, 1873-10-03


Two o.llor gigantic swinileB - 20 whoro tho
wootlbino twnoth M result Of tho panic. Wo
alnll hnrdy ice Congreau voting to bny tho to1o-
grnplsn Or tho railroads Mt 1'rosent. Tho ronson
money, aud cannot borrow it by snlo Of bonfls
except nt such pricos NJ would bronx down p11b-
Ito credit for many yoaru. Alrcndy onr ahle OF
bonds nbroAd has coasud, while tho excitomont
securities III London md frankfort Indicate tint
q Grolt many rilltonB III yniun may soon 10
thrown bao's upon us It IL tr,,o wo shall loso
nothing BY tho ropurchasc. at low 1gtres, OF
as far ns We have means to parcllnno, CO.., do SO
advantageoua1y. But Government Will havo not
much a,irp1a during tho rest Of tliis ycar for
buying ol bonds OF, anything else, sna Il l,y auy
for salo The price would ho 80 far depressed tmt
any proposal to iBB,lo aiiationnt bonaA,. either
for purclnno Of telegraph lines or railroads,
would destroy tho public credit. 30 the sneu
latlona, and tic unfapry newspapers wh'el,
tic uows for them, will hnvo to wat yot littlo
longer. ,,,, ,,,,
Jay Cookies Senator from Niunesota, Mr, Wl,l-
dom, Inns Oil tho bran will havo to sleep awlle.
A groat many Of theso Hclemca will 20 over
board In consequence Of this aalno gust Of wind.
For tho people will donand tho most rigid cco1l-
on,y III wlantoyor Investments ngo. now to ho
lnalo to securo cheaper transportation.
EXPANSION OF CURRENCY.
From THO yer 1Iork Erc,,tna !es., sett 20;
Tho outlook is decidedly brighter, enough ;M nGi
rojolco III tho change, but In to tc last dogreo
important TINT wa re1oico tompcratoly and Tigo-
! ly, and with tho consciousness TINT seeing tho
slioro-lghts is not always e1uiyallent to getting
| Just escaped bring tls III tho proaollco OF new
dangers, Of which tllo moat threatening nro pro-
scented BY tho a'tion OF tho Government II re-, ro-
Bunk Committee in regard to mi unlimited issae
Of certificates. Both look towards NIL expansion
! Of currency, which may produce mosacntary
relief, but which In tho end will leave us III
| worse state than wo alo now.
A week ago, when tho Government might llnvo
douo como rcal good by broRching tho reserves,
I II could find neither law nor necessity for tho
measure. 1t was pressod by au the forco OF
community iu tho agony OF an expected rum aisa
turned iont Cur to tho 1nonno a1ld crios but
NOW, when, II we hnye not largely Woathorcd tho
galc wo llayo Mt least put our slip in trim, fot
mooting it, the very thing III to bo done WHICH, 1t
was proclaimed IL no "oTla nf 'o Eo
November it1tarsat Ia all very well, but 1s only
thrco millions of it nccrllea to this country, IL
cn1, hardly be more t!aau q drop in bucket.
Gould That part Of tho 'tSIent "no , "ttGnS tn
bo invested i'll foreign exchange, as ono 5 o5
our correspondents PROPOSES, the md world
| he fur moro immediate Mill substanttal' Inc
Government has ronly no authority for either
step; but, IT 1t ia going TO essu1no Ell anthor,y.
it ought to do It in TINT why which would 10 tito
most eillciont md tho lcaat detrimental
AZ the nlatter atas.da, We do not SEQ t4at tlloro
is any restraint upo'' tho power OF tho b31lis
Committee to pit forth certificates, which be-
como nn nctuhi new currency, Supplcntliig green,
backs; OF no res.raiat loyond tho prutlonce mud
caution OF tile gentlemen concerned, anu which
wo entrcat tllcm to nso now with their utmost
discretion.
Wo aro thoroughly dstrustful Of el p!a'la thai
arc likely to lend 10 pnpor cHpGnDlon, md
though nllo may bc IN hosno rcacctn bottor tl1t1
another, they aro none or them to bo toucnoa'
saye with fear eud trembling.
TIE NORTHERN pAclrIc-A CALL ron GOVERN
From, tkr i%iisicirhi, Press.
Already Fastern orcson. Dakota, Washington
troph;os % ii tho uuceoEu Of tho North Pacific, nnt
prove tllu argument in favor Of it's continuance
The work will go OH. Eo order ]'ns been isnuot
to ayrost iss prosyesH. But from thia atatemeu
future It is evident that it III too vast machine
to be managed by nny Que connpNlly utlall3d b.
Government Tho interesta inyolVcd-nationa
and indiyiduel~:tlo credit OF tho country g
homo and ABROAD the suro appreciation Of al
our public lanls. tho huudretla Of thousands o.
people Of all clasgos WHO hold these bonds, vii
cereate public opinion that viii b.
Irresistible upon Congross, and wo hold that "
a retnedy which viii only require tho endorse
! mcnt Of tho Government to 11luko II effective
Aud as there can be no rink to tho Goyernmon
IN extending its MD, isaae.uch aa the proceeds
tho sales Of tho lands of tho Company will no
: only pay to the Government any, amount 1t MIN,
advance OIL account OF interest, hut tho pushing
J forward Of tho road itsoif will immensely Oh
. hanco tho millions Of acres Of lands still held b.
the Government, and now almost inaccessible.
We arc led to these REMARKS because certni
] newspapers have predicted that this great wor
,, will now 10 closed. That is impossible, Or.