davidaulloa/AmericanStories huggingface dataset:
Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1879-08-07
Profit Upon the Circulation of
the National Banks.

The Comptroller of the Currency has
made statement which shows that the
whole amount of interest received by the
National banks upon bonds deposited as
security for circulation was, on July
S16,912,736. If from this amount be de-
Quoted ten per cent. .(SS,691, ,273), which
is the interest upon that portion of the
bonds on which the banks receive no
circulation, and also the one per cent.
tax on circulation, (S3, ,1SS, ,29S, or total
of $4,S79, 9,564, there will remain S12,O33,-
172, which is the net amount of interest
received by the banks upon 90 per cent.
of the bonds deposited as security for
their circulating notes. The National
banks now hold about $2O,OOO,OOO of ten
forty bonds. If these are converted into
4 per cents. the net amount of interest
received by the banks on the 1st of Au-
gust will be $11,176,207. If all of the
bonds held by the National banks are
converted into 4 per cents, and the same
deductions made as before, the net
amount of interest received by the Ma
tional banks upon the 90 per cent. of
bonds upon which circulation is issued
will be $9,564,S75.
If the present capital of the National
banks was loaned upon bonds and mort
cages at s per cent. it would yield $780,
S92,05 interest annually. The net in
come derived by the National banks
from United States bonds, if bearing in
terest at per cent, and from the loan
of the amount of circulation issued upon
these bonds at eight per cent, amounts
to $36,412,61S, which leaves difference
of $G,520,567 as the profit of National
banks upon circulation, based upon FOUR
per cent. bonds, which is equal to one
and Seventy-four one-hundredths per
per cent. on the capital invested.
Under similar circumstances the profit
upon circulation to the National banks
in localities where the rate of interest
is six per cent. would be about two per
cent. more than if their entire capital
was directly loaned at per cent. upon
bonds and mortgages.
The Comptroller has also made a
statement, showing that the National
banks now in existence are entitled to
receive upon their present capital, un-
der section 5,171 of the Revised Statutes,
S3S9,372,916 of circulating notes. The
total amount issued is $313,O45,346. The
National banks already organized and i'm
operation are therefore entitled to re-
celve upon the deposit of the necessary
of United States bonds, S76,327,-
SO of additional circulation. In other
words, they can increase their circula-
tion one-fifth if at any time they are in
want of the additional amount, or if any
profit can be made by an additional is
sue.
Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1879-08-07

DOUBTLESS stimulated by the success
full funding operations of our govern
ment, the Prussian government now an
nomces that it will consolidate and re-
fund its entire interest-bearing debt,
now amounting to about $25O,OOO,OOO.
This probably will be accomplished
without much difficulty. Although the
credit of this nation ought to be better
than any other and the productiveness of
our taxes is enough to make the finan-
ciers of effete monarchies turn green
with envy, yet the activity of the Demo
cratic party in opposing the resumption
of specie payments and denouncing the
holding of government bonds as an I'M
holy act, engenders distrust that still
occasions some prejudice abroad against
our securities.
Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1879-08-07

Mr.. VIRGIL KLINE, a hard-money
Democrat in Cleveland, makes the fol-
lowing point:
"The greenbacks are exempt from all
State or municipal taxation. The obvi-
Gus reason for the decision of the Su-
preme Court that no State or municipal
ity could lay taxes upon Government Sc
curities is, that by so doing the power of
the General Government to borrow
money and give its note or bond there
for might, by hostile State, be taxed out
of existence. The National banks pay
to the General Government and the
States annually over S16,OOOOOO. One
of the serious, and justly serious COM
plants of the times is, that capital so
readily slips into greenbacks just before
the assessor comes round, and thereby
avoids its burden of taxation. The
Democratic plan would not only throw
the burden now borne by National banks
upon other already overtaXed poperty,
but insure for all future time a Govern
ment currency exempt from taxation, in
which capital might conveniently hide
itself and escape its share of public bur-
dens"
Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1879-08-07
BRIDGEPORT.

