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fr DEVOTED TO POLITICS, MORALITY, EDUCATION AND TO TUB GENERAL INTEREST OF THE COUNTRY. VOL. Y. PICKENS, S. C., THURSDAY, AUGUST IT, 18T6. ~ NO. 5o! y ?. ??? ?? , OUR CENTENNIAL LETTER. Philadelphia, Aug. 7, 187G. * At the oastorn end of the Memorial Hall, stands ft modoat unprotond ing building dedicatodfor Iho timo bo ing to Pbotograpliic Art. This is an art that liko telograpby has grown , from almost nothing, to its present ^ Anllnaaul ni'iiitnuitiiiiia in llm of living men. It 6ceme only like n few years ago since I looked on the first daguoreotype, and I reccollect bow I twisted and turned it, and held ^ it in different lights to make out the faco that I was not quite sure was tliofe or not. Xhon camo attempts at photography, the first I ever saw boing called a Talbotypo. It was T euppoBod to bo the picture of a coun ' try house, but it looked liko ft tnudbcow struck by lightening. Then came tho Ililotypo, ft typo of which, if Buccoselully curried out according ^ to the orrigiual design of the inventor, would huvo sent a man without benefit of tho clergy to tho state's prison or a lunatic asylum. The men who have mado the art \\ hat it is U? day, are many of them, fortunately, ^.4:11-1? .1 1 1 - villi aiive; mey nro our menus ana our neighbors, and while ranking very high in our estimation as artiste, and a* nion, they liavo always seemed much nearer to us than thu knights of tlio chisel or tlio brush.? Photography is essential y tlio pooling's arm; by it, and ho becointa a traveler and a eilio, it brings back the association of childhood ycais attfll* tlmv liHVa villli^lici I nil.I if unr_ rouiulb you willi tlio l'uoua of lovod otiua "when the silver o>rd id lowdod, ? Miid tlic goldoii bowl in b.okoii."? Entering the oiiBtoni door, you liud in iv nicli on tlio left an exhibit ot Doreinne, <>t I'iitioiuon, N. J. ll-o nrtim luiH evidently not contiuod his tlXCIIIHlOllB to tlio iion(u ot tlio city ul l'uttoraon, f'?r we liud ourselves our? rounded by views ?d the MiHtunt>i}>j>i, , Kiid scene* ot tlio fur i\ct>t. On (hu opposite aido ot tlie liuil, Charted Faxon gives ub h picture ol Joe Jul? fursoii at ltif Van Winkle; Hot a ** little pocko; edition ol a great man, but n full lite sized portrait ot the worthless vagabon i Dutchman j'lat a?? lie appeared wlion lio wandoreu abou through thu cuciianied uiountaiiiB ot (JfttHkill. iSuliuiitd and Krugor o, isuw York, iitivo a magiiiliuoni c.ibc ,gj jMctureb, and ilol^lu <J ot iiulti> moro has some excellent artistic groupings. A liltlo beyond, Allon And ltowoll have a splendid oolluo\ lion of portrait*: L>?ydo Garrison, Wandoll 1'ii i 111 pa, and (Jiialce buuinerhang side by side. Noar b> ia a picture called Dressed fur tlio Bridal, by Moeer of Chicago, a w<?rk of especial merit, mid nonr it the colored portrait of a ludy, which is ft picture of the higlieat order. S.irony,??1 JNow Y ll'lt. hill) not A Int'irn 111) t -- - - " fc>~ V?". ?-I ono of his pictures, a scene Irom the play of Piquo, lately performed ui tiio Finis Avenue Theatre, is ausurpassed by any picture in lUc collection. A frame hangs against tho north wall which int^ujstcd ine exceedingly, in ii was ft^minher of likenesses, almost every face ot which I know in years long trune bve. Tho I);i^ yucreotypoa wvru taken by Fitzgibbun of St. L'iiiie, over a (jnartor of a century ago, and thou, no doubt, they wcro considered vory lino u]>eci 11 ens of the wondorful dagucrouu art. The Originals ot many ot those likenesses have passed over Jordan's stormy l>ai>ks and now stand on the other bide, and those who stdl survive, lind * t>?? ii I mm wl li'un !>? <!'