The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-03-30

EnRIdlu bONeruOf-
Handle tendery the bodies of the Massachusetts dead
The dead Sumner speaks from his grave as eIo-
quently now did the living Andrew tnen
There is the germ of disruption in this legislation
as there was in slavery. slavery precipitated US
into civil war because 1t violated the national
conscience, and the people had determined 10
drive II out or those who countenanced 1t. BY De-
coming the aggressor the south only changed the
character OF the struggle-the struggle ITSELF was
inevitable.
THIS LATE LEGISLATION VIOLATES TEE NATIONAL
conscience
in the same way did slavery, and II 1t be not re-
versed IL certain to bring upon us In time tne
same Ills. Why not substitute free banking as
here explained-s redeemable currency, having It's
pivotal point in a fixed, determinate quality OF
value. with o steady progression toward specie
payments-in place OF the reckless legislation that
takes a further step away from tnat consumma-
ton so devoutly TO be wishedY IL would meet the
wants OF the South and West better than this pro-
posed measure OF imitation IN the issue OF more
greenbacks, as these greenbacks can only find
their way into circulation in payment OF govern
ment obligations. Now these Obligations are not
held to any great extent West thus this money
will gravitate TO the East, and will only find
its way West and South when the West ana
South buy 1t. Free banking would enable the
west duu SOulu W CREATE tutlT OWu tucy
have the value upon which to base circulation. If
they have not, well ask the North and East to tax
themselves to give a money gratuity to the South
and West and better. than infict upon the country
the uncertainties arising out OF the assumption by
Congress OF the power 10 issue irredeemable paper
money which in its very anticipation extingushes
all values. Again, these local banks would revove
around local redemption centre, and when cur
rency receded that centre If 1t were redundant
1t would suffer discount and be promptly returned
for redemption. We might also have
A NATIONAL CLEANING HOUSE
made perhaps a bureau OF the Treasury, to facili-
tate redemption as well as furnish guide to the
several banks OF the limit OF successful or par
issue. 1t seems to be admitted on all
sides that we cannot hope TO step from
our present non.specie paying condition into
coin relation We must have an intermediate
state. Free banking, properly considered, will
supply that intermediate state; and II the Presi-
dent will only rise to the dignity of his once
and the grandeur Of the opportunity afforded him
he will throw this $400. 600 900 bill back upon Con-
gress and say to the representatives OF the people,
Gentlemen, surely your united wisdom Is capable
Of something better than this"
The possibility Of a raen issue or inconrertiole
paper regard ,ctth onazepaerst and an1iety and,
in noy Judgment such an issue tooe1d be q det,f-
nleflt ana q Sldlne.-CHARLES SUMNER.
TIE STOCK MARKET
during the week was agitated by this legislation,
but in reality moved responsive TO other causes.
Western Union Telegraph advanced upon
large dealings in anticipation of scrip dividend,
assisted, OF course by the imitation action OF Con-
gress as it is impossible to conceive how any in
telligent understanding can believe Western Union
stock TO be worth more with scrip than
without it. The scrip dividend would be
only confession Of It's inability to pay
cash dividend and, this being admitted,
the declaration OF the scrip dividend really weakens
the stock rather than strengthens it, IL is out
rageously high anyhow. Telegraph experts say
that they could duplicate its entire service to-day
for one-quarter OF Its present assumed valuation;
but in the absence OF any exhibit the part OF the
company those who put their money 1t do so in
much the same way as they would into "keno,"
with this difference, however, that there is room
Tor grave suspicion whether or not 1t is a square
game. The argument is made that having in
CURED heavy expense on account OF their new
building the company has right to issue scrip
dividend which Will represent this outlay This is
all humbug and
VERY vANDERBnTIsH.
Ciphered down it simply means TO the stock
holders, Gentlemen, we have incurred this ex-
pense and used the money that ought TO have
gone TO pay you dividends. We will, however,
give you a piece of paper as evidence Of this
TACT. You try and sell it and see If you can't
rope In the general public to take this bur-
den OF expense on your hands" This is what
a scrip dividend means. II anybody likes it and
thinks it will pay let him go in and buy the STOCK;
he will get all he wants to buy oft. Erie has stag
gered along during the week under various de-
pressing influences both at home and abroad and
fha ust al m arr cd NV
the imitation purpose Of Congress, was injuriously
affected by the general decrease Of earnings. Erie
suffered OF course. in part from the strikes on the
road, but also from the conflicting rumors which
prevailed in regard to the new loan in London.
RAILWAY MORTGAGES
found increased strength from recent events being
Influenced early in the week by a buoyant move
ment in Union Pacific incomes, which the company
Is now offering to exchange for twenty year 8
per cent bond, or per cent sterling, secured by
mortgage, which is third lien on the
road and a second lien on the CON-
pany's lands The first coupon is to be adjusted
by paying holders the difference in cash, so as
to make the amount received the same as on the
incomes. The bill in the Missouri Legislature to
extend for twenty years the $1,000 900 bonds OF the
state advanced to the Hannibal and st. Joseph
Railroad Company at the time OF the con.
structlon Of that road has become q law. The
Chicago and Northwestern Railroad Company have
secured 900 900 in London on their consolidated
per cent gold bonds.
|. STATE SECURITIES
were extremely quiet during the week, with some
few transactions in Tennessees at lower figures, as
the principal feature. well informed authority
upon this question says:-"It is reported that the
Court will reserve its decision TIL next term upon
the question regarding the Bank OF Tennessee new
issue OF notes, and the opinion Of parties well in
formed at Nashville is that it would be so long
before these notes could be decided in another suit
to be receivable for State taxes that they are
practically Of little Importance. as the occasion OF
any probable decreasing in the revenue"
GOLD TOUCHED 1134
fhat 10 nEu dol