, 1876-01-28

To the Editor Of The Chteuoo Jrtbuae:
BgLLEY1LLE. ILL.,, Jan. 23.-1n the number OF
tho Goth Of Januaty Of your valued paper, find
Al article headed Qorman Hard TnueB." I
nm not dssposod to deny your statement that
tho panic in Germany and Tho crash In business
arc very greatly oning 10 Wild specuia.ions and
immense oyo1trading. nos traceablo nt all to my
iosBcs suffered by tho depression Of American
securities. But that much Of tho commercial
distress prevailing In Gormany ut present arises
from the fact Of those securities having become
not only less valuable, bet altogether worthless,
Is also beyund doubt.
You blana tho Gesmau people for having bn-
como e1citol ut this loss, and for having beon
unjust toHard tho American people and you
adyieo tham 10 reflect that uatlons like indiytdu-
as, make their own mistakes. You continue:
"n Germans haYo lost money in homo ard for
etgn Investments, 1t IL because tAoy wo1o not
shre#d aud careful enough. Tilrro aro good
American securltloa and bad ones. Just tho Same
~ there arc good and bad stocks." OF COURSE
you arc also right iu that but let mo tell you,
it is not that which has omb,t.eled
public op,nlcn 30 much amongat tho
Germans, and craatca - considerable
preiudics agatnBs our nation. II Ia not private
stocks and securities atout the IoBs OF wh!el,
they feel themselves justitlea to complain, but
what may be called public stocks and public OBJ
lgatious which have IN many tnstanceH been
wholly destroyed aud uu!!itied by the docinlonB
OF our Courts. Tint is what, III some dogroo,
Justly haH created their uufayorablo opiuiou.
Lot me illustrate:
There is city In Illinois, fur ,nauy years con-
nectod with q Etest commercial cenlro by ono
railroad. In 1870. a company having railroad
in tho county, asartlnE from that commercial
point, desired 10 oxtaud It to tho 0lty iu luea-
ttou. It opened rich cua-tiedB. and created
mUst favorable competition, ~ which the clizens
haye aluco had their fates and rates reduced
@a.1s &,ni$ tI1tt
city to take s6o.00U Of it's stook The c!tY ind
power by special law 30 to subscribe, subject to
yotc OF tho people, TAe ordinance for H,ich
yoso passed In May, 1870. The sotu WAS taksn
Of the subscription. Ihs bonds to my Tor tho
atock y Gro istued to tho Company upon various
onorouH couhtinns ~ to tho npGeuy completion
OF the Eoad (Which increased speed cost tho
Company nesily ore.Lalf OF tho sutecGption),
As to putting s'reota in COOL condition aud
paving than; all which conditions Wcro sttiot-
" complied With. Tho Company bul:t a
depot and nachlne'stops; upon. which,
aud their track In tho city, and rolllngs.ouk.
tus iusprest paid by the CITY on tha bouds
{S4,0Q0). Tho roRl estate hi tho immediate
noighborhooh III tho city rose oyor 100 por cent
In yaluo, and ita owners pay tho additional tax.
Six or asven mlcs Ut country along tho railroad
advanced tEou 100 to 400 pvs cent in value, IL
borg oil oohl-lalid wllitl, docrssaed t4o county
tnxeB Of tha c!szons Of ssid clty to very gruat
ext0nt.
T4ose bonds woro all aol In Germany Thsy
fccite On their sauo lnn luu authorizing tha CITY
to subscribe; aiso. tho fact that the people
vosel lhu subscription. Tho agent 4el.
lux tho bonds stated tho lac& that
tho c.sy a laa ~ N, Of othsr r. dott and
thrltsy ptople. Now, how shfewd, IN your op,n-
ion, a!luula tha man be nut to bu ta4on In by
thoso representations taAit'e!y truthful, Rnl
made by honoeRba usen7 Can aay tnore care
t,r tiht@
the investment
And Yot, sear OF 10 after tho bonds wpro
sold, the city having paid tho interest," those
Gorlusn boudholds.s hai to 10 luforneJ that
= divided Court, docIaed that = spcoiai
amendment 10 tho Constitution had boon
adoptad R,ld, although tbs now Con-
stl1utlon VIVA TO 10 uto foroa only on
!lo eta Of Ansnst, tLo special Provision Hh,oh
or oountioa wont into suroa au the al ot july,
whsn the roopia voted OIL the Constitution; 1t
ouce, and Lanao thst any vuta taken sfser the
i s*il date MAS of no furcv aud elfeot, anl honda
tssaad In tursuanoD Of nala 7uta were utterly
vOtdt
Probably marc than fifty similar proceedings,
IN cases u cil4eH to#MH and cnunttes, fell undef
tho bAn OF that same dsetu.pn. whlct,. by mang
very abba laSyeso III !he atato, 4aa Lesu mo-
noaneod ~ ono Which h, to any Tue !eaat about
1t. l. ttost farpot aud unnatural construction Of
tho law. ho". tia citizens sra perfectly willing
~ ~ VI A1u pay aaaas MoNt nohastlY contracted.
Tor which shcY rcoa,yau eyauallu consideration.
~ egau Thu slac4 IL wufth Aouaa 20 DER cont, aui
may III time calna up 10 parl but Any lu,t{iopur
mar to-nl0Eraw bring thu uxyo lato Tho Courts
knl rob llls hoilera ot their hoHdy
Set1a other AIuislou4 ot CUR Courts have
ctaA,1d the EFtaenst hstnniah1,ont ia EWlope.
Lava .otnetiusss tWeusy. OF Byeu forty, ysaln ou
Ihs htat.tsbuuIs HuuoE which larHn eat atcs i4aYu
passud. hAsu baon decided Unconstitutional Ia
quito seoont tltuaB.-sLsh ~ lava allow
luz Administrators or GUARDIANS tn nall
!sHds.. which WAS formerly, ia neatly
| I'll the 5Iates, considered = Legitimate
eassctsa Of la9islatlys poser, by Which d.
a@sions valuable sracls ut lands hAsa beeu takan
Large BUDS Of money. Ws muut 1aoollaot, slgIIt
here, that tu no otter coautry !p the xortI, eYen
where they have wrlsteu Qanststutiops. bsye ths
Court! over ASSUMED 10 hold \ Law regularly
Europe IL (snd w2s NJ ono time eyea tsrosel