The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1866-03-22

ployment IN our own country; and, if
American Government stocks should
become popular in our market, the
absorption of capital would be sufi
cient seriously to affect commercial
and industrial enterprise, producing,
IN the event of disaster, even wide
spread calamity
The writer then proceeds at length
to show the insecurity of American
finance. The day after the publica-
ton of the article, fve-twenties ad-
vanced from 6s19@6s55.
ExTRAvAeANcE AND RUN.-"Bur-
leigh" the New York correspondent
of the Boston Journal, writes as fol-
lows in a recent letter:
''The extravagant manner in,
which many of our stock companies
are conducted has, from time to time,
excited remark. Many of them hold
the little fortune of widows and or
phans, and it is a wonder how the
heavy expenses can be met and any
dividends be declared A rivalry of
expenditures prevails among these
institutions. Exorbitant rents are
paid, extravagant furniture made,
tapestry carpets laid on the common
floors, and the Offices adorned with
gold and silver gilt pictures, with
rosewood, ebony, satin wood, till
they rival the gilded pagodas Of the
East, which they resemble Extra
VACANT salaries are paid, and thirty
and forty per cent. paid to agents
who bring in business. One of our
institutions, which divides its profits
with policy holders recently gave a
junketing which cost $40, 600, and
the whole establishment is run in the
same imperial style. Such extrava-
gance begins to tell. Several have
failed; others have been wound up
by the State authorities, and more
are under surveillance. One institu-
ton which has just gone under hired
a building, near Wall street, at an
extravagant rent, on n lease of twen-
ty-one years. The building was
very fine one, but it was not fine
enough for the company. Arrange
ments were made to pull down the
front and build it up with marble.
But while the company were contem-
plating this pulling down ard build
ing greater, the State interfered,
took away the charter, and wound the
concern up. This is but the begin
ing of the end. No legitimate bust
ness can warrant the high rents and
extravagant manner in which some
of these stock companies are run"
MuT1LArED CURRENcY.-As soon as
the necessary forms shall have been
prepared, the redemption division of
the currency bureau will commence
operations. The establishment of
this Office will result in great benefit
to national banks, in the prompt ex-
change of new for mutilated notes,
and indirectly benefit the public, in
keeping in circulation perfect notes,
thus lessening the danger of the coun-
terfeiter being able to deceive, as it
IS well known that their main hope to
circulate bogus notes depends very
much upon the genuine circulating
medium being partially worn out.
The currency bureau has received
the first instalment of the new one
and two dollar greenback notes that
are to be circulated to replace an
equal amount mutilated and de-
stroyed.
Hon. G. G. CLAY.-We areEpleased
to see that two Republican papers are
demanding that Mr.. Cl.y shall be
immediately released or but upon his
trial. These papers are khe Tribune
90 lthe Commercial AdYertiser, both
i;F pre- ~ p They both declare dec
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