The news and herald. [volume] (Winnsboro, S.C.) 1876-1881, 1876-11-09

sileration by Senator Edmonds. AS
a final result the session closed
without adopting joint rules, and
the TIVE lty-~ccond rule fell with the
rest. This left the joint convcn-
tion for counting the electoral vote
without any rules other than the
constitutional provision for it's
meeting and the opening of the
votes by the President rf the Senate
and tho counting Of the same"
How the Treasury Department. Emba =
rasses Commerce..
he operations Of the centennial
exhibition ut Philadelphia have been
greatly impodcd by the absurd and
lmpracticnble led tape regulations
OF the treasury department.. The
cnlct or the bureau of customs is
W. Il. Clark, who has lately been
given the position in place of m
old employee, displaced hy NIr.
Bistow.
a the o er:ng Of tic exhibition.
Slr. Clark issued such complicated
orders in relation to the entry and
withdrawal Of bonded goods there
tnat the collector of the port Of
Pnlladelphia WAS obliged TO declare
them imprncticublc, and declined To-
carry them out. The consequence
~ that all goods from foreign conn
tries on exhibition ut Phiindclphi
we're entered thero without an,
ecord whatcvcr being taken. II.
the Philadelphia custom house thi,
't"rnlly gives in advantage to tn,
honest exhibitors as agninst tie
trcasury, and their dishonest con.
tedoratcs, AMI the result will lie tn,
'ss OF millions of dollars of revenue
on goods sold during md Mt the
c.ose of the exposition, and of cor,
responding nrc:it to those foreign
crs who nc rot mon of business
integrity. 10 cbviatc this, n roaY
l"''oh mas heon made requiring al
spaces of foreign exhibitors to b,
'nccd Oft ut the closo of the es.
tabhshmcnt, and will prevent quick
sales by auction, which is the only
way that loss can he saved. III,
transfer of the buildings, the rcs-
tor"ton of Failmomt park to its
original condition, as required by
aw, and the salo Of the offices, ex-
ccpt:nS memorial hall, will be de-
layed by this great mistake of the
treasury. This clerk is typical
Radical official of the treasury. His
theory is, that all merchants are
natural thieves, and that the pay
mcnt OF just refunds should always
be refused by the treasury and the
officials required to go to the courts.
re is one of the men who compel
c!tlzens to be dishonest IN order to
preserve their business chances,
and ms coulse i'll relation to the
centennial exhibition is only. q
sample Of that pursued by the
treasury department in it's relations
with business men for the Inst
eight years.
The whole effort Of the Republican
! chiefs OF government since the wal
has been to multiply forms and
create cmb"rrassmcnts in the way
OF the regular transaction of bust
ncsH' in order to keep up an appnr-
ent necessity for II 'argcst pos ,ible
number of oiliccholders. Under
this system tho ofliceholdcrs have
grown from $4,000 in 1860 to
$4,000 in 1876.
LILO insurance end Real Estate Specu-
lation.
The failure Of several life insur-
ance companies recently has called
attention to the character of their
assets The New York Suu shows
how real estate speculation has been
fostclcd by these companies and
the consequent collapse. It statos
that seventeen life companies of
that city hold mortgages on real
estate amounting to $2l, 100000,
upon which only about thrce-fourths
can bo realized in cash. These
mortgages were, for the most part.
effected in 1S6G-7-S, when PROPERTY
was held at n high figure. Forced
sales i'll default of interest demon
strated the fact that the property
would not bring sufficient to cover
hrst mortgages, SO lcnient policy
was adopted. The very lowest
estimate that can be given of the
decline in The value of the above
securities is 30 per cont, and on
th's basis the assets as presented
by tho companies would suffer n
reduction of $4O,59O,O0O. A real
estate broker being intorrogatod on
tins subject on Saturday said: "The
decline II real estate is greater. on
an average, than 30 per cent. all
around If the property on bond
ana mortgage We're to be sold to
day it would not, on an average.
realize so per cont. of the money
loaned upon it. I have tiled it. T
hnd two houses in Thirty second
street to sell for ono company, and
at auction sale the amount bid for
them did not come within $4,000