Rutland weekly herald. [volume] (Rutland, Vt.) 1859-1877, 1872-12-12

this city and who have amassed fortunes
in the past few years. Two of these, to
make their illegitimate transactions re-
spectacle, have secured charters and
have opened banks.
| The clerks in the several departments,
which number over six thousand, 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
increase the pay of the clerical force.
What shall be done? Will not Con-
gress answer by enacting stringent
usury law which shall compel these
money-brokers of Washington to pursue
different and useful occupation?
The business of the country has, to no
small extena, been deranged by the late
stringency in the money market. For
some time it was impossible, In New
York to get mercantile paper discounted
at any rate consistent with ordinary prof
its in legitimate business. Even first
class notes were charged one per cent a
month, and second class had no chance
whatever. The interior trade suffered
from the same causes. Export trade
was burdened in addition by irregularity
in gold and exchange, high rates of
transportation and the raising of the
rates OF discounts by the Bank of Eng
land to Z per cent. This remarkable fl
nancial phenomena was the result of an
increased demand upon the bank by the
interior trade of England and of the
heavy drain caused by the payment of
the Franco-German indemnity. Both
OF these causes have spent their main
force and now favorable reaction has
set in. The London money market sud-
denly raised up to five per cent. France
has paid her third millard and is about
to discharge half of the fourth When
the fourth millard is paid the French
territory will be evacuated and the great
financial efforts of the Government to
secure this desideratum by advance pay
ments will cease.
The comptroller of currency has pub
lished his annual report in which, among
other important items, is presented the
fact that since the organization of the
National bank system in 1868, only 81
National banks have failed of their ag-
gregate circulatiOn-$2.9 942, 1893. The
treasury has reduced $2,441 ,43O, and
stands readyss to redeem the balance as
soon as presented. The holders of these
note, however. are in no hurry Very
likely but few are aware that the banks
have failed. Not one in a hundred ever
looks at the name of the bank issuing the
note. Everybody knows that there is
provided fund ample for the redemp-
ton. When we compare the present
stability of our circulating medium with
the wild cat eras of the past, we realize
something of the magnificent character
of republican craftsmanship. The first
great point of stability has been reached
Within the true limits of the system it
is now proposed to introduce features
which will give greater elasticity TO the
currency and enable it to adapt itself
more readily to the changing wants of
business These are points to which the
comptroller invites the SPECIAL attention
of Congress.
Mr. Van Nliet native of the North
land. but since 1910, a resident of Bata-
via. Java. in his late visit to the Com
missioner of Education in search of in-
formation in regard to American schools.
made some interesting statements with
regard to affairs in Java He SAYS there
are 10000, 600 natives, 5000 Europe
ans. $50. 900 are Chinese
The Chinese educate their own chill
drcn in their own way. and every child
can read. write aud reckon. Very little
is done for the education of the children
of Europeans, there being only primary
schools for them. Any such desiring ad-
vanced education have to go to Holland.
Only about $120,000 are expended for
the education of the entire native popu-
ulatiOn.
With view to removing these dcplo-
ing information for use in his argument
with the government officers in Java
The President has accepted an invita-
tion to he present at the dedication of
the jefferson School Building in this
city.
The President has determined TO de-
vote from 10 to 10 o'clock of each day,
except Sunday, to Senators and Mem
bers of the House of Representatives
and from 12 until of each day, except
Tuesdays and Fridays, when cabinet
meetings are held, he will receive by
card. The business hours of his office
will be from 10 a. m. to o'clock. p. m.
The Presid nt's Message, with per-
haps one exception, ,sand the reports of
the heads of the several Departments,
are highly commended by every re-
publican.
One hundred and sixteen millions of dol
lars covers the difference of the outstand-
ing public debt since the adoption of
the Constitution. The difference, with
the exception of abont one million, are
all explained.
B. II. Bristow, late Solicitor General,
is strongly pressed in influential quar-
ters for the position on the Supreme
bench made vacant by the resignation of
Mr.. Justice Nelson.
General Babcock was yesterday, for
the first time, the bearer of the p resi-
dents message to Congress, so that now
he may be fairly considered installed in
the position which Gen. Porter has filled.
The prompt presentation of several of
the appropriation bills yesterday, shows
that General Garfield has not been idle
during the recess.
LIFE
II