Western Reserve chronicle. [volume] (Warren, Ohio) 1855-1921, 1872-12-11
OUR WASHINGTON LETTER.
wAsH1xoroN. d. G. Dec : 1872.

DaAhS NSu SIlHE MS on MS
committee, BlaIne's resolution for an
appointment Of a committee TO investi-
gate charges OF corruption Of certain NJ.
Cs, in connection with the 'Credit,
Mobilier" matter, and Sargeants report
on an old House bill making apprOpria-
ton Tor o expenses of the Indian Depart
mem of over five millions, Mr.. Garfield,
chairman, AZ once presented for the first,
OF one of the several appropriation bills
which has already b en- considered, by
his committee, the invalid pension bill,
and asked its consideration be - ade a
special order for next Wednes ay; but
alter some considerable objection, he
withdrew it. Immediately after the
reading of the Presidents Message.
which was the next in order, bowever.)
be reported b Legislative, Executive
and JUDICIAL Appropriation bill, which
wss read the first and second time and
or"ered To be printed. Then followed
Buffers bill for the RELIEF of BustOn
sufferers; Schoield's for reduction of
officers and expense Of the internal
revenue; and Common. of Texas, for the
establishment Vfajudicial district in his
State.
There appears to be a strong move
ment OF small capitalists and laboring
men towards Texas, where the opening
~ BAb1o' NAOA anu ALduG are allAdIAAIE
unusual attention. As a sphere OF agri-
cultural, manufacturing or commercial
enterprise, western Texas with its SpleD-
ded system OF railroad communication,
nov rapidly cbrystaiiZIng iutO tangible
shape, offers special inducements To the
more thrifty classes of young Ameri-
cans. It is remarkable that while our
natives are leaving the eastern States as
tO"p poor to furnish a living, Europeans
are taking their places and finding some
grand openings. For Instance Maine
was n of the two States OF New Eng.
land which reported a decrease of popu
lation according to the late census.
Within the past two or three years a
Scandinavian immigration has been in
auguraled whirh promises to repl nish
inc breaks in the population caused by
the westward emigration. This is just
~nat it should be. Americans are need
ed 10 lay the foundations of new Ameri-
"a commodities westward, and hence
under the law of civilized progress they
IN We toward the setting sun. Europe
n need the example and discipline of
A settled community TO enable them 10
understand American institutions.
o. the nine indictments Of murder in
this session of the Criminal Court o tho
District of Columbia, four have been
N1--1 E1AAAl Va 1919 NNS VI man
daughter, and the remaining two ac-
quilted. One ha> alre tdy paid the death
penalty upon the gallOws; the second
uue Is assigned for Ia morrow the third
un Tuesday and the fourth on the 18th
OF February. Heretofore as in New
York city, murders here have been com.
united with impunity, and it has been
100 often the case where the criminal has
mad friends or money, it was not a very
difficult matter to acquit him. Times
have changed, and with il, better prose
cutting attorneys have been appointed,
and the good citizens of this cosmopoli-
an city are much indebted to them, the
Hons George Fisher and Richard Har-
rington.
Or the four convicted, two whites and
TWO colored, Barney Wood to be hung
tomorrow, is not as yet ~reconciled to
Is situation, sleeps and eats but little.-
His vile, while L write, is visiting hun
:or the last time in this life. His moan
iugs 10 a sensitive mind are unhearab e.
hls friends have Just returned from the
President, to whom they applied for a
iurlher stay of the execution, and
brought the unwelcOme "NO'' to the IN
fortunate man.
The Comptroller of the currency has
published his annual report, I'm VIII ch,
among other important items, is present.
d the TACT that since the organization of
he National banK system, in 1868, only
q National banks have failed of their
aggregate eirculation-S2, 942, 793. The
Treasury has reduced SAL 30, and
stands ready to redeem the balance as
-OO as presented. Tho holders of these
notes, Owever, are in no hurry. Very
likely but few OF them are aware that
he banks have failed. Not one man in
L hundred looks at the name of the bank
ISSUING the note. Everybody knows
hat there is provided a fund ample for
the redemption. When we compare the
present stability of our circulating me-
IIum with the wild cat eras of the past,
Se realize something of the magnificent
character of Republican craftsmanship.
The first great point of stabi ity has been
reached. Within the true limits of the
-ystem it is now proposed to introduce
eatures which Will give greater elastici-
ty t. the currency and enable 1t TO adapt
itself more readily to the changing wants
of business. These are points TO which
the Comptroller invites the special at
JeuJion of Congress.
There are two ways resorted TO by
money leaders in Washington to get
usuriOus rates OF interest put of the un-
fortunate (distressed) borrower. The
drst, perhaps the less Objectionable way,
Is from the hanks which generally have
confidential agents who are generally
.lenuminatsd "Real estate agents or bro
Kers," who also inform the public that
claims are coliectf d, and money loaned
on good collateral at 10 per cent. per
4nnum, las pr act of Congress some
iwO years ago, allowing sucn 4 rate in
special cOutract.l These agents are
sought after by hundreds needing money
who are politely informed that they
have non 10 loan on desirable proper
", but require an abstract title made by
4 certain party to whom the borrower is
respectfully referred. From SIS to SIS
Is charged for an examination. He
paws it with hope then on the presenta-
doh of his abstract TO the agent, the
money will be loi Incoming. But TO his
disappointment he is told, II am out of
money to -dav, call again in a day or two
and I'll accommodate you" He calls
again and again. and at last is told that
the money market is very tight and that
ne can only act as agent for which he
shall be compelled to charge him from
to 10 per cent. ~(aceording To the amount
lOanedl for procuring it for hun. Gen
orally this offer is accepted as the only
alternative, and the bank, thereby.
doubtless receives not only the 10 per
cent, but a portion of the agents fec
Your correspondent will 'eutuIe to say
that One-Ihird of the real estate in Wash
ngton is under similar loans. paying in
directly 20 per cent per annum.
The second way IS practiced by parties
who openly make mOney-brokiug a
speciality, making short loans, and re-
curing no real estate security, but to
those outside of Government employ,
good endorsers are required, and these
notes are what is known as made note,
/. g., the note is made to a confidential
third party, who Winks for the sake OF a
division of the spOils, TO a discount of
from 5 to 10 per cen Per month. There
are Is mated to be twenty of these sharp
ers playing upon the distressed of this
city and Who have amassed fortunes in
the past few years. Two OF these, to
make their illegitimate transaction re-
spectacle, haYe secured charters and
have opened banNs.
The clerks in the several Departments,
| which number Dyer GOO, are the better
patrons of this latter class. The families
of these clerks, in consequence, suffer,
and Congress is yearly called upon, in
order to alleviate their suffering, TO in
crease the pay OF tie clerical force.
What shall be done? Will not Con-
gress answer by enacting a stringent
usury law which shall compel these
money brokers of Washington to pur-
sue a different and useful occupation?
LIFE.
The chronological journal for Deem
Der, is a capital number of this most ex,
cellent monthly, and a worthy compile.
finn oF its 6hr-6fth vOIume Lat as