintiff in error, ve. John% P.' Tweed, in
error to the Circuit Court of the ;United States
for the Eastern District of Louisiana. Mr. Ater
Me Miller delivered the opinion of the court; re
verging the judgment of said Circuit Courtin
this case, and remanding thecanee to the Cirealt,
Court of the United States for the District of
Louisiana, with directions for a new triaL
No. 21. The Stearniihip China, 'appellant, vs.
Louie Walsh, a al. Appeal from the Circuit
Court of the United States for l the Southern Dar
triet cf New York. Mr. Justice Bwayne delivered •
the opinion of the Court, affirming the decree of
the said Circuit Court in thetocanse, wick costs
and interest.
No. 37. The St. Paul arid pacific Railroad Com
pany, plaintiff in error, vs t 8.. Setitirmelor, in
error to the Supreme Court em , the State of Min
nesota, and No. 38, the St. Paul and Pacific Rail
road Company et aL Appeal from the Circuit
Court of the United States for the District of
Minnesota. Mr. Justice Clifford delivered the
.opinion of the Court affirming the judgment of
eaid Supreme Court and the deem of said Cu
cult Court. In these causes, with costa.
• No. 4L Henry Kellogg, appellant, vs. the
United States. Appeal from the Court of
Claims. Mr. Justice Grier delivered the opinion
of the Court, affirming the decree of the said
Court of Claims in this cause.
No. 49. The United States, plaintiff in error,
vs. Michael Shoemaker et ca., in errouto the Cir
cuit Court of the United States for the Eastern
District of Michigan. Mr. Justice. Nelson de
livered OPIDiOIi of the Conrt, reversing tate
judgment'ot said Circuit Court in this Cause.
No. 179. The barque Grapeshot, appellant, vs.
WallersieLn, Masset et CO. 'Mr. Chief Justice
Chase delivered the opinion of the Court, over
rttlir.g the motion to dismiss the appeal in this
The Belt°Ober• Alicia et 'al., appellants„ Vs. l'ho.
United States. Mr. Chief Justice Chase delivered
the opinion of, the court, overruling the motion to
docket end dismiss the appeal in this case.
No. 55. The United States, plaintiff, vs. John
McElwee. Certificate of division of opinion be
tween the judgto of the Circuit Court of the
,United states for the Southern 'District Of Ohio.
On motion of Mr. Attorney-General Everts, it
was ordered by the court that this certificate Of
division be dismissed.
No. 6 Ethan Allen, appellant.va. Rollin White,
e al. The argument Of: Ibis cause was contiou, d
by Mr. Stoughton, of 'counsel for appelees, and
by Mr. Curtis, for the appellant.
ittestemeni.
The following le the weekly statement of Inc Phila.
delphla Banks, made up on TV , mday afternoon, which
prmenta the following aggregates: •
Capital Stock.. . ........ ........ sum:n.7 160
Loans and ....... 54531,018
Specie.. ~............ ......... 411.897
Due from ether . p r anio: ........ ......... 4.4 .. ,0.50.010
Dee to other . '6.087.739
• 33117 le3
............... .
Circulation. •• • • . . ....... 10.532,914
U. B. Legal i'entifr;r and Rolm; 14,094,810
Clearillda. • • .. • • ......... .............. 84,810,634
Balance.. ..... 9,603391
The foliciwings . tleii . fwe the . e . o . ridition of the
Banks of Phidadelphla, at ration times daring the lard
few months :
1868. Loans. Specie. Clrculatio. Dopoelts.
Jan. 6.....52,002.304 235,9111 10,639,00 38,521.274
Feb. 8....62.609.919 148,678 10,638,921 81.90,287
liar. '9..1.66,458 911.366 10.630.484 915.798.814
April 8....52.209.234 915,835 10.642,670 31,218,110
May 4-0,333,140 314,366 10,631,044 35,109,931
June 1....116,668,449 -239,011 10,626,937 16,5144451
July 6.4..63.653,411 298.996 10,628,488 8028,205
Aug 3....54.341,163 161,281 10,623,848 40,425,611
Sept. 7....511,664.068 222,900 10,622,316 38,015,607
Oct. 5......54,258.518 195,689 10,609,330 26,381,508
Nov. 9. . :94,78L6f6 229,901 .10,612,612 34.517,805
Dec. 7.-52,184,431 243,406 10,600,067 32,934,744
1809.
Jan. 4.....01,716,999 659,43/3 /0,693,1111 31,982,869
0....51.642,337 644,691 10,693,372 32,829,874
18....62,122,732 476,462 10,596,564 33,6,1,429
" 25 .153,037,016 411,88 1 10,092,914 88,517,729
The foll owing is a detailed statement of the bad.
nose of the Pkillsilelphla Clearing House for the past
week, furnished by B. IL Arnold, Esq., Manager :
Clearinst. Balances.
Jan. ...... 6.219,8E0 60 496,904 34
19. .... ............ 0,803,567 97 307,612 09
6 264,678 OS 473,023 11
6,267.341 43 046,783 83
6,130,242 52 660,695 19
5,039,914 27 419,189 46
REBIOV4III.
.14 E6IOVAL.—THE LONG ESTABLISHED DEPOT
for the nimbus and sale of second ' hand doors.
window/. store fixtures. &c., from Seventh street to sixth
street. above Oxford. %tem such articles are for este in
great variety.
Also new doors. sashes, shutters. &e.
jal343m • = NATHAN W. ELLIS.
ri 11 , 1154. f 11r.
JAY= IL winoirr. rnoinrrois ELIEM. aL12,1111111 L. °MOON
T117.01)011P. vinionlk FILLNIL 1.. NZA-LL.
PETER WRIGHT & SON%
. liiiirrtzeg Earthanw,ape ;
Lad t / / _
Snipping and o)mmiselon hteronsaU t
• - • No.llg Walnut iitniet,'PhillidelPain;'
( 1 0T ON BAIL DUCICOV EVEMY WIDTH. IMOM
211 inch to 76 inches wide. all numbers. Tent and
Awntnispac%, raper.maker's Welting Bait Twine, dm.]
JOLIN W. EVERNILAN,
= No. 103 Church street, City Stores.
PRIVY WELLS--OWNERS OF PROPERTY—THE
A
only placo to got privy wells cleansed and disin
ocYond a e t v te r .Go ow s mths
Hall. LiYSSONt reMtufacturer
XIANA.I. STORES.
(107 TON BAT'fING.-14 BALES corn )N BATT(NG
k-) lo etoro and for 8010 by COCHRAN, RUSSELL, db
CO, %3 North. Fropt tartlet, ja26,8„
C; PIRITB TURPENTINE—WO BARRELS BL IRITSTBR
gentine now landing and for sale by EDW. IL NOW.
LEY, No. 16 South Wharves. au2l.tf
Qpiurra TUIWENTINE AND ROSIN--no BARRELS
10 Spirits Turpentine ;. 142 bbls.
Pale Soap Raefill; 11505
bbIS. No. , ll.ll3hlypitg Rostmlanding from steamer Yippee'',
or este by ka)W. 1.1, ROWLEY; 10 &Wharves. n 02.1.1
COITON.-100 BALES COT) ON FOR SALE BY
COW/RAN, RUSSELL,e2 CO, 22 North Front street.