> -* *t . I. .....1 Vr?v .. vv l>V>^l?l tV/ UUIII ion UIAU that thu grasshopper is a burthen.? Tho dramatic profession is laigel)' represented; a little stripling ot a girl is the portraiture of Ahig^ie Mitchell, our Maggie, the little witch ing, winning mortal, who, as Fan 'chon and iiarefoot, lias danced her way into all our hearts, and year alter year as bhu came around, we went to see her do the same tiling over anil over Again, till it boo.nod wo hail known her all our lives, and we never realized ilint we oureelvos were /growing old. Or tlint, the liltlo girl that charmed us in Aulil Ling Syne, is now a stout matronly woman, a aubetantad bank account, and with silver throads among the gold, an liio crowefoet aro battling for lines upon those cheeks that we were all dying to have a kiss at byo-byo, moil cite ami; beautiful au you looked twenty |ive year* ago; we can't atop hero to mako love, we havn fniun - ? n ~ "'""vio on IuukI, nothing Ions than tlio canons of ni t, to say nothing ot tlio amall ^iiub, bo let ua j>ata on to the nest, ^ 1 * This is Mrs. Coleman I'opo. It ie more than thirty years ngo ainco I (iret saw her at tho old Broadway thealro. She was then in tho zenith of hor beauty; a woman tall and atatoly; a sort of inixtmo of Vonns and Diatin. Oh. wlint a fii on what n neck, wlint arms, what, no, I shall stop right here; I will only remark that alio woro a short tunic that roac: cd tho knee. I wont homo and dreamed* f her all night, and thought I should liko to ho an actor. Poor woman, if she still survives, eho haa rheumatism, and pain* in her hack, and neuralgia, and all thoeo miserable ailings that remind us that it is I i ? II II uuoui nine 10 oaiance our icugers. There nro several j>ictnre8 of Gubtavus Brooke, one of the very boat actors that ever viaitod America ? Melodramatic in many things, ho had as much ol tho etulF in him of which good actors are made, as any man I now rcmombor, and what a gloi ions voice; it seems to mo I can almost hero it now, though tho waves of the ocean cloBed over him many years ago. The ship in which he had on? tfaged passage for Sidney was sunk in sight of the British const, and lightninir n cigar a low minutes boforo alio wont d ?\vn, poor Brooke met hid fate like a Briton ami hero. E^tollo Pot tor, well known throughout the West and California, is also among the number; sho too can he no chicken by this time, but like the rest ol us discovers that time still rolls on. The B.itoman Children linvo a place in the fiH'; alas, ehildien no lunger, I dou't know it Kate is a grandmother yet, it sho id nut, no doubt she will bo; and Eliza Jyjj;aii i? among the number; a splendid actress, and an admir able woman. Next wo c<imo to tho illustrations ot the Seven A^e?, by L'td iv,ol'Cin oiniirtt-; excellent in eo .cepti m and ex cutiou. Gutokunst, ot Pniladel . .1.I : i: ? - - I'ii i' t, una HinilC 11111^11 UlCUIIl |><"U'UHH, which will give him a f iremoat posiiion in the rauka ot American artintfl, particularly good are tho iikwiiorifUH ul Mr. Goelmr, tho director general, and also of General llu*lujf the president of the couimieaion. liawley nhould do something handsome ( ?r Gutekniiat haa done sometil ! !1 C7 VnfV I i ?l ?i/l Ul 111 i it fill* I I rt ... ^ ......v*,. !?.???ley. It will iist?>n ia>< tlic good folk a of the 11111111 eg Htato it th ?t picture ever goo* to lla; tford; it) fact I think t ii nt it astonishes llawley himself when ho looks at ii; bully for Gutekunst, if ovor 1 liavo my likonosa taken, Gutckunst is my man. Bradley and Itulofaon, ot San Francisco, have tome admirable Cali fornia scene*, but their exhibit is not what might be reasonably expected from bo grrat a firm, ranking as ther do among the vory beet photographers in the United State*. Bradley has a number it magnificent specimen* ol portraiture, and no place in this exhibiti >n combines any greater interest than hi*. In the spaco oi a few feet hang a number of faocs, which call up'a world of widely dilc 4 . -.; . ? * ? luruni jirtbouiuuous, una you iook on them with tho u^Btit'Htico that they nro all true to tho life. Jiut think of i'! hero hang tho faces of Edgar Allen Poo, and