The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1870-03-14

the least consideration in return. They are
Unsuitable, and care not who bear the bur len
of the debt and expenses of the Government
if they do not. The profits on three hundred
millions OF circulation amount probably to
twenty-five or thirty millions. The
interest on the bonds deposited for this
circulation is about twenty millions in
gold. Thus by the extravagant liberality of
Congress, the banks make from twelve to fif-
teen per cent. on their capital In short,
their three hundred millions of circulation IS
just a clean gift of three hundred millions
of dollars to these monopolists for they draw
the interest on the bonds left with the Trea-
tury as security for their currency. Yet,
when it is proposed in funding the debt at a
lower rate of interest to compel these banks
to take bonds bearing four or four and
half per cent. interest to deposit as secu-
rity for their circulation, they cry out
against the measure They have been using
all their vast influence in Congress and
through a powerful lobby to defeat this
provision of Mr.. Shermans bill. 1t is to
be hoped they will fail in the House as
they have in the Senate The profits of
a national circulation belong by right to the
people and ought to go into the Treasury. It
is a monstrous outrage to give them to pri-
vate corporations. Senator Casserly, of Cali
fornia, said well in the debate on the subject
PEELED to pay large proportion of their enor-
| nous profits to the Government. In no other
| country does the Government surrender such
| valuable privilege to private corporations.
| Even the Bank of England, which renders
the British Government great services and
| performs most of such financial duties as fall
| upon our Treasury Department, pays to that
Government large portion of the profits on
| its circulating notes. AS this proposition to
make the national banks take bonds at lower
rate of interest seems to be the only way of
reaching them or of making them pay some
| little for the extraordinary privileges they
| possess, we hope the House will follow the
example of the Senate and make it part of
the Funding bill, in spite of the lobby and
| opposition of the large number of members
interested in these corporations.
ABOLISHING BREvET RANK IN THE
ARMY.
From the NJ Y. Sun.
1t is related in army circles that one day
near the close of the war mule was observed
| passing along the lines of the Army of the
Potomac, then lying in front of Richmond,
whose sad conntenance attracted universal
attention. His head hung down in medta-
tive mood, his half-closed eyes roved in a
vacant way along the ground, and his long,
expressive ears vibrated in the peculiar man
ner that showed the workings of busy but
mortified spirit. The sympathy of the idle
soldiery was awakened. In groups of two or
three, officers and men came from front and
rear and both hanks, and looked wonderingly
at the curious sight. He was an DID, a vete-
ran mule, and his evident distress exacted the
tribute of respect. At last hardened old
teamster, who had been known to boast of
having, without whip or spur, sworn six
mule team up hill caught this poor mule
by his ragged, protruding collar that
hung in tatters about his ears, and, roughly
jerking him to dead halt, asked in thunder
tones
''What in thunder are you crying about?"
because they won't make me a Brevet
Horse" was the reply, drowned in sobs and
heralded by burst of tears.
If the satire of this fable was SO apparent
in 1865, what must it be now when nearly
every officer above the rank of Second Lieu.
tenant has tailed to his name from one to foul
brevets? The list of Brevet Major-G Generals
Brevet Brigadier- Generals, Brevet Colonels,
Brevet Lieutenant Colonels, Brevet every
thing, is SO large that not to have brevet is
the exception, and the titles of General
Colonel, and Captain have quite lost all theil
Specification. If all deserved this distin
gushing mark, what is left to be done fol-
those who signalized their career by some
peculiar act of daring or self-sacrifcep The
power of comforting brevets was exercised sc
| laVlSnly InaC IL nau become q nuisance D6tOrt
it was made ridiculous by the introduction
into Congress of bill that conferred on an,
regular officer the brevet for the rank that ht
had held as a commander of volunteers ant
this without reference to his ability to prov,
that he had ever smelt powder.
1t is worthy of remark that each of the i'm
portant army bills now before Congress, in
Guiding that of General Logan, which passed
the House on Thursday, contains provision
for the abolition of brevet rank. There ar
, few old army officers who will not mos
heartily approve of the passage of that claus
} at least, whatever they may say as to tn
| others. Perhaps some few lieutenants ma
vince little at first under their eagles an
stars which mean nothing but we ventur
} the assertion that the higher an officers rea
rank the easier will come the surrender O
his valueless brevets. The real heroes G
: hard-fought fields, who are hopelessly cor
| founded with brother officers whose brevet
} were earned through political influence, or b
! an industrious collection of letters of recon
mendation, will gladly see the whole thin
abolished, quite satisfied to leave thei
dearly-bought regulations in the hands c
their comrades, whose verdict is general
uneIring.
OLD AND NEW.
| From The N Y Tribg,ns