Tp• osiN AND NAVAL STORES.-200 BBLS. NO 2
Rosin;lt 260 bbls. No. 1 Rosin; 160 bole. Palo Rosin; 100
bbls. Pitch ; 100 bbls..Tar; 101) bblit-Spirlts.Turpenticie. , For
eale by ()OCIIRAN; RUSSELL '42 , ..00.,22' 'North Front
street.
GAN FIX!' UiIES.
A 8 FIXTURE 'MERRILL dr
G
TH MIKA Hu. No. 718 Chestnut street, manufacturers
o f G oo wittures, Lamps.~ dim, dge, would call the attention
of the public to their or_ge and elegant assartmoof o aa
chandeliers, Pendants, isracketeoke.. They also introduce
gas pipes Into dwellings and public buildings: and attend
to extending, altering and reusdring gas pipes. All work
--- • -- ------_______.
110 °BERT SHOEMAKER - & CO., WHOLES/MU
.11 , Druggists. Northeasst corner Fourth and Rem atreeta,
invite the attention of. the Trade to their large stook of
Fin° Drop 1 9 34 cheOcala , Pmentio4 01146Pongetarko.,
THE-D:mo..,tv.::o.tso::o4,ofiprtpmpg;pooptmftwTsi:,p.z.pAyj-Atwiatryi,fn;f.tB6o:,i..:::..,:,-,..•t ~.i.:11:11.
$34.912,684 84 $2,603,161 96
El) sEouRITY:
_
ivroillus T
ABURANOEi.
COMPANY,
OF PENNSYLVA'
Offtee s Southeut ()or. Fifikand ciies4m,t,
PHILADELPHIA.
Capital, - - $1,000,000
DIREUTOILS
GEORGE STU ART,...EbRadeIpILIA,
GEORDE w. CHILD, " •
s ' -
r.lttrtgcuirrm
WM. V. MaKE N,
THuMAS W. EVANS. i • "
S. 11. HuRSTIAAItI.I.
A. J. DREXEL; • ,
JOSEPH PATI.ESSON.
WM. C. HOUSTON ,
S. J. POLMS..- •"• • '
New York — JAMES M. mottitisON. 'rreoldont Idamhat..
tau Bank.
" JOSEPH STUART, of J. &J. Stuart .&
Moutons.
Boston—Non: E. B. IHBEY Sate Prauldtint Board
Trade.Y
Ottuinnatt.-A. E. CHAMBERLAIN, or Cluuttlierlalnls
Chicago—L. Z. LEITER, of Field, Loiter AL CO.
C. M. SMITH. of ,Goo. C. Smith A - -Brothers.
. .
GARVIN, of Garvin, Bill Co.
Bt. Louia—JohiEti YEATMAN. Cashier blecchanfo'
National Bank._ . •
ikattfinal*:--W Line n PititatArnuilldlTO,- 13 tanintoodent
Consolidated Itailway New York to
Waahmaton.
. " 8. B.
~ ra biIUEIWI.F.B. of Ad a ms & Co. Ex
-
w. (lad'
VitANCIn T. NANG. President Central
Savings_ Bank.
Bon. J. W PATTBI3.BON, U. 8. BonetoF from N.
GEORGE 11. STWAT, President..
,
C. F. BETTS, Secretary.
J. L LUDLOW, M. D., Consulting Physician.
R. M. GERSTN, M. D.. Medical ' Examinees.
JOSEPH F. EOPSPER. AL D.,
C. STUART PATTERSON/
Comm/.
RICHAED LUDLOW.
This Company isnot Policies of Life _lnsurance upon
all the various plans that have been Proved by the expel
deuce of European Ord American Cbe eat
iN
Ad
and reliable, at ratee as LMW Coand UPON.RMiii
Ad eVolicifiEE as those of My ComPatlY of elus;
etability.
.. L policies are non forfeitable after the payment of two
• more premlunin
nos th a to Sm
tELAWARE MUTUAL B&FETY INSURANCE COM
I/ PAN Y.
incorporated by the Legislature of Pentunivanit‘ 1830.
Office .8. E. corner of THIRD and WALNUT Streets.
Philadelphia. .
MARINE INS UnANCES
On Vessels, Carilarid N rEe l 10 8 11:Unto of the world.
On goods by river, canal, lake and land carriage to all
parte of the Uuton.
FIRE INK:RANCES
On Merchandise generally' on Stores, Dv:ldling&
Holum. &c.
ASSETS OF THE COMPANY;
November 1.1808 . .
eamcoo UniteSatre Five Per Cent. Loan,
10 40 , 0 52113,500 00
120.000 United States Six Per Cent Loan,
1881 1118,801 00
50.000 United states Six Per Cent. Loan
(for Pacific Railroad) .__... 50.000 00
200.1:00 State Of Penni* Brants Six Per
Gent. L0an...... 211.816 CO
I=ooo City of Philadepa VOT Cent.
Loan (exempt from Tax) ' MUSA 00
60.11041 State of hew JgrenySix. Per Cent.
L0an.......61.6 00 CO
20.000 Penn.). ivania Railroad First Mort.
gage Six Per Cent. Bonds 20,.2430
25,00) Pennsylvania Railroad Second
Mortgage Six Per Cent Bonds.. • SLOW 00-
=PO Western :'Penpeylvaniw kaUroad— •
fdertgage -Mk Per' Ceitt..Bonds "
(Penns. R.R. guarantee).— . 20.6.0^'00
=WO State of Temente° Five Per Cent
-Loan .. * .-7 mow o
MOO State of SUFir6a
Loan 6.031 26
'15.000 Germantown Gas Company. prinel.
pia and interest gueranteNt by
the City. of Phihdelphia,
_,4
shales etock_ ... "WOO (XI
10.(0) Penneylvania Rallioad CompanY"
D'O eharee stock. . 11.300 00
()MO North Pennsylvania Railroad Com
pany. lOu shares stock Wow oo
30.000 Philadelphia and Southern Mail
Steamship Compaq, 60 shams
atock.
. n . ' . i . i rot
=OW 00
2/1,900 Leav
n on o C d ty Propertlee gi
257.900 00
, 1 . 1e9 . 900 Ni l , • Market value, 181,1210.333 ffi
Coat. 5L093.604 - %
Real . 28,000
EEtatu... ****
***
Milk Receivable for armee
- ,E; 8 22493 94
Balancea due at
mimes on Marine Policies—Ac
crued Interest and otber date
due the Company.... 4... r. .. 40378 28
Stock and Strip of einadryCorpora
tiona, 313,186 00. Estimated
1.8115 00
Cash in
Glob in Drawer. . ........ 418 ES
116,863 73
' DIBECTORB i
Thomas G. Hand: , Edmond AL Bonier.
John C. Hay% ' - SamnetE. Stokes.
Jumee C. Hand, Henry Sloan,
Theophilne Paulding, William G. Ludwig.