Audnhou, Lloniy Wilson, Lincoln, Grant, Loo, Calhoun Farmgnut, Wobotor, Jrvcksnn and Morse. No such group can bo found n.,> ~ ..e a - > Ill wnu 11(11 13 ?m amui ICIV III BU blliail a space, and I doubt if thoy can bo found in tlio world. Tlio likeness ot General Loo was taken some joars before tlio war, but on it is tlio name calm sweetness t>f expression wliieli .1 iii ? . . ovuji uitmtiur auu uuicui was noi aoie to destroy; next to him, in civillians dreen ?itb (J uncial 0runt, ami near liim Lincoln; tho likonesa being tho one bowt known to the Amuriciui peoj/lo. Jackd-iii'rt portrait was lata en at tho hermitage a little while before his death, ami Wobnier'tj just after ho had made hi* culobr.ilod reply to 1 lay no. Karragnt is ta'<un in lull I.Ill/Ill /li iuI 11 llUt* lit* (ihilwlti u i f li ? it..11 mi 111 vv/oniiiiv. v ouiiimo " mi it glnna in his hand, and you can al most lioar him Bin# nut, d?n the torpudoub! a? ho did while standing in thu thrnudtj id tliu liaritord. (Julbuun ia tlioiu too, and K Igur A Ion L'oo. None ot theao hico? represent nonccfnl lives. 11 I (if tlie.ni lmv? hurl more oi stunii timn sunshino. i'lic puur |K>Ot ol tllO UllVOII, ilfi well 116 tlio StiituHiimu and Warrior. Hit namo of tlio group till a largo spaec iik our Amonoaii history, ami will A lung ua history i? romouibercil. A> uiong the gruuiloat Hpoeiinons oi pho* logiuphio ai t ovor Been in am country, ib the array ot picturea of rural bccnory, by Voruoii iloaili, ol Eng* i j Intnl. America has done ranch for the photographic art, but in tho Atnorican collection tlicro is nothing to coraparo with thora, nor indeed wonld thero in any othor collection if it wore not for for tho exhibit of Irish econoa, by Payne Jonninga, of Dnbliu. I know not to what point of oxcellonco future generations may raise tho art of photography, but certain it is^ in our timo no Buch pictures liavo boon seen in Amorica as tlio pictures exhibited by Mr. Jennings. I know not which to admire most, tho artistic merit of the selection, or tho superlative excellcnco of iho execution. Its liko has never been seon in tho United States, and I (1 Oil 1 >t i tR Annnrirti* onn lull n/l in *l>r? , WW.? ... W.V. woi Id. The weather wliicli was terrifically hot two weeks ago, hns suddonly changed, and is now delightfully cool. Mrs. Maxwell tlio famous Colarado huutcss, had a magnificent repeating riflo presented by a number of admiring friends. The Cambridge crow are hard at work, on the Schuylkill, working like beavers, and living like Spartans; Yankee Doodle had bettor look out, or tho prize cup of the (Jon tenniai regatta may be found hanging np in a boat house ou the banks ol 11 M l. HJU iUlWUUH. Yours truly, Broadbrim. 4 ^ ? THE TILDEN PROGRAMME. retrenchment, good will and bl'eciis payment. Albany, N. Y., July 31, 187G. ueniiemon: When 1 lintl the honor to receive a personal dolivery of your letter, on behalf of the Democratic National Convention hohh on the 23th of June, at Si. Louis, ad vis* ing me of my nomination as tho candidal of the constituency represented by ibat body lor tho otlico ot President ot the United Statei, 1 answered that, at my earliest convenience and in continuity with usage, I would prepare and traueiuiLyou a . foi inal acceptance. I now40m!l myself of tho first interval in unavoidable oecuputioua to fulfill that engage* mont. Tho Convention, boforo making its nominations, adopted a declaration of principles which, as a whole, seems to mo a wise exposition ot the necessities of our country, and of the reforms noedod to bring back the government to its true functions, to re gtoro purity 01 administration, and to renew the prosperity of the people. But Bonie of tiiose reforms are so urgont that tlicy claim oiore than a passing approval. The necessity of a reform in the scale of publio expense, Federal. State and Municipal, and in the modes of Federal taxation, justifies ali the proiniuuucu