The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1873-12-18


many of whom had congregated IN Wall
street, adopting for their rule of business
the apt motto Of Horace, make money;
make it honestly if-you can, at all events,
make money! The lay of the State OF
New York, which has been retained on
the statute book since 1913, restricting
the operations of the Stock Board, had
unfortunately been repealed IN 1850 so
that its members and manipulators were
enabled.to increase the operations to gl-
gantic scale. The quotations of the
Stock Board are known to be frequently
fctions of specuIations, and yet these fc-
tions control the business and Commerce
of great country, and their influence Is
not confined to this country, but extends
to other countries and seriously impairs
our credit with foreign nations. Rail
roads and other corporations, which they
have bolstered up and which have OBJ
tanned quotations in London and other
markets of the world, have now been re-
duced to a more proper valuation or
stricken from the list. Unity of action, Is
SAID, among the leading banks of the
great cities, viii do more to reform abuses
than any Congressional enactment, for
unless such corporations shall unite ana
insist upon legitimate methods OF con-
Quoting business, the laws OF Congress IN
reference thereto will be likely soon TO be-
come imperative. If, however, banks are
disinehh Cd to unite for such purposes; the
legislation required of Congress will be
such as HilEinduce the -sssociatlops out
side of the city of New York 10 retain IN
their vaults such funds as are not needed
at the commercial center for the purposes
of legitimate business.
The following statement has been pre-
pared, showing the whole amount Of Ma
tlonal Bank currency, legal tender notss
and fractional currency issued up to Octo-
Der 18th and November lst, 1873: Ma
tlohal Bank currency October 18th, $780,
049. .056; November lst, $3.50, ,332. .SS4;; le-
gal tender notes, October 18th, 1888, $685.
8S8; November 1st. $3.50, ,952, ,206; frac-
uonal currency, October 18th, SAG, $685.
l9l; November 1st; SAT, SIG, l49; Totals,
October 18th, $756, ,3l5, l35; ; November
LIST, S759, III ,239. Deduct the amounts
held by the Treasury and by the banks.
October 18th, $l16, ,496, ,995, November
1st, $12S, lac, ,727, which viii leave unac-
counted for October 18th, $3.50, SIS, ,l38,
November 1st, $63I, ,030, ,572. After max
ing due allowance for the currency held
by the State savings banks, trust compa-
AlG5 anu B44NAAC OdAAAC4Sy lACAC cAC AeNA 6CA
amounts than can be supposed to have
been in the pockets of men or the tills of
small dealers, but it may be left to the in
genious IN such matters to divine what
portion thereof was boarded by the timid,
the ignorant or the covetous
The Secretary of the Navy in his re-
port to the President says: There are
now in the navy 165 vessels, carrying ex-
elusive of howitzers, 1869 guns, a reduc-
tion since his last annual report by sale
and otherwise of Is vessels. A general
enumeration of vessels presents 63 steam
ers, other than tugs. carrying S26 guns,
30 sailing vessels, 322 guns, 48 iron-clad
vessels, III guns, and % tugs used for
navy yard and freight purposes. Of this
number there are at present IN commls-
sion for sea service distributed on the sew
eral foreign stations and our coasts 46
vessels carrying 400 guns. The cruising
or active force of the navy, as these may
be called, and which Is controlled by ap-
propriations made and seamen authorized
by law, Is about the same as last year
Six of our live oak cruising ships are now
in various stages of forwardness at the
several navy yards These are all OF
moderate size and none of them sufficient
Iy advanced to be of present use, but they
are adapted to the wants of our cruising
and navy and will in a few months add
materially to its strength and efficiency.
The eight sloops of war authenzed by
the last Congress are an in progress Of
building The valuable work thus begun
should not be discontinued but the De-
partment should be provided with q
moderate amount of funds and author
lied TO commence each year to build a
certain number of tons to supply the
regular yearly expenditure of the naval
force, which will of necessity occur
The work of putting our lron-clad force
in efficient condition referred to in the
Secretary's last report, mas been pro-
ceeded with as fast as the means necessary
for the extraordinary work could be
spared from the current appropriations
for the support of the navy. The wis
dom of this act needs no illustration from
him at this time Without it we would
have been left not only powerless to as
sert our own rights, but almost defense
less against arrogance or aggression.
The Secretary says the naval force IN
the North Atlantic station was reduced II
the spring and summer by ordering north
as a necessity some of the vessels which
were much in need of repairs and whose
crews needed a change, having been Ions
IN the tropics. The expedition for the
survey of the Darien & Nicarauga Inter.
Oceanic Canal have completed their du'
ties and submitted their reports.
The Secretary speaking of the Polaris
says her cruise has been decidedly the
most successful of Arctic expeditions
The geographical knowledge of Arctic re-
gions has been largely advanced. A very
| particular questioning OF every one of the
officers and crew of the Polaris and o
the scientific corps, except three persons
as yet uneXamined, has completely salts
| fed his associates and himself that Cap
tain Halls death occurred from purely
natural causes; that his medical treat
ment was judiciously adapted to his cast
and that he was tenderly nursed and careC
! for to the last. The evidence has alsC
made it manifest that Captain Hall wa
always faithful to the trust reposed IL
him in assigning him the command o
| the expedition; that he was kind, firm anC
/ humane in the exercise of his authority
| that he was earnest In his desire and II
| his attempts to reach a high northern
latitude, and if practicable the pole it
self, and, that his untimely death was al
irreparable loss to the expedition. 1t il
/ also apparent IuaL OApbdLn DQOQlnBJOH
who succeeded to the chief command OF
the death of Captain Hall. proved himsel
| tOsbe good seaman, and that In all tn,
! dangerous positions in which the Polari
was placed, his conduct as her commando
was skiilful and judicious, the natural re
suit of long experience at sea and IN com
mand in northern latitudes.
The Secretary renews the recommends
/ ton that the resources of our navy yard
be increased and SO prepared for all emer
| geneies; that the old navy yard Of Phila.
delphia be abandoned and new building
erected at League Island; that the New
York yard be preserved in the presen
site and the Pensacola yard be In a meas
ure rebuilt.
The Secretary earnestly recommend
that ample provision be made for the snp
i port of the Ordnance Bureau in order tha
4 nothing may interfere with its efforts t,
supply our ships With the most powerful
guns. The estimates for the next fsca
year are SIS, ,242, ,235, and to this is adde,
the sum of 1854, $50 for current repairs
buildings, docks and intended expenses il
navy yards, etc. These estimates are les
a Il. IL.