Joeeph H. Seal. George G. Leber,
Hugh Craig. Henry C. Hallett, Jr.,
John R. Penrose, John D. Taylor,
J e cob P. Jones. George W. Bernadou.
Jame. Traquair, William G. Boulton.
Edward Darlington. Jaeob Riegel, -
11. Jones Brooke. Spencer Ai'llyain%
Jamee a M.E'su - land. ' John B. Semple. Pittaburgh,
Edward Lafoureade. D. T. Morgan. do.
- THOMAS
Joshua P. Eyre, A.
C. B. Berge r HAND. ,
Presidant do.
. ;
" JOHN 'C. HAWS, Vice Preeident.
HENRY LYLDHRN: Secretary; , -
HENRY BALL. deal Secretary.
VIBE' INSURANCE EXULUSIVELY.—TIIE PENN-
E eylvania Fire Insurance Company—lncorporated MB
—Cbarter Perpetual—No. 510 Walnut street, opposite .1n•
dependence' , • :;
This UutoPani: favorably known to the community for
over forty years. continues to insure against loss or dam
age by fire, on Public or Private Buildings, either perma
nently or for a limited time. :Also. on k%rnittue, Stocks
of Goods and blerchandlee generally; on liberal terms.
Their Capital, together with a large Surplus Fund.
invested in a moat careful manner; which enables them
to offer to the insured an undoubted security in the case
of lose. , , DIRECTORS. •
Daniel Smith.Je, , ' John Devemnx.
Alezhnaer Bcnson, Thomas Smith.
Isaac llaziehurst. Re c, ‘
Thomas Sabine, • - •J. inghare
Haddock. r. _
DANIEL SITS , Jr., Fresident.
Wn.nam Cnowria., Secretary
THE COUNTY FIRE INSURANCE COMPANY—OF
o. he p i o. o I l i n e im at r Y . VlF4t 2 ret a k tree.
ti
rbelowCTC2lngtnotikila
delphia," r lucorpor Incorpora ted by Compa ny
Legislature of Penneylva
nia lgaq, for inde mnity against 10E8 or damage by fire,
exclusively;
• - CIaRTER PERBETUAL.
Thie old and reliable Institut ion.with uncle capital and
contingent fund carefully invested, coati's- - I to imam
buildings. furnitute, tuerchandiseAse., either permanent•
Iy of for a limited time,againet logs or damage by tire, at
the lowest rates consistent with the absolute safety of its
customers. ^
Losses adjusted and
_paid with all possible despatch.
• `L, DIRECTORS :
Cita& J. Sutter. Andrew H. Miller.
nry Budd, James N. Stone,
John Born, 'Edwin Realcht,
Joseph Moore. Robert V. Massey. Jr..
George Menke. Mark Devine.
. (MARL S J.. BUTTER, Brceident.
HENRY-' BUDD, Vice r President.
BENJAMIN F. HOECKLEY. Secretary and Treasurer
EFF ERSON FIRE, INSURANCE COMPANY OF
J
N 0.24 North Fifth street, near
Market street.
incorporated by . the Legislature - of Pennsylvania. Char
ter perpetual. Capital and Meets $166..0 , 00. Make lase
ranee against hoes or damage by Fire on I üblic or Private
Stocks, Goode and Merchandise, on
faverab terms:
DIRECTORS.
Wm. McDaniel. Edward P. Moyer.
Israel Peterson, Frederick I.4adner.
John F. Beleterling.' Adam J 7 Glue.
Henry Trootuner, Henry Delany.
Jacob Schandein. John Elliott sa t
Frederick Doll. • Christian a Frick.
Samuel Miller, George E. Fort.
William D. Gardner.
WILLIAM MoDANIEL. President.
ISRAEL PETERSON, Vice President.
PrinsE. COLltnal. SeeretarrandTreaeurer.
FIRE ASSOCIATION OF PHILADs.
& phis. Incorporated Hsieh 27.18!0. Office.
cvv No. 84 North Fifth street. Insure Buildings.
Household Furniture and Merchandise
' generaßY. from Loss bY Fire. .
,
Aseets Jan. I. lea— • • ........ kr. •• • .„ 41.4eS 090 (18
- - !rap , • •
William H. Hamilton. Samuel Sparhawk.
Peter A:Keyser.. _
John Carrolv.` Jease Loln
George I. oung. , Robot bincHnicsier.
geeph R. Lanai. , Peter , Armbruster.
P. M. H. Dickhauson.
" CPA 'star Wi I meon._ •
Wbi. lIAM,ItTON,PreeIdO t.
SAMUFL SPARHAWN. Vies President,
WM. T. BUTLE.II. !bantam
Tho Liv'erpod
, d9n, & Globe 3Q Insarance
C'ompany.
rhe RePort of this „corn
pah; for._l 868 shows:
Premiums
Lges - - -
and after paying a divi
dend of 30 per cent„ the
Total Afets are, in Gald,
:'517,005902
4TWOOD SMITH,
Ilia. 6 lIIERCHAWTS' EXCHANGE,
Pawkiphia.
ETUAL.
1829. - c'TERvERP •
VIELANIICILLIN.
FIRE INSURANCE COMPANY
OP '
PiIiLADELPIIIA,
Nos: 435 end 457 Chestnut Street.
Assets on January 1, - 11.808,
152,003,740 09.
. . .400,000 00
Accrued 5urp1u5................. . ........ 1408,393 39
. .......... 20
utionTLED mum, ntoomP. mit u 69.
e 53,69". . swam.
Logien Paid Since 1829 . Ovei
5,500,000.
Perpetual and Temootary Policies on Liberal Terms.
MEW OE&
Chm. N. Bandon, mr.d.raapier;,..
Samuel Grant.
Geo. W. Richards. Wm. 8 Grant.
lonse Lea. Alfred G. Gaon .
Geo. Pales.
CHARLEi N T .EirN a gEV. i t4esidemt.
GEO. TALES. Vice Pr ost ent.
Mcni.LLUSTER. Secretary pro tem.
Except .at Lexin i kton, Ketitizekr• Company has no
Agendas west of tta burgh.
THE RELIANCE INSURANCE COMPANY OF PHIL
ADELPHIA.
Incorporated in 1841. Charter Parpet tat.
0111ce
CAPiTAL , No. 808 We3uo.alnutooo. street.
Insures against loss or derange by FIRM on ElollBeff,
Stores and other Buildings. limited or pornetual, and on
Furniture, Goods, Wares and Me.chandise in town or
un
co.
LOuSES PROMPTLY ADJUSTED AND PAID.
Assets..