given to it in tlio declaration of tho St. Louis Convention. Tho present do? prosaion in all tho business and industries of ilie people, which is depriving labor of its employment and carrying want into so many homes, had its principal cau60 in excessive yovcrniuoutai consumption. Under tho illusions ol a specious prosperity, engendered by tho falso policies of therodoral Government, a waste of capital lias been going on ever sinco tlio peaco <>t 18G5, which could only end in universal disaster. The Federal taxes of the last sevon years reach the gigantic bum of $4,500,000,000. Local taxation has amounted to two thirds and much more. The vast lUMTMimtn ifl not 1 ?'RH tlmn &7 ftflO - mr-> _r-> ? ^ ' T " ~ > OUU,000, Til id enornv ua taxation followed (i civil conlliet that has greatly impaired our aggregate wealth, and had made a prompt re? 1 duction of expeusoa indispensable.? it waa aggrevated by most iinedon*1 tiiie and ill-adjusted methods of tax :.w. ....rwi ti.~ :r. t ctbil'ii iiku i wui uancu IIIO Oil Vi; I 11 UUiJ U1 tho people far beyond tho receipts ol tho treasury. It was aggravated more by h financial policy which tended t> diminish tho energy, skill and economy ok pi od net ion and the fi ugality ol 1 private consumption, and induced iniHOaiciiIttlioi! ili business ami an unromunerative use ot capital ami labor. Kven in prosperous times the daily wants <>t industrious communities 1 press closely upon their daily earn' ings. The margin of possible national > savings is, at bust, a small percentage s ot national oiirnin^s. Vol now, tor i those eleven years, governmental con sumption has boon ft larger portion > of tlio nationaf earnings than I ho whole pooplo can possibly save, oven I in prosperous times, tor all now in vcbtnicnts. The consequences ot theao errors are now a presont public ca- J lamity, but they woro nover doubtful, ! never invisiblo. They wero nccosn sary and inevitable, and were foroseen and depicted when tho waves of that fictitious prosperity ran highest. au n owuuuii iiiuuu uy iiiu on ino 24th of {September, 1SG8, it was said of theso taxes: "They bear heavily upon every man's income, upon every industry and every business in the country, and, year by year, they are destined to press still tnoro heavily, unless wo arrest tho systom that gives rise to them. It was com paras tivoly easy whon values wore doubling, under repeated issues of legal tender papor money, to pay. cut of tlio froth of our growing and apparent wealth, these taxes; but when values recede and sink toward their natural scale, tlio tax gatherer takes from ua not only our iuoomc, not only our profits, but also a portion of our capital. I do not wish to exaggerate or alarm. I simply say that wo cannot a fiord the costly and ruinous policy of the lladical majority of Congress. Wo cannot afford that policy towards tlio South. Wo cannot afford tlio mngnilicent and oppresaive centralism into which our (yAUOI'nmnnf iu Kn! n /i,^? 1 \\I t\ bv. v. i..iH,uv IO V Ui icil* ?f V cannot afford iho present maguificent scale of taxation." To the Secretary of tho Treasury I said early in 1SG5: "Thero is no royal road for a government mora than for an individual or a corporation. What you want to do now is to cut down your expenses and live within your ticoiue. 1 would givo up all the legerdemain ot finance niul finnnnlni'iiwr T ,.