, 1873-10-27
WASHINGTON.
The New School Of Federalisn1---
0reswe1l's "0aisse d'Epargne."
A Fronch Observer on tho Bank Of France.
Hints Toward Specie Payments.
The Jews One Hold on Enpire...
Gold.

From Our 0rn Correspondent.
WASHINGTON, Oct. 20, 1870.
Nothing ia more significant Of tho lapse Of
convictions into ohaos than tho nov gospel Of
Interference preached by ex-Robels like Hughes,
in Virgnia, and half-Robels ut tho outset, like
Mr. Oreswel.
THE VIRGINIA cAIpAzaN
ia bo1ng pressed upon tho pooplo thore solely on
tho theory that, nnlons thpy olect Hughes and
h1s ticket. tic Washington Government will not
build canal acrosH tho mountainR for thoua.
To carry out this cheat, that lanliy tnnncior,
John Sherman, haa act out for virginia,
with Sanford Conovor and William Windom,-
two Hages Of about equal importance In the pub
ho oconomy,-in order to seom to bo inspecting
tue canal, whilc. moantime, thoy take hand in
tho campaign. This Ia public mcannoss and
deceit unworthy Of gentlemen or State. It is
the torrora Of tho Protective system turned in
ward, saying to d part Of tho country aa
1t aaya to Nova Scotia or to tho Cana
dian Dominion: "Join us, or we will 1x up our
tariff to your injury" The fact is pntent
to an observer. that thoro is no prospect Of tho
Government building tho james & KRnawha
Canal ; and, ii thoro wero, 1t would bo con-
temptiblo to pivot tho measure upon tho politt-
cal expression Of tho people to bo benefited, It
is easy to end fellows like Window aud Conoyor
working on this "lay !" but thoro ought to bo a
limit to John 8hor1nan's shallow cunning. be-
causo ho has aou,o respectable connections and
some desire Of dignity. The argument Which
had botter bo addressed to tho Virginia spirit
should be highor in object and motive. Nothing
would answer bottor with the young solliery in
the Valley and tho tradesmen and farmers Of
Pied Piedmont ont thsn to set forward the nogros de-
aett9' Wv iunuesa oi t1e 1ln'e' aho the prao-
lutipa lin in tba commonwon1th mn "''''1''
4"''A7 D@AA - s'4o oomuouneuitn'
ME- ohEswELLs EFFORT.
80, ,., e'1 ~ wv oan'o
npes", a W ool"lu mos1so1 III oal'lmoro oity, and
tno ouense 10 worst IN MIN aa part Of the dov-
ernmont. Ho drops tho innucndo that Mary~
baltimore mad. 1or nort o1oanad ort a,s 49,; ~ 10
a. t>nn ~ o'oau'a oa' ano puf1-
.hasa -, e.a''ss "uone ana 80 ,otth suppose
these things arc needed, have thcy anything to
do with how men cast their ba1lots2 Such argu-
mouts uro In tho nature of bribory and corr,,1.
tion - D''' "''u 'o'i"p"
W.T. NJ. ou..o,, ...-
raus. n,s vtes"on !nen proachos the now gospel ct
!banl, which shali pay per cent and
mop the people," while they, meantime,
,ns'p n9sap tIo aovefnmont; bg buying Its bonds.
.ast ',,a u.aGs - Peopie VINO would sup
present savings Banks: aud these 1attor. banks
arc Already secured m BY Investments in Goyorn-
lnent bohda. Ihey probably own as many Gov
ernment t, bonds as the National Banks koep in
tile vaults Of tlo Treasury. Az general ru1o.
tho Savings Banks nye perfoctly conHorrntivn
and sound, and they inrept what thov dn nnt
keep iii Government or Slate eecuritioa in mort
Cages on real oBtate and farms, quite ~ gool
aud aato ,,sos Of tue monoy ay our nofitfe;ana
would mako Of it with tlieir larbor.ioba md
"pooling not to INV dopositors and th"ra V uaa ~
loud ontory ngai,,st them. and If. also thara
was want Of malket for our bonds. III. Oroa-
well would be III order; but ho appoars to bo a
roHtleRs BuggeRter filled with towering schemaH
for personal famo which are not consonnnt with
tho structure Of our Government. Wban It
comes to 10 the custom Of douosit;nr
all individual savings with tho Govor1a,ont. It
will so.no day come to DO con,pulsion to
do so, and Administrations Will subsist unon
such sayings, aud Uougrcssmcn mako Jobs to