Invested in the following Securities. viz.:
First Mortgages on City Pro_perty. well secured. 5168.600 00
United btatea Government Loam ....... 117.000 00
Thliadelphis City 6 per cent. Loans_... 75,000 00
Pennsylvaniasa.ooo.o t. L oo 6 per cenoan.. ..... 60.000 01
Pennsylvania Railroad Sonde, first Mortgage- 6,0 000
Catodenand Amboy Railroad CoriammY's 6 per
Cent- Loan- • 6.000 00
Loans on Collaterals. 6OO 00
iiuntingdon and Broad Top 7 per Cent. Mort
gage Bon& ........ • ... 4.660 00
County Eire Instcrancet.lompanre 1.050 00
Mechanics' Bank 5t0ck..... ... 4 . 000 00
Commercial Bank of Pennslvanis Stock • - 10,000 00
Union Mutual Insurance Company's Stock..... 38 0 00
Rslianceinearance Company of Phlltulelpia
Stock-, 8,250 00
Cash in. Bank and on hand 12.232 32
Worth at .....
Worth this date at market prima
Clem. Ringlon
WI.. Simmer,
Samuellifsuhenu
B. L. ILITSIME4
WM. etevenson.
Benj. W. Tingle% _
E,PV7IIr
Tnomes tin.r ft Betrey
IP4u.Anal.riu.s. Decor'
AtiTIURACITE INBURABUZ COMPA.NY.—OLLLR
TERIFERPETUAL.
Mee. Na Oil W4LNUT street. above Third. Phila.
`MD insure agama Loss or Demme by Fire on Band
ing" either perpetually or for a limited time. Household
Furniture and hderchandhse generally.
Also; "deem) Insurance on Vessele, Cargoes and
Freights. Inland humrance to an parte of the Union.
' - DIREUTORd.
Win, Eater, Lewis Audenried.
D. Luther, John Ketcham.
John IL Blaklaton, I J. E. Baum.
Wm. F. Dean. John B. IleyL
Peter talegec. Samuel tL RothermeL
'"" ESHER. President,
F. Mali, Vij M
ce Presidtmi t
aglt.tu..atf
WU. M. 8311 m. Secretary
81,647.3 , :71
'UNIT FIREKENTI
I-,RBILADELPIILS.
This Company takes risks at the lowest rates consistent
with eafetY, and Confines its business exclusively to
FIRE INBVEANCE IN THE CITY OF PHILADEL
PHIA.
OFFICE—No. 723 Arch attest. Fourth National Bank
Building,
DIRECTORB.
Tbunsa 3. Martin. Charlet! R. Hmltb.
John Hirst._ Albertan King.
Wm: A,_Bolla, Beery Bumm.
James Idongan. James Wood.
William Glenn. John dhallcrom.
James Jenner. J. Henry Ankin.
Alextuider T. Hickson. f Hugh Alulllgn.
Albert t.;. Bob erte. 1 ?Mg kltzgatrick.
CONRAD B. ANDREnid, Preeldr.
Wu. A. ROLM, Trees. Wm. H. legonui. Be ,y.
1' I
p CENIX INSURANCE COMP-
Tr
OF PHILADELPHIA.
INCORPORATED NW—CHARTER PERTETUAL.
No. 224 WALNUT Street, opposite the Exchange.
Tlds Company insures from losses or damage by
FIRE
on liberal terms on buildings, merchandise. furniture,
As, for limited periods. and permanently on buildings
b deposit or premium.
The Company has been in active operation for more
than sixty yeam, during which all lame have been
promptly adjusted and paid.
DIRECTORS:
John L. Bodge. David Lewis,
M. 11. Mahon!. Benjamin Etting.
John T. Levrts, Thos. ii. Powen4
Wm. Grant, A. R, McHenry.
Robert W.*lerardng, Edmond Calumet) *
D. Clark Wharton, Samtiel Wilcox.
Lawrence Lewis, Jr., Louis C. Monis,
JOHN R. WUCIIERER, President.
S /mum, Va.oox., Secretary.
1 406 tiaNWPR N E G E
PILILAV
FIRE INSERA D NE.
Chas Richardson,
Vm. R. Mama,
Francis Iv. Buck.
Henry Cowie,
Goo.' a.. West,
Nathan ILUIO,
• DRAG. RI
Wfl. 11. Et
WILLIAMB r. Butaw
A BERMAN FIRE INSURANCE COMPANY. 'NCO&
An- notated 1810.--Charter perpetuaL
No. MO WALNUT street, above Third Philadelphia.
Having ' a large Vold -up Capital Stook. and Surplus in.
vetted in sound and available Securities, continue to in
sure on dwellings, stores, furniture , merchandise, vessels
in port, and their cargoes, and other personal property.
All losses liberally and rgemptly adjusted. , •
HARM; ofts,
Thomas it. Maria. • Edmund G. Elutilh,
John Welsh, Charles W. PoultneY,
Patrick Brady, wad Morrie,
John T. Lewin. John P. Wetherill.
WilliamV. Paul
. THOMAS R. MARIS. Proaldent.
Ammar C. CsAwronn. Secretary
CROSS~. CREEK LEHIGH COAL.
'PLANTED & MeCOLLIN, _
No. 1033 CURSTNur Street. West Philadelphia;
Sole Retail Agents for Core Brothers & Co.'s celebrated
Cress Creak Lehigh Coal, from the Buck Mountain Vein.
This Coal is particularly adapted for making Steam for
Sugar and Malt Boutlea..Breworieg, &c. It is also urusur•
paned as' a Family Coal. Orders left at the Mlles of the
Miner., N ct. 841 WALNUT Street (let floor); will receive
our prompt attention. Liberal arrangements madg with
aummfaeWreni us • a , , van 5'...:, 18tt
B. !JASON ENE
JO D V. EIMA
ia.nzrGNED INVITE 'A'TTEN TION '
R, r.eis
~prin..249untalni Lehigh and Loin:let Mountain Coal.
1 1 7 ic h t igt. o rigi le t: ei bti preparation Liven by ne, WO think can-
Office, &Nikki Cti 3 tuter lb S. tievtaitti
street.. Hts BiIEAF_
haus ; ' " itren is ta treet wharf. echtiilklll.
L INE
moms' taraißi.7-11iirrfaillrautiftWitto
PBrand on consignment and tor sale birJOB: B. DIM
8188 & .00. . 103 limatra Delaware slum
- .551 . 4792"7 8 :
3,344,7.28
General Agent,
DTIMCgTORS.
Thomas H. Moore,
Samuel Cashier.
James T. Yomigi .
Isaac F. Baker,
Christian J. Hofhharl.
Samuel B. Thomas.
BEM lter:
TINGLEY. President.
Miry
:omber .1.1853. th tt
or3ZN
COMPANY. tiFFIOE NO
T.
ELPHIA.
EXCLUSIVELY.
'TORS.
Robert Pearce.
John Kessler. Jr..
John W. Everman,
Edward B. Orne,
Chao: Stokes.
Mordecai Busby.
HARDSON, President.
HAWN. Nice• President.
Secretary
IVerali
AWCWI O S SAW_IPU
11611 TfitElAirdiAl.loFlONEE l l 4 , • • ' ''''' '
Aim s _ - rtes:warld HI South earth Streets` ,
F.STOCRS AND RSA), STATE. -
bliorsaleir et theltiladelpkiaftr.,ehenuno
AY tit IS *Vont. it , .. • :TiT a l.`-t
Or' Fttreattint Sales at the , sinotion , Otero EFEEE
THURSDA. ' • • , ,1 .
far Saki. Y'
at, IteddenimmeehreCeermW Attention.