\.n ?l.n Bi ???i? K,,u l,,w whole ol it, tor tho old homely maxim, 'live within your income.'" This reform will be resisted at every stop, but it must bo pressed porsia'ontly. Wo see to clay tho immediate representatives of the people in one branch of (Jongrees, while struggling to reduce expenditures, compelled to confront the menace ol the Senate and tho Executive, that unless tho objec tionablo appropriation be consented to, tho operations of the government thereunder bhall suffer detriment or (Tease. In my judgment an amend meut of tho Constitution ought to bo devised separating into distinct bills tho appropriations for tho various do partnients of tho public servico, and excluding Irom ouch bill all appro*, priations for other objects and all independent legislation. In that way ulono can the revisory power of each of tho two houses and of tho Executive bo preserved, and exempted from tho moral duress which often compols aeaont to objoctionable appropriations rather than slop tho whools ot gov01 nmeut. An accossory cause, enhancing the distress in business, it, to bo found in the systematic and insupportable iiildgovornment imposed on tho States of tno South. Besides tho ordinary effects ot ignorant and dishonest administration, it iias inflicted upon mom enormous issues ol IrauUuient bonds, tho scanty avails of which wero wasted or stolon, and tho oxistonco ot which is a public discredit, tending to bankruptcy, or repudiation. Taxos, generally opproisivo, in some iuetancos huvo confiscated tho cntiro income of property and totally destroyed its niarkot value, it ia imi possible that thoso evils should not react UDOII tlif> 1 il'nannril \> r?f tllH -I I" --J wholo country. 'Hie nobler motives of humanity concur with tho material inteie3tH of all, in requiring that overy obstacle bo rotnovud. ami a comnleto ami flu? # - 1 "" rablo reconciliation ho bad betwoon kindred people, onco unaturally estranged, on ilio basis, recognized by tbo St. Louis platlorm, of the Constitution of tlio United States, with its amendments, universally acceptod as a linal bottloii:cnt of the controversies whieb ongendored civil war. lint in aid of a result so beneficial, the moral inllnonce of every citizen, it * ua wen as every governmental author ity, ought lo bo exorted, not alone to luaiutaiu their just equality bo lore the law, but likewise to establish cordiisl and fraternal good will among citizens, whatever their moo or color, who are now uniting in the one destiny of common sell government. If the duty shall be assigned to mo, I Hliall not failto exercise tho powers with which the Ihwr mwl ilm imikiL ! tution of our country clollio its (Jniel Magistrate to protect nil iis cilizeus, whatever their lornier condition in every political and personal i i^lit. "ltofonn is necessary," deelarcs' tho St. Louis Convention, ulo establish a sound curroncy, ro-jtoro the public credit and maintain the na tional honor;" and it goes on to demand "a judicioua ayatom of preparation by public econotnioa, by official retrenchments, and by wiao fir.anco, which shall onablo tho nation soon to - - ftaBuro tlio wholo world of its ported | ability, and ita pcrfoct roadinoaa, to moot any of ita promises at tlio call of tlio croditor entitled to payment." : Tlio object demanded by tlio convention ia a rosumption ot spoeio payment in tlio legal tender notos (if tlio United States that would not only restore the public credit and maintain tho national honor, but would establish a sound currency for the normlft Tim mo'lmilo ...i.w.i. ?i ! |>.v. itiuui vuo VJJ VtlllVJIl IIJJCJ object ia to bo pursued, and tho means by which it is to bo obtainod, are disclosed by what tho convention demanded for tho future and by what it denounced in tho past. 1{ csuuiption of specie payments by the Government of tho United States, in i's legal tender notes, would ess tablish Bpeeio payment by all hanks on all their notoj. Ollicial'Statements on tho 15th May show the amount of tho bank notes was $300,000,000, leas $S4U,0U0,000 held by themselves. Against these $2S0,000,00i) of notos, the bank helJ $ld5,<>00,000 of lcg,i! tender notes, or a little more thun 5 per cent, ot tho amount, but they also had on deposit, in tho Federal treas ury, U3 security for these notod, bonds ot Llio United Statod worth in gold about $350,000,000, available and current in all tlie foreign money markets. In resuming, the banks, oven it it wore possible for all their no es to bo presented