a number of our prominent families
are encamped near Pennington, on the
creek, enjoying the rustic scenery and
cooling shade of that locality. They took
with them tents and the necessary ap-
plianceS for camp life.
"Tuck," a ten year old son of Adolf
phus Stewart, the colored blacksmith of
Martins Ferry, was drowned while ba-
thing on Saturday last near the keg fac
tory. Ali day Sabbath cannon was
fired from fiat boat in the vicinity, and
at about Z o'clock in the evening the
body rose 90 the surface near where it
went down. Tuck was buried on Mon
day at 10 o'clock. The family have the
earnest sympathies of the whole commu-
nifty, being highly respected.
If Hayes kept boarding house we'd
hate to be one of his boarders.-Wheel-
ing Leader.
Yes; doubtless. Mrs. Hayes long
since banished liquors from her table.
The color line in the Republican par
ty is shocking to contemplate.-Cincin-
natl Enquirer.
Yes, it needs soap badly.-Wheeling
Leader.
What does your daddy ask for soft
soap per gallon?
VIII RowleS, son of DR.. ROwles, will
ON Saturday leave for Des Moines, Iowa,
to pitch his legal tent and try what it
means to go it alone i'll life. Will is a
first class young man, has diligently
prepared himself for the practice of his
icI rNlan onf
and prosperous gales, a lucrative prac-
tice and a happy life.
The Senate chamber should have
Senate-oriel windows.-Cincinnati Com
mercial.
We thought the Senate's wind-was
riel'd enough recently.
Has any one observed that charity
covers a multitude of shins ?-Cincin-
natl Commercial.
We have often specially observed that
ShinS have covered multitude of feet
their proprietors and charity.
Numerous fleets of coal, with mill
ions in ii" passed down the Ohio in the
last few days.-Bellaire Leader.
And we heard a prominent old Pult-
ney Democrat say it is wonder the
Democratic press don't howl at John
Sherman about it and stop the fleets.
The colored camp meeting at Martins
Ferry closed, after prosperous session,
Oh Monday morning.
President Chamberlain, General Man
ager Townsend, Vice President StreatOr
and Chief Engineer Card of the T. V. &
w. f.. r. arrived in town, the guests of
E. P. Rhodes, on Monday evening. On
Tuesday morning, with representatives
from here, they took ride of survey
along out the road, and in the afternoon
started overland to Uhrichsville, taking
st. Clairsville in by the way.
Large delegations are preparing to at
tend the reunion at Steubenville. None,
however, of the "boys in blue" choose to
attend the mix of "blue and gray" at
at the same time. Our boys
will not relish that kind of glory-tOO
much like the Ewing and Rice boom
but will associate and vote as we fought.
Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1879-08-07

THE increase of the public debt by
over six millions of dollars during the
month of July is due to the extravaganza
of appropriations by Democratic Con-
gress. 1t is but the beginning of things.
Give that party the control again for a
few years and the public credit will be
improved so much that, as during the
last Democratic Administration, limit
ed loan could not be had for less than
twelve and half per cent. There will
be comparative moderation till after
the Presidential election, for it is essen
tial to make tolerable financial show
ing during that canvass, but there are
tremendous schemes for squandering
money lying perd1, to be brought to the
front after that event is over-Cin.
Commercial.
Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1879-08-07

Rev. John Graham, d. D., of Brighton,
England, was drowned Friday, III Cape
May while bathing.
The public debt was increased last
month over six millions dollars.
Three young desperadoes at Manning
ton, West Virginia, have been arrested
for ravishing young girl whom they
had enticed away.
The anniversary of the emancipation
of slaves in the West Indies was very
generally observed by the colored people
throughout the country on Friday.
A miner named Hall was kicked by a
mule at the Ohio Coal mine, near Cam
bridge, on Saturday, and sustained Sc
rious fracture of the jawbone, besides
other bodily injuries.
1t is now said that Gen. Barksdale,
the strongest candidate for U. States
Senator in Mississippi except Jeff Da-
Wis, will withdraw at once if Mr.. ID.
barely hints that he will accept the of
flee. -.
The leading wheat crop, so far as re-
ported, was raised by Elisha Cox, of
Union township, Martin county, 1ndi-
bushels, an average of As bushels to the
acre.
Mr.. Henry McGrath, ex-Marshal of
Sarahsville, Noble county, Ohio, was ar
rested at Cambridge on Saturday upon a
telegram from Marietta charging him
with embeZzlement. He was taken to
that place to answer the charge.
old hovy Of
Cambridge, Ohio, while playing with
other boys ON the railroad track on Sat
urday, was thrown beneath moving
train and had his foot and ankle badly
crushed, which may terminate seriously.
All trains on the Louisville and Nash
vile Railroad were withdrawn Satur-
day, and no Northern mails have been
received at Memphis. This was the on
ly route left for getting in or out of
Memphis. All river trade and traffic
was stopped some days since.
A meteoric stone weighing three hun
dred pounds was found near Oxford sta
ton, Tuscarawas county, a short time
since, where it had fallen very recently.
1t was buried in the ground seven feet.
1t will be "looked into" by the scientists.
Secretary Schurz will make a campaign
speech in Ohio on the 14th of August.
Then he will go West to Denver, Salt
Lake and Bozeman, Montana. He will
visit the Grow Agency and endeavOr to
make new treaty with the tribe, and
return by way of the National Park and
the Geysers.
The st. Louis Journal of Commerce
I L
from all sections of the West, particu-
larly from country merchants, all of
which note a large increase in business,
rapid restoration of confidence among
all classes, abundant crops, general pros
perity and bright prospects for the fu-
ture in all departments of trade.
Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1879-08-07