VALUABLE
CR
MIS A CELLANEOUS BOOKS. ILLUS. •..
Enitlish
. _ • TED WORKS. dut. , • _ . .
kid American EdDions, including ... British Poets;
190 voNAWerverly Novele,`DicketuPs Works, de. Also.
two euperforylllere4eouss: .- ' .• .
,orty.pEakittic AguattooN,
Jan. 4 }t'4 tettotk..
Sale at the Audios Rooms. Nos. 139 and =l4lBouth 'Vomit'
HANDSOME notratnr LD FURNIVEtEL PIAN O S,
et '
MIRRORS.' FIREPROOF FAYE. HANDSOME VELA
IIET. lIRUSBELIPAND OTHER CARPETS. dtc.
ON .THDREIDAY MORNING,
Jan. 2s, at 9 o'clock. at tho auction roorruklrY catalogue,
a large assortment of etperior= Howehold Furniture.
compriting-Han dsome Walnut Parlor and Lehrer,.
Furniture, nov. red with plush reps and hair cloth; ••died
Walnut' Chamber Suite, French Plato. Mirrors: impeder
Rosewood seven octave Piano Forte. elegant Walnut Ex
tension, • TOW, bandsome Wardrobes. Bookcase and
Sideboard, China and Glassware. 13.ds and Bedding,
0110 Bair Metres/eailarge.assortment of Office Furni
ture, large Fireproof Safe, Mada by Farrel dr . Herring ;
Gasnoneurohig and, Cooking,litoves. Counter Suet Shel
m -
ving, Plate tae hhowes.ise. six Marble Top Tables,
handsome **vet. Brussels and - other CarPets.dr.c. .'
~ .•-•--
LARGE BALE OF fIPLENDID OIL PANTINGS.
91:4*UNDEtY , AND TUESDAY EVENINGS.
. - • February land 2.. - -
We willed' by catalogue for accountof Mr. IL KRUM
LER, succeleor to GOUPIL A CO., New York, the finest
collection? of Oil Paintings over- offered in this. city.
Among the eminent eaten' represented in this Collection
will belound Ow following, viz... 4 '
Willems, Platnner F.seocura.
Landed% Pitchers. Fauvelet, '
Hanson, Noterman. Dupuis.
ir envie Cali". Mertz, Dißenbach, •
13n1lonin. Kewanee. mro, le rriderickson.
Merle, Kuwasseg, file, Dolattre.
Herzog., , Moorman , Desksfes.
Chaplin. La . bidet Caine,
Deer OSA • , ) obrichon, Devour..
Beranger Brest, Gaumo.
Conder. . • Wee. COS :do, -
Schloteer. Coutourfer„ Do Bens*,
Le jeune. Lomeli°. Devious.
Brion, , Ranh", Bakelowitz.
D. tette., Jacobsen. Antigua,
earned,,,---,-_ : __Litechauer. • ~, . Schoenfeld.
- Plassim.Derbstoffer. Ramsey;
Bakkeikorff. • ' liilittost; • - • • Holitlick.
litimmtur, Leikert. Denteert,
Midon. • ' • Jacemin, ClaudeX
Letorpena, Lot. Blum,
Zubor Buehler,Lamb ids,' Bacon.
Verbockluove, Hue. Auf ray,
Vollon. linemen. Viardot,
Von Willie, litiverdink. Von Babes,
Ten Rate. Clot Hubner. Lichtenfele,
Casten. Guillemer. Bell,
Bargains. Fiche'. . Warders.
Selene% Hoppenpreuwere. iteynaud.
Bridaerean Giraniet. Boyer.
W The Paintings are now on exhibition in the . Eastern
Gallery of the Academy of Fine Arta, from 9 A.• 111. till 5
P. M. Admission free.
JAMES A. ERKUIAN. AUCTION EER.
No 499 street
BANE, STOCK.. .
ON WEDNESDAY, JAN. 27. Pa
At lit o'clockwill be sold at the Evehange, UV shares
Stock Exchange Natiotuu Bank.
REAL ESTATEI3BI2 JAN. 27,1E09.
This Bale. on WEDNESDAY at U o'clock, neon, at tbe
Exchange, will include the °Rowing—
WILaRF and DOCKS on the river Delaware, south of
Almond et.. 9834 feet on Delaware avenue by 200 , feet
deep. Sale bp_ Order eight Or hang Court rend /f/464U.
tore of D. .t C. /McCarthy, deed.
22a PINE ST—Three-etory brick store and dwelling. lot
15 by N/ feet. Orphans. Court Sala—Betate of Walter
aouthatue, &eq.
614 1-'164,E. I) I —Threader/ brick dwelling and dye
home, lot 17.5 t, by lilt feet Orphans' Court Safe—lfstate
of Frawrlsl"htAbsrt, deed.
B - CUB. 161 11 and BROWN 878—Modern three
story Inick store and dwelling lot 18 by 6734 feet. Or
phans' Court Sale— &tate of William Haines. dro'd,
VALUABLE. ORO, ND RENT of $B4O per annum, well
seemed out of lot on Cherry at.. above Tenth. Orphans"
Cowl Estate of Pt - rex - Heim - - - -
.251 a 2520 and 2522 DESIDR , G ST.. 26th Ward—Three
neat two-etory brick dwellings, lots 16 by 88 feet. Sub
lect to_bMgmrind rent per annum
LOT, AGAI E i F.. with Traitif - oitWeshrioreland -- arid
Culvert e'a. 940 by LO feet. $75 ground rent per annum.
Orphans' Court Sate--Estate of Jszard minors.
11(1,61P11/B and CULVERT wra—Lot at the N. E car
nee, 32 by 50 feet. $lO per annum ground rent Same
Estate.
AGATE and CUI VERT STS—Lot at the N. W. corner,
205 by 50 feet. Subject to 564 2A per , annum. Same &-
tat , .
LOT. WEST end 'NORRIS 18TI1 WARD-17 by 79 feet
Soave Eetate. Clear of locum brance.
tir" CATALOGUES NOW READY.
A VALUABLE TRACT nF 20 A.CRF.4II OF LAND.
WithAdansiorellonse, Rising Sun Lane, intersected 'lb)
Eighth. Ninth. Tenth and Eleventb, Ontario and Tim
streets within 200 teet 0 , he Old York 'Road. Valuable
dekosti of Brick Clay. Terms easy.
valuable busineea property No. 819 Arch street
BURLINGTON.—A Bandeeme Mansion. on Moto
lot 56 by 71)0 feet
UNTING. MIIIIOIIO A & 0.. AUCTIONEERS,
B
Noe.= and 234 MARKET e ect. corner of Banc et.
Summon. to JU' 74 B. MYERS C).
FIRST LARGE SPRING SALE OR 2000 CA3ES
BOOTS, titiOES, TRAVELING BAGS, &a.
ON TLIEBOAI •MOPIYINu.
February 2. at 10 o'clock, on four months' credit.