tor payment, would have $300,L00,000 <--1 specie funds to pay $2SU,000,000 ot nntoj, without contractim/ their loans to their customers or culling on any private debtor for payment. Suspended banks undertaking to resume have usuaily been obliged to colloct from needy borrowers the means to redeem excessive issues and provide reserves. A vague idea of distress is tlioretoro often associated with the j>rocc88 of resumption; but tho conditions which caused distrosa in those former instances do not now exist.? Tho government Laa only to make go>d ita promises, and tho banks can take care of thomsolvea without distressing anybody. Tho government is, therefore, the sole delinquent.? Tim amount <>f t.lm Ikc^hI tmul.... of tho United Siatos now outstanding is Iubs than $370,000,000, besides $84,000,0u0 ol fractional curroncy. liow shall tho government nwiko theso notes, tit all times, as good hb specie? It lias to provide, in referotico to tho mns8 which would bo kept iu uso by tho vsautd of budiuuea, a ooutrul reservoir of coin adequate to tho adjustment oi tho tomporary flllP.tnfttwin* of intdi-noliiinol Kiilo..n?? - .."MxM.l.i UWIMUVjUOj aid as a guaranty against traiiaiont drains, artificially croatod by panic or by speculation. It has also to provide for tho payment of such fractional currency as may bo pro* scnted tor redemption, and sncli inconsiderable portions ot I lie legul tonders as individuals, from tiino to timo, may desire to convert for special use, or in order to lay by, in coin, their little stores of money. 1o inuKO ttio coin in tlio treasury available for this resorve, to gradually strengthen and enlarge that reserve, and to provide tor sueh other exceptional demands lor coin as ma) arise, doe.i not seem to mo to be a work ol dilliculty. it wisely planned and discreetly pursued, it ought nut to cost any sacrilico to the business ot the country. It should tend, on the contrary, to a revival of nope and conlidence. The coin in the treasury on the uUth ot July, including what is held agaisnt coin certliieates, amounted to nearly $10,000,000. The r?n rr<? ?t i?t ni'OAi ?na ntnbi 1^ i... V.Mt v.<? v. JMVV./..U I I ? Wll? IO ? IIIUII Iiii? ilowed out ot our country iV>r eleven years, from July 1st, lSf>5, to June 80tl), 1870, averaging nearly $70,-000,000 a vear, was $8152,000,000, in the whole period of which $017,000,* 000 wore tlie product of our own ininoe. Toainam tho reqnibito quantities., hy intercepting Iroui the current (lowing out ot the country and by acquiring Iroui the ttucl<H which II 11IV 1*1 it A .. ..L ' .. L\- . V< 131 III U 111^ IIIU equilobrium ot foreign money markets, is a result to bo easily worked out by pructical knowledge and jud^ inoiit, wuliout respect to whatovor surplus ol lo^al tenders tlio wants ot' business limy fail to keep in use, and which, in order to save interest, will bo relumed for redemption. They can either bo paid or they can bo funded. Whether they Continue as cunoncy, or bo absorbed into the | viust niiiijo of securities held as invest monts, is merely a question of tho rato of interest they draw. If they were to romain in thoir present form and tho government wore to agree 'o i?ay on them a rato of interest making thorn desirablo as invoatmentr,thoy would conso to circulate ana tako their place wi"tfr government, Stato, municipal and other corporate n.1,1 I 1- .1 ....v, puTiuu uuuuo, Ui W1I1UI1 UIUUF? ands of millions exist among us. In the purled oa?e with which thoy can bo eh-ingcd from currency into in ? vestmoiitH, lies tho only danger to bo guarded agaiti3t ill tho adoption ot' general moasuroa torcmovo a clearly ?6cortainod surplus?that i?, tho I withdrawal of any which are not a permanent excoso beyond tho wanta ol business. Even tuoro mUchiovouB ttr/ \ i i lil I v? ...... ~ 1 : - I nvimi uu IllUiMlirU W UIUI1 OLIOCIS tho public imaginati >n with the four ol an apprehended scarcity. In a community