The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1866-01-19
UITY UINTBLLIGENUE
IEOr Additional oty Into1ige,ec see n h 4asol

may mere DC properly stated TINS department OF
Il Business College was inaugurated last Mon.
day evening, with appropriate exercises
To beneht the students 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
Secretary McCulloch's report, with special
reference TO the following proposition is our
National Debt a Blessing or Curse :"
Rev. Mr.. Senter referred TO the fearful and
saneunary struggle lately clos which had
rocked the earth, and sseemed to shake the
heavens. During that great conflict, he, with
others, bad had their minds directed to other
questions Of less startling interest than wariare
STILL those issues, like finance we're of great and
immense importance.
At that time the nation had 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. MIR. Fessenden. Then came the able
and eic ent present Secretary, of great energy of
purIose OF great experience, Hugh McCulloch
who came III time OF peace, VIII ch requires more
prudence and sagacty than the time of war. 1t
was great thing to the country that they mad a
wise, prudent man, who recommended no eX.
peliments, none being now needed, but fol.
lowed the regular, webeaIen track
In tie first place, the Secretary advised the
retirement of all the lcga-telde notes, or the
Common treasury notes. the compound interest
notes. and the i've 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, doeming it IS far too large; that We have
too many banking privileges; and that the bust
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, he 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 we are able to paw from
..5l 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 a manner
that can be practically appreciated, and that
will truly restore the finances of the country.
He would, on the true principle, have us libe.
rally taxed, so that we may not only pay off tue
interest but have surplus over that will pay
the whole de- within thirty or forty years,
Fifth He ADVISES TO fund the debt, that is
persons that hold inc loan shall be offered new
bones, running longer period at a less interest,
so as to benefit them, and yet cost the country
less annual expenditure for the interest of the
debt
Sixth. A continued exemption of Government
securities from taxation. 1t looks to be hard
shat some capitalists shall be freed from taxation
while other branches of investment and popular
industries Lave 10 bear their proportionate eXac-
tiors.
But tho Government must support its credit
ana preserve toe spirit of its pledges, that the
honor OF the nation and the credit of the coun-
trY shall be nyiOlate in the future. Besides pre-
serving the commercial credit of our Govern
mcnt It'll only obeying the dictates Of honor and
justice.
The seventh point the Secretary advised was
the resumption OF specie pas inents 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-
flo tl,o owl
of California into their lowing banks. No
one could say when the resumption was practi-
cable but all should endeavor 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 legali2ed, 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
a contracted currency on a 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 its
main features 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
meut, was called up and debated at length. 1t
passed bv vote OF IL 10 IL. In Common
Council, the ordinance making an appropriation
to the Inspectors OF the County Prison, to defray
the expenses oil the year 1866, was called up and
passed, with sundry amendments Mr.. Marcer
called up the ordinance making an appropria-
tion of S54. 400 to the Board o; Health for 1866,
which passed without any amendments Mr..
Grifiths, Chairman of the Committee on Trusts
and Fire, presented resolution that the Fair
mount and Good VIII Steam Fire Engine Com
panies be suspended for one month. Tue 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 then
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 bv Hon.
Charles 0'Neill of this city, relative to the equal
ization Of bounties. presented January g.. 4he
amount of money required to meet the expenses
is estimated as follows. Tae amount estimated
in Washington, as published il teegraphic de
patches is over six hundred millions of dol
lars:-- tt
Under first section soldiers. 81 ,18S 42I
Under first section, seamen and marines 80, 90,
Under first section, regular and IT, T.
(esGl. ,.......,,.,.,,...... .......,. 125OOt
Undersecond section soldiers, seGmen, and ooo,
marines Test ).,,.......,......,...,...,. ZO,OH
Under third sectioR soldiers. ..,........... 434,9S
Under third section, teamen Test e..,,..... 10 90
Under third section, 5. Test 80. 12,5
menj 100 O2
. Under fhh sechon, soldiers, 958t
s2,o9O,4
Less five per cent. for desertion lest ... 1O4 81