ADMINISTRATORS' SALE OF FANCY OASSI.
•
MERES
ON WEDNESDAY, FEB. 3,..
Will be peremptorily eold. on four Montliti credit, tom.
mencipg at 10 o'clock.by order of George Bullock and
becca Ann P. Hunter; Administrators of P. M. ERIN.
TEE deceeeed, late atirlivitet Partner of P. M. BUNTER
& ed.;
ONE TO TWO T,EIOIIBAND PIECES
$437.588 E 8
4454.3 n Ap
or
PERKIOMEN AND STAFFORD MILL CASSIMERES,
being balance of stock from the male. The Goods are all
fresh and sery'deairable style&
LARGE SPECIAL AND PEREMPTORY SALE OP
DOMESTIL; (P , oDS.
IN - ENTIRE PACK AGES
ON WEDNESDAY MORNING.
February & commencing at 10 o'clock.
we ENTIRE PACKAciES
COTTON AND WOOLEN DoMESPIC GOODS.
Particulars hereafter.
• AT .PRIVATE BALE.
60 cam INFANTRY OVERCG a sDiect.
60 bates GRAY burr ARMY SH IRTS.
THOMAS.' BIRCH • di SON. AUCTIONEERS' AND
COMMISSION MERCHANTS.
No. 1110- OtIESTNUT street.
Rear Entrance N0..1107 Samom street.
HOUSEHOLD FURNITURE OF EVERY DESCRIP
TION RECEIVED ON CONSIGNMENT,
Salmi of Furniture atDwellings attended tor on the moat
reasonable - terms
SALE OF FINE •SILVER PLATED WARE AND
• 1..; . TABLE. CUTLER\ • •
ON E WELNY,BPAY EVENING.
At 734 o'clock, At the auction store, No. 1110 Chestnut at,
will be sold—
A Stock of elegant Silver Plated Ware. comprising—Tea
and Coffee Services, of new and elegant patterns Wait
err of all sines, Dinner and Breakfast Castors, Ice
Pitchers, Tureens. Cake Basket% Urns. Liquor and Pickle
Stands. Butter Dishes, spoon Goblets, Sorry Dishes,
Ept rgnes..dtc.
Also, Table Cutlery, Silver Plated and Plain Forks,
Spoons. Ladles. dm
The goods can be examined on Tuesday.
IT A. MoCEELLAND, AUCTIONEER,
• 129 CHESTNUT street
CONCERT HALL AUCTION ROOMS.
Rear Entrance on Clover street .
Household Furniture and Merchandise of every de.
ecription recolded on consignment. Bales of Furniture at
dwellings attended to on reasonable terms.
BALE OF PINE FURS AND OARRIAGE ROBES.
• obi WEDNESDAY MORNINO.
Jan. 21, at 1034 o'clock. will be sold by catalogue. at No.
1219 Chestnut street. Ladies'. Misses' and(ihildren's Furs,
in. Mink, Sable, Royal Ermine and Siberian Squirrel;
Mt ifs, Collars and Capes. •
FINE CARRIA'tE HCBES,
Alec lined and unlined W. If, Buffalo and Fano,. Car.
risme Rebels.
BALE-OF BOOTS. SHOES AND FURNITURE.
ON FAIDAY MORNING.
Jan. 29. at 10)4 o'clock. will be told by catalogue, at No
'1219 Chestnut street 60 packages city made soots and
Shoes ; also, elegant New Uoueehold Furniture
B.
SCOTT, Ju., AUCTIONEER. '
SCOTI 4 I3 ART GALLERY
1020 CIiEfaNDT street 'Philadelphia.
BALE OF MODERN PIDIVREB, FRAMED
CHROMOrS, gro
ON TUESDAY and WEDNESDAY EVENINGS.
:fenuary 26 and 27.
At 7,%e o'clock,. at Scott's Art Gallery. N 04020 Chestnut
erect will be 'sold. without reserve, a number of hand
eomely &slued Modern Pictures, by celebrated artiste of
the American and ,Eugiish del:mole, together with some
by oldmeetets. •
FRAMED FRENCH CU ROW) 3.
Also, en invoice of Framed French Chromes , .
'Now openjor exhibition.
Parties wishing to contribute to the above ealo can do
so.
By BARIUTT & CA S HQTIONEERS.
AUCTION HOUSE,'
No. 230 MARKlNittreot , oornor of RANK street.
Comb mis•oncod on eonslaruoentm without oitr. .harse.
NOTICE TO CITY AN D,COUNTRY MEW MANTEL,
r LARGE STOCK OF MISCELLANEOUS Go' PDS.
Ono pritdo g 1300 lota Dry .0 ockt o. Clotho. Calsohnerett,Shirto,
In swore, Mocks of Ooodo. Army • lothlsg, Cutlery. 10Q
dozen Balinorsafttcypoteady.lll",olo.,..thßtAttng,
ON. WEDNESDAY MORNING.
January VI. cbmmenclng at It o'clock.
FURS, FURS.
At II o'clock; 100 lota Mink Sable. Siberian Squirrel
Amyl icon and German Fitch, &c.,in lota to suit the trado
T.
L. AMBRIDGE di CO., AUCTIONEER%
No. 5a5 MARR KT 'crest above Fifth.
SPECIAL SALE OF BOOTS. SHOES, &o.
" ON WIDNESDA 1. MORNING.
J
an. 27; at 10 o'clock. ae win cell by catalogue., about
1000 caeca Men's. lioya , and Youtha , Boots,and list.uorais;
Women's. M ',WOO and Children's Balmorals. Gaiters,
Boots. dtc„. from city manufacturers. and
country astern
make. to which the attenlion of city and buyers
!ensiled. ..
THE PRINCIPAL = MONEY ESTABLISHMENT.
8. E. corner of BIRTH and RACE streets.
Money advanced on Merchandise generally—Watches,
Jewelry, L laroond 5, Gold and Silver Place. and on all
artionts of value, for any iongth time agreed on 4 _
WATCHES AND JEWELRY Al PRIVATE SALE.
Fine Gold limiting Oase.Double Bottom and Open Face
English, American and 8 ivies Patent Dever Watches!
Fine Gold Hunting COS° and Open Face Lopine Watches!
Eine Gold Ennio*. and other Watches; Fine *inver t Hunt
ing Upon Face Fnalish, American and thrill
Patent layer andLepine Watches; Doable Casa English
Quartier, end' ethet , Petite:root Ladies' Fratcy Watches!
Diamond , Breastpins; Finger age;.Rl Ear Rings; Stasi
&A; Fine Gold Chains; Idedalilons L Bracelets ; Bea l l
rims Breastpins; Finger Rings tPeactil Cada arid Jewelrl
• generally.
Felt SALE.—A large and valuable FlroProM Cheats
suitable for a Jeweler twit Bah
;Also, several Lots in Beath Clinlon.Ellth and lawiti3sl
eASARTIN BROTHERS; AUJITIONERSE--- -- - . •• -...--...-,,
• ~I,YA, • (Lately. Salesmen for IL. Thomas & Botts , 2 'VA P - o'4
, ~...fitt. MlSCUESTNUTaltreeLrearentranceftm&Ml
' .. go chestant
itritta
, nEtirgerr . *whiz la- noir asatialb .VI H.