where crodit iu bo much used, fluctuations of values and vieia* situdes in businc&fi are largely caused by tlie temporary belief of meu,070u helorc those bcliela conform to ascertained realities. Tho amount of tho noocssary currency iit a given timo cannot bo doIni'mitwtil i> i.KI i .. .....I i i uj , (Vim niiwuiu m?u bo assumed upon conjocturo. That amount is subject to both pcnnanont and temporary cbango. An enlarges mont which seemed to bo durablo happened at tho beginning of tho civil war by a substituted use of currcncy in plueo of individual credit. It varies with certain states of business, it fluctuates with considerable regular*, ity nt diftoront seasons of tho year. Iir autumn, for instance, when buyers of .....I ? !.? ?;?i ? - tuiu ULiiui ii|^l lUlULlU'Ul JM'UU 11C14 begin their operations they usually need to borrow capital or circulating credits, by which to malco their pur* chases, anj want these funds in currency, capablo*of boing distributed in small sums among numerous sellers. The additional need ol curroncy at this timo is live or more per cent, ot tho whole volutno, and if a surplus beyond what was procured for ordin nary uso does not happen to havo been on hand at tho monoy contros, a KfMllVMl V nf /Mll'fnnnif Aunn Art " v.vy VMI iWliVJ UIIOUUOj lUHIj aif)U| a stringency in tlio loan market. It is in roloronco to such oxpoiioncoa tlmt, in a discussion on this subject, in my annual uooasago to tlio New York Legislature of January 5th, 1875, then suggestion was mado that "tho Kedo* ral (Jovornmont is bound to reJeoni every portion of its issues which tho public do not wish to uso. Having: assumed to monopolize tho supply ol currency, and cnaclod exclusions against ovorybody olso, it is bound to furnish all which tho wants of tlio businoss roquiros. Tho Bystom should passively alluw tho volume of circu-< luting crodits to obb and flow according to tho ever changing wants of business. It should imdtnto aa closely as possiblo tho natural lawa of trudo which it has suporsoodod by artificial contrivances" And in a similar dia? ctiBsion, Jn my mossago of January 4, 1870, it wap said that "resumption should bo ctVocted by such mcaBuroa as would kcop tho nggrogato amount of tho eurronoy self adjusting during all tho procoss, without creating, at any time, an nrlifical scarcity, and without oxciting tho public imagination with alarm; which impair confidence, contract tho wholo largo machinery of credit, and disturb tho natural operations of business. I'nlklin Afinnntoina nlll/.lnl - inont.s, and wi.so finance aro tlio mcmm which the St. Louis convention indicates as a provision for rosorvos and redemption. Tlio bent resonrco is n reduction of tlioir oxponscs of tho government below ils income, for that mioses no now chargo on tlio pooplo. It, however, tho improvidence and waste which havo conducted us to a period of falling rovenues obligo us to Hupplimont tho results of economies llllil l'otf nnnliniftnl.a l.v Hninn roai-ivl. fr? loans, wo should not hositato. Tho government ought not to Rpcculato on its own dishonor in order to huvo interest on its promises, which it still compels prlvatodoalors to acccpt at a fictitious par. The highest national honor is not only right, but would provo profilablo. Of tho publio debt, i>'>85,000,000 boar intorcst at (> per conl in gold, nn'J 8720,01)0,000 at b por cont in gold. Tlio avorago intor-est irf 5 58 por oont. A financial policy which should seenro tlio highost orod't, wisely availed of, ought gradually to obtain a reduction of ono per cont on tlio intorost of most of tho* * loans. A saving of ono por cont on tho average would bo 817,000,000 a year in gold. That saving, regularly iii7e.stod at 4j per cont, would, in lean than thirty eight yonrs extinguish tlio | principal. Tho whole 81.700.000.000 of funded dol>t might bo paid l>y thin saving ulono, withoi^ cost to the pco? plo. [CONCLUDED ON SECOND l'AOK.J