New-York tribune., 1877-05-14

SATURDAY, May 12-P. ".


The week ending with to-day will provo
notable for having witnessed the Treasury fist yolun-
tary end energetic step toward preparations for Inc
resumption of specie payments under the law Of le'o
Heretofore the retirement Of legal tenders al the rate OK
so per cent of the now bank note circulation ISSUED s
reelected 80 credit the department because u vas
simply 20 compliance with mandate ~ the law. ldt
the sale of - 100000 of bonds for cod which in turn
10 Doe invested in legal tenders and the latter 10 30
bolr,d t, q special fund in the Treasury, waiting 'Ac
direction Of Congress 10 cancel 9nd declare them iNd'
shows that the secretary believes that the discretionary
power conferred upon hm by the law imposes f's'-
siDlity beyond that of mere booAkceper. TIE
tribune in rendering ts congratulations 10 the country
this display ofaPuposcto once TO hardp'n
-thcl,droc;of anew and substantial prosperity cannot
omit 10 point out the probability tlata continuance oiA
plan VIII met by scusecss oucry against coniIac-
ton and howl of despair from all the oanr1'ed coz
pcratous and interests which bave been and si. arc w.
u upon easy money and the creduiity OF The people.
But the result Of having needed thc same sort o cry
against McCuloch in 1867, Which. after producing Ao
wild times Of 1859 20 l~72. has lrt the country m no
slouEh OF drspond from 1873 20 l>1r should ID. '"-
cent experience 10 render nc cry no" po"en'sS WIN
both Secretary and Con-resS.
pr the one event OF Oh, week NJ srecia importance 20
te commercial and mercantile interests u This city was
,bc Canal Boards adoption OF the minimum rates for
tu allowed 10y the latc joint resolution Of tne LrEis.a-
tlre That the magnitude OF this boon may DE fully ap
urcclited we reproduce the resolutions IN full:
I ON persons and property rate, 90 bc I'm a re-
sr,, t, >uC as for ~1i, excepting artducttI of %
u.r cent uu gram peas, salt manufactured u ,ls ~a,c,
and lumber transported 10 boats, aid the eA mplJu *
boats nom the payment OF tolls.
- 4 reduction of % per cent on Hour iron ore slaves
aud hpug. coal, and all freight except utai-n >df.
3, The abolition of tolls uu the following: tur~ 1ut
urli!,s pork beef, bacon lard tlpW and aiG o. N'n,
meal. rct fruits, cotton, unU uuirluItl iuu'fn,
hemp. clover and grass seed. hops, dome,ti, sIts,
leather bar and p- lead, coffee, live cattle, hos, eAvtp,
duu,s site WuOlCus, and domestic cutJons
This will permit OF corn coming from Chicago q" New
York by the lake and canal at about -ia cents per
bushc equal 70 i cents per 100 pounds or 3 mills
per ton per mile by rail to NcwYork or for the distance
from Chlciso TO Baltimore by ul rate OF 3s mills per
ton uer mile OF course neither the Baltimore and Ohio
Railroad nor any other carry freight at any such
prcc and il il attempts compete for the trade IL must
doso nn immense sacrifice But the last resolution,
I'm tte abolition OF tolls beef pork bacon, &c. as wc
os ON domestic woolcns and cottons, opens new fed
fr tnc water route Il has already stimulated the ship
nent OF pork by water from Chicago, concerning which
The Chicago Tribune remarks:
The railroads had been under the impression that The
hackers would be compelled To ship their products by
their Ituts matter what the rates might Dee. Now
that they have found out otherwise their bachoueS ara
ra thCy were week ag0 The railroads claim
that the new line Will he failure owing 20 the length
time n takes Ia deliver the goods their point of
destination Yet there are "A humber OF experts who
confident that most OF the products of the packers
be shipped just well By lake and canal AS by Tau
and that the difference In time h. not sufficient To ma
up Tor the difference IN rates wACh Just ouehaN less
by water Than 10y rail-. MVssrs. Armour * Co have
shipped several earsoes By the new line, aud other