, TRENCH:PLATE MANTEL:' PIER AND OVA E.
R(..Rfiki . FIANUSOM N. , B4OREWOOD PIANO
_,„; rHATC-
"INFOS, IRON CHESTS, ,U.A.blH4o4lfy ,miuguaus •
.:. A ND OTHER OARPETs. ket ' -
... "- ON WEDNESDAY ilattialla,'
January mat IA wetoek„-, at the suction isterVita :9 .. -
obestant .1111, bytmtalogue,. very excellent Feral re. , ,
'eluding Nandeome Parlor and Library Farniture.s Sethi
'. - el , .extt Chamber Furniture, large and:elegant Wardrobe. •
Walnut and Oak ExterialcrnTablet,' Dining Itdouvrittainty , _:'(
' elegant Rosewood Plano. Forte. fine French Plate Mantel.
' Pier Bud Oval )Sihront, gilt frames, ikon •cheetcolk 'mtg.,.
..,
, Bingle Corrie_go ..Finmettriaironze.Chnedellersill_andgerfak:,,,
Velvet and urunteh,ii( f lrflete, handsome Cigar._ Omni: . '.--,.-
Feather BON IRring • Nate+, China andGlasi.Yfer,&&q
-...
Sale No. 409 South Eighth street.
HANDSOME WALNUT FURNITIRE, SO,
I , titi .TEICIRSDAYr.MORNIN , , it . ..
~
' Jan. M. at 10 o'cleek,-.e.t. No .409 flout Ergh . 111,,.W. ,:' i.
catalogue., the ;entire - SupOrlor 'Furniture: ' mo tldbig--.•
liand.ome -.Walnut and . Bp:metal° ',Porter :IFurnitare‘. ... /....:
Lw go Centre Table.: Elegant Weiner' intanabll'oa; r
L. rge Wardrobe. VerY fine:: FkeriOha Plate, Man i' , '"„ - ,
Pier Mirrors, handsomely' framed. HandscitnalideditilielC;,' ' ,•'•
Velvet Brumehiand 'Other Car9 ol 4 g lauV r a "* .Kltalkilli. '
Utensibs. dm. "
The'cabinet fu rn iture Wig esdi t.
0 ... cul er t hy , All en ,
,:,,.; e..,.,.
-Maybe aeon early op morrdnifef , gale, • ..`. " . '. ~; ....., ; • .. , " ,
' . Sale N1:1r406 North Fifteentlietreet.. - ~--,..' „,,,,„_„- , '
ELEGANT WALNUT FURNITURE, HANTISOM.W.4 ..'!
- • MIRRORS, ELEGANT Ro •EWOOD PIANO. VERI - ^-'
FINE OIL PAINTINGS, RICH' BRUSSELSICIABPATe, ;,...
FINE GLASSWARE AND 0141N4c..443; Z :-.-. , .- ' ,:i •..r)
On TUESDAY MORNING...,_' - .„„„...'
February 2, at to o'clock, at NO:, t 404 3 ,,, North Fifteenteti..;-. -
at., above Master et., by catalogue, _Uie. entire Farniturato.v.i
.':
including -Very Elegant Walnut-end - Maroon Plash ''' -
'laming Roomluit. Centre -Table, Handeorrie.Wahnit
Chamber Furniture. Two, Handsome_Walnut ilideboardth
Superior Library Furniture, Booketuse. Elegant Rosettoodt
Piano by Ramm. Very-Fine French Plate Mirrors, hand
aomely framed, French Mantel Clocks, Rogere's Group.
Fireproof Sliver Cheat, Hair Matrentee, ItiehillAttfilaaa...»...-.-
v, are:Fine ' White F'rench f China. ; Pitted.. Ware, -:
.• •
BrustehrcarpeteCottegoSulti itchen UtentilLuit&O"' - i - ';&ii.l
.ELEGANT 0114 PAINTINGS:* '_:- '''..", i_.,- , -;
Alto. several fine subjects by Wm. &Oar:: Verboelc.7 .. 1 ..
bo.ven, Bonfield, Dyke and others: Fine EugraviuVi &CF. ._
- - -So' furuitore WelitflaSe - ;t. 0 titil Or 1464.10 e1 e r. ,, ..g.q - 4.
gent condition:- ' . ' . •. - .- . ; ‘l - , -, 'it'W-T
May be seen early on the morning of_eale. ' ''' ' ''-' .; , .'t ~.`..:t,...‘,1,
HANDSOME' ODERN RESIDENCE .' ' '. '''' ' •
Immediately previous CO the sale of the Furniturext ' '1: - ..
~g
_clock TEANDsosin MODERN TIIRERSIC ~......,„„
4
BRICE- -ItEEGDENCE:- Double:Threwetorn - Rackril '.' , Lti
inga side yard, lot of ground. 2M4 feet front, by_loo fee ~,.-;.'!"
deep. No. 1406 North - Fifteenth etreet. above Alaaterit.;l';' .
The house la in elegtuat,conditiont lase all.the mode rn etm.....,-, .
veidencee and improvements, underground drainage. gm' ' . '
~.,,,
DAVIS dt ALCTIONEEREL ' •
Late with IL Thomas &Sons: .
Stone Nos. 48 and 50 North - SIXTH street.
Bale at Pio: 7e5 Nohlestreet—
surmuoit FURNITURE. TAPESTRY CARPF:III.
BEDS, ATREdiI 138: grn. - - • -
ON WEDNESDAY NORNING4
At 10 &clack. at No. 705 Noble street. the,euperier Per
niture. Walnut Parlor Sultaapestry Carpets. flue Feather
Pear Hair etatressea large Looking Glass. and Meehan
Furniture and Utertribi.:
C.D. EdoMILEI3 dr, Wi tt mums.
608 S
ET street
LIIRIBEU.
MAULE BROTHER & oat
2500 South Street
1869 PATTERN MEW E 69
CHOICE SELECTION
Oa
ISIICHIGAN CO= ?NB '
PUIt PATITUINS,
.1869 EPRI CF. ANDEMILOCK
J. SPEUCEAItp!ipktdOCK . 18690
- L - A - R4E . BTOCit
1869. FLORIDA ELOORING.
FLORIDA FLOORING.
CAROLINA_ FLOORING.
TIRoI NIA F L OORING.
DELAWARE FLOORING.
ASH FLOOR/NG.
- WALNUT- FLOORING
FLORIMASEFFINIARDS4-- 1869' ,
FLORIDit HTEP BOARD& •
RAIL PLANK.
RAIL PLANK..
1869.
1 WALNUT BOARDS AND PLA.NK. IB69:
' , WALNUT - BOARDS AND PLANK.
WALNUT BOARDS.
WALNUT PLANK.'.
At.S FU OR R TED
CIABINET .LDER M S AKE
&C. RS.'
