The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1866-01-19
UITY INTBLLIG ENCE
IFor Additional CITY Intelligence sec f III, I'ag.I

POLITICAL ECoNoMY-LE LECTURE AT THE
QUAKEB CITY BUsmEss CoLLEGE.-Last evening,
at the Quaker CITY Business College, new branch,
ct Broad and Spring Garden Streets Rev. o. s.
Senter delivered an address to the pupils. 1t
may here be properly stated this department of
IL Business College was inaugurated last Mon.
day evening, with appropriate exercises.
To benefit the student, OF the city, and instruct
the general public, course Of ten lectures on
Political Economy were inaugurated by the
Principal, of which last evenings was the
second. Rev. o. s. Senter delivered the second
lecture. last evening, to large audience, his
subject beings
reference to the following proposition is our
National Debt a Blessing or Cursep
Rev. Mr.. senter referred to the fearful and
Bangunary struggle lately closed, which had
rocked the earth, and seemed to shake the
heavens. During that great conflict, he, with
others, had had their minds directed TO other
questions of less startling interest than warfare;
STILL those issues, like finance, we're of great and
immense importance.
At that time the nation had a great, bold,
clear-minded man, Chief Justice Chase, as Secre-
tary of the Treasury. Succeeding him was the
calm debater and statesman, known over the
country, Mr.. Fessenden. Then came the able
and efficient present Secretary of great energy of
purpose, of great experience, Hugh McOulloch
who came in time OF peace, which requires more
prudence and sagacitY than the time of war. 1t
was great thing to the country that they mad
wise, prudent man, who recommended no ex-
lowed the regular, wellbeaJen track.
In tie FIRST place, the Secretary advised the
retirement of all the legal-tender notes, or the
common treasury notes, the compound interest
notes. and the five per cent interest notes. The
Secretary advocated the idea that the principle
of issuing currency by the United Sta'es is un-
constitutional. In this he differs from our great
statesmen Clay and Webster
Secondly. He advises a contraction of the cur
rency, deeming it is far too large; that we have
too many banking privileges; and that the busi-
ness interests of the country will be far better
served by having a limited currency. well Sc
cured, than having too largely expanded cur
rency. Next, be declared we should retain the
balance of trade in our favor, thus keeping the
specie of the country on the true basis, and
l:ing only as much as we are able to paw from
.4se amount of our sales. This true principle
must be preserved by every nation that would be
prosperous
Fourthly. He advises that we pay the national
debt, and that not too gingerly but in manner
that can be practically appreciated, and that
will truly restore the finances of the country.
He would, on the true principle, have us ltbe-
rally taxed, so that we may not only pay off the
interest but have q surplus over that will pay
the whole deIi within thirty or forty years.
Fifth. He advises to fund the debt, that is,
persons that hold Cne loan shall be offered new
bonds, running longer period at q less interest,
so as to benefit them, and yet cost the country
less annual expenditure for the interest Of the
debt
Sixth. continued exemption of Government
securities from taxation. 1t looks to be hard
that some CAPITALISTS shall be freed from taxation
while other branches of investment and popular
industries Lave 10 bear their proportionate exac-
tions.
But TIC Government must support its credit
and preserve the spirit OF its pledges, that the
honor OF the nation and the credit of the coun-
try shall be inviolate in the future. Besides pre-
serving the commercial credit of our Govern
ment it is only obeying the dictates Of honor and
justice.
The seventh point the Secretary advised was
the resu mption OF specie payments at the very
earliest moment That was the great question
affecting our present and future prosperity. He
would have the nation SO governed and directed
that the exchanges of trade would require for
eign nations to pay to us the treasures of their
gold bags, instead of requiring us to be con-
stantly and necessarily pouring the hard money
of California into their overlooking banks. No
one could say when the resumption was practi
cable but all should endeayor to preserve that
point in their minds.
The lecturer ably referred to the suggestions
of Secretary McCulloch in regard to the South
ern States, supporting at length his views that
all business transactions therein for the past
should be legalized, though effected without
stamps; that the collection of internal revenue
and governmental assessments of taxes should
be deferred for the present. Following these, at
length was discussed very ably the paradox that
contracted currency on q sound basis would
make money more abundant than would an
inflated currency. Without concluding his sub
iect, the lecturer announced that on next Thurs
day he would resume, after which the students
would be invited to discuss the subject.
PROCEEDINGS IN CoUNCILs.-In Select
Branch the annual report of the City Controller
was presented We have already presented it's
main features. A resolution to appoint a com.
mittee of five from each Chamber to examine
into the management of affairs by the heads of
departments, and to report what action may be
necessary for their more economical manage
ment, was called up and debated at length. 1t
passed by vote of II TO IL. In Common
Council, the ordinance making an appropriation
to the Inspectors OF the County Prison, to defray
the expenses OF the year 1866, was called up and
passed, with sundry amendments. Mr.. Marcer
called up the ordinance making an appropria-
tion of $54400 to the Board OF Health for 1866,
which passed without any amendments. Mr..
Griffiths, Chairman OF the Committee on Trusts
and Fire, presented O resolution that the Fair
mount and Good Will Steam Fire Engine Com
panles be suspended for one month. The reso.
luton was agreed to. Mr.. Evans presented an
ordinance empowering the Chief Engineer to
suspend any engine, hose, or hook and ladder
company which shall be gully of destroying
fre-plugs, or proceeding TO fire with their
steamers at greater speed than the Chief Engj-
neer thinks proper. Agreed to.
EQUALIZATION OF BoUNTIEs. The SOL
diers contemplate holding grand mass meeting
two weeks hence, in front of independence Hall,
for the purpose of endorsing, and urging the
speedy passage of the bill offered by Hon.
Charles ONell of this CITY, relative To the anual.