BUILDERS '
1869 UNDERTARERS. LUMBER.. 1869:
. UNDERTAKEREP- LUMBER
RED CEDAR.
WALNUT AND PANE.
SEASONED POPLAR.
sEASONED CDERIIY.
ASH
WM= OAK PLANK AND SOLED
IDENORY:,', •- ..75
1869.
CAROLINA SOAN'ILING, • ! 1Q 61 D
CA RO LINA H. P. ILLS.
NORWAY SCANTLING; -
1869.
,CEDAR SHINGLES.
CEDAR' SHINGLEs. '
CYPRESS SHINGLES.
-FOR ASSO AL RTMENT.
SE LOW.
1869.
PLABTERING LATH.
186 4 1
PLASTERING LATE. . •
11A11118 11"°.2soowlisoEuRrad'EPTRIVRT..
1869.
f 3 IMJ.I ri
FRENCH MEDIOINgB
riumumazr .l
ORIMAULT 45 CO..
CHEMISTS TO 11. L 11, TBINOE Prkrormoti,
IL RUB Iz&IttOtERLIF.X.
DISEASES OF THE CHEST. • '
SYRUP OP IIYPOPHOSPHITS OF USE.:
GRULAULT tSIC CO G11141418T13, PARIS—
A syrup compotmaed with this neWI malt had been fro. IC!
troduced by Dr. Churchill for the treattnent of palmttnair
yhtlibis. Recent trials made at the BromutortConteentlf.;•" ,- -
tion tiospitaL an lustitution taPecially devoted to, thill
treatment of diseases of tho ' ebest.bave abundantlydso
monstrated the absolute necessity of obtaining thiellear,
therapeutic agent in the most
_perfectly pure 'and Wetted
condition. Each tablespoonful of eyrup contains foury ,
grains of perfecUy pure hvpophosphite of limo;" and se
con pounded bl ty Otlmault ' (Jo.. ' of PULL flits.
syrup is the on preparation which guarantees to that
medical profess on all the properties required itv thlsr
valuable medicine.
Agents in Philadelphia. ,*
FRENCH, RICHARDS di C 0..,
N. W. en. Tenth and Market streeta.
nPAL. DENTaIrJ.INA.—A SUPERIOR ARTIOLE•FOI . z.
A./ cleaning the Teeth. destroying animalcule, which In N i ;
feet them, giving tone to the gums, and leaving a feeling •
of fragrance, and perfect cleanliness in Otts tironth..J.trerp.x,k
be used daily. and will be found to strengthen creekmee
breeding gums. while the aroma and.detersivertese Will
recommend it to every one. Being composed with the'
assistance of the Dentist. Yhysiciane and Micreatepht.it..
is confidently offered as a reliable substitute for, the en.
certain washes formeri.v in vogue. ; s.k r
Eminent Dentist/4 acquainted with the, eturetituenit* •
the Dentelftst. advocate ita use ; it cons •nothingins
prevent ittMrestrained_employment. Made Oar by, •
Jam si T. %LUNN,- Apothecary,
Broad and Elpriur eirteelet
For date by Druggists generally, and • . •
Fred. Browne, D. L. Stacithousi„ •, ; •• •
assard & C0..l Robert . C. Davis.
C. B. Keeny. eo. C;•Bower. T , •
Isaac FL Kay , has. Shivers,
C. B. Need S. B. M.mh
T. J. Eart . B. G. Bunting,— ~ •
Ambrose Smith'• :Chaa. 11_, Eberle, •
Edward Parrish. James N.
B. Webb. , E. Bringfrunt &
James L. lalspham. Mott do Co., . • • t" •,,
Hughes di Dombe. ' H. C. Blair 's Sons.
- Henry, A. Bower. Wyeth do Bro. ' • • -
1 BABELIA MAEL9NNO. M., D. DO N. TWELFTEI
'Street. Connaltations tree „my9.l,
mOP/►STRIESBHIPB; , . 7
pEiIIADEITHL9, JANUARY !Emu, 180.• ,
No. 104 EIHESTNUT 'STREET.
The firm lately doing business at .No. 900 Ctiestnutr
street, under the inure of HOWELL & BROTHERS, 1*
this day dienolved. The business Of the late Hitt will,
closed up by the present manufacturing Trip or
110 WELL •a. BROTHERS (composed of .OEOROE. ,
ZOPIIAR C. WILLIAM. DARIUS ; , U. HOWELL. an& .
WILLIAM WILSON j. who are authorised to settle all
accounts of the lute &rm. HOWErL,
• GEORGE
J.OPHARU. HOWELL. ,
' WILLIAM 1101 YELL,
DARIUS C. HOWELL,
'WILi LAM WILSON,
• FRANCIS T. , 110 WELL.
HORTON IL COOT E.
PHILADELPHIA. JANUARY 14th, 1060.
The undersigned will still continuo their business ad
Manufacturere and NYholeesle Dealers in pAeltit
&e., under the name of HOWELL &
BRiiTHERS, aud are to be found nt preeent at pro. 104,,,i
CHESTNUretteet. All unfinished bueiness ot tno late
thin will be closed up, and allordens tilled by too present/1
fl.m. GEORGE HOWELL, * '
ZOPIIA it C. ID )WELL,' -
WILLIAM floWle.Gl,i,
DARIUS C. HOWELL,
wiLLIANt
Ititi , l)Ltal. o l4. THE CUL'aft'rtiEltSllle llEtt Zt..c,
JJ fore existing lu thel name of JOHN( W. EVEttMMt
& CO. le diebolved this 18th day of January, led % by
tual consent. rho buelue , ll will be continuo& at $O,,
Church street. by JOIIN'W. EVERSIAN, vital willtkanutrdi '
all liabilities of the late firm. and le authoTioneell to Make
all moneys and dobta due tho ettid fun]. .
JOIIN Evinh 3 / 4 4.11.„'' ,
HENRY ' K. STANDlttuutiE: •
.oAleiriNNAilicii-,..,2'., :I'''-'i . .: ; : . ( .. -'.: . 7j.... 4 , -. .!. , i . 7 -,;.4 r+
"DODGERS. AND WOSTESHO4._ N POCKET
'
.11, KNIVES, PEARL and STAWBADLES, of bean."
Mut finloh. RODGERS , and 'i/oLADE do +IAIPPINIEW%
and thn CELERRAUD I,Ecouv ritE RAZOX
SCISSORS IN DARES 'of ' th e blest ' Baum,
Knive Seinore end TableCutiery, (Round and Pottihod.
FAR INSTRUMENTO of the Oat approved cotololtkoto,
to meint the benne& et P. MADEIRA'S. Cutler an -our. .
Meal Inetrument Maker, US Tenth street; below ' Nee,-
udDirti AND SKoE-8,
.
ERNABfft. EIQPPt-
2 NOUTII
ago on handhand 4loBo lan fil
'd gtEer
n _of Gentletnea'a Benda and Moak
the
`7 0 4 lisl4lAon andwr n tataan etd
made ( 0 oT3er..
p; slog
. 4/4110:14
1869 J
'' -186%,1,,