THE Cincinnati Gazette of Saturday
prints reports from the great centers of
the iron trade in the country, which in
dicate that the great depression in this
branch of trade is about over Rolling
mills are generally running On double
time, with orders away ahead of them,
and furnaces which have been idle for
years are now being put in full blast.
Another gratifying feature of the mat
ter is that the revival has the appear
ance of permanency, and is not mere
temporary "spurt." While the advance
in the price of iron is not great, yet it is
healthy, and will furnish reasonable
margin of profit. Railroad building,
which has been at comparative stand
still since 1873, is again in active pro-
gress, and promises to make demand
for that class of iron. Furthermore,
says the Gazette, bountiful crops, enOr-
nous exports and universal economy
have brought the country to point
where its active capital and energy can
no longer be held in restraint. These are
the substantial foundations upon which
the present prosperity in the iron trade
rests, and the same causes affect other
branches of trade. With the great in
terests of agriculture and iron manufac-
ture on solid footing, the rest will
speedily follow.
Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1879-08-07

THE public debt statement for the past
month shows an increase of $6,OS6,S44
in the debt since the last report. This
is explained by the fact that during July
there was paid for arrears of pensions,
under the late act of Congress, the sum
of $S,6s4,6OO. If this extra payment had
not been required there would have
been decrease of $2,6OS,255. 1t will be
remembered that Congress made an ap-
preparation to pay arrears of pensions,
but made no provision for an increase of
the revenue to meet the extra demand,
and the appropriation had to be paid out
of the money on hand.
Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1879-08-07
MARTINS FERRY.

The colorcd Camp Meeting closed on
Monday. The attendance was not large
at any time except on the three Sundays
through which it was held. 1t is report
ed that another colored camp meeting
will be held soon, but it is to be hoped
that such will not be the case.
Miss Lulu Walter, daughter of Jacob
Walter, Esq, of Pittsburgh, is visiting
the family of Hiram Smith, Esq.
Misses Alice and Kate Anderson, are
spending few weeks with friends at
Hopewell, Muskingum county.
Rev. Weir and wife are off on visit
to friends near Pittsburgh, Mrs. Weir
has been in feeble health for some time,
but it is hoped that she will soon have
good health again.
There was meeting at Medill's Hall
last Saturday evening, to make arrange
mentS to attend the Reunion of soldiers
at Steubenville ON the 2Sth. A large
number of the "Old vets" were present.
Capt. j. Dean was made Chairman, and
Capt. r. S. Moore, Sec'y. After a full
discussion of the question, it was unan-
imOuSly resolved, THAT the old soldiers
of Martins Ferry, organize a company,
and that the same be fully otficered, and
that the company go in a body to the
Reunion" A committee, consisting of
Gen. Capehart, Capt. A. Lash, and r.
Furbey, were appointed to complete the
arrangements.
Workmen are engaged in papering
and painting the interior Of Town Hall,
and now while they are at it they should
give the outside part good repainting.
This should be done to preserve the
building; and then it would greatly add
to its appeance.
A brass band when fully two squares
away, can be endured, provided you are
in vigorous state of health. A string
band, when well oflicered, can come one
square nearer; but when serenaders
come to your gate, you want the boys to
come who came to our gate last Tues
day morning Their voices were their
only instruments, and finer voices we
never heard.
John Van Pelt, Will Woods, and an
other fellow, went fishing last Monday
afternoon. They returned home with
nine fish of the perch variety, for which
they paid forty cents. Some of the par
ty were like George Washington, "they
could not tell a lie;" but then |
Arrangements will be made with the
Cleveland & Pittsburgh Railroad to
have the accommodation train that
leaves here at P. NJ, to delay fifty-five
so that delegates to the County
Convention can have all the time possi-
ble here, and yet make necessary conec-
lion at Bellaire with the train west.
Rev. Turner, of Georgia, colored
man of very considerable pulpit ability,
spent part of last week ut the camp
meeting In an interview with him he
us that he was chaplain in the
army during the war, and that after the
war he was commissioned chaplain in
,he regular army-was also postmaster
1t Macon, inspector of customs at Sa-
member of Georgia Constitu-
iOnal Convention, member of the Legis-
ature, and State Senator. Pretty good
or one cOlored man. ii
Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1879-08-07
LEWIS MILLS.

The farmers in this vicinity are busy
plowing and preparing the ground for
wheat
Rev. Link, of Belmont, is to occupy
the pulpit of the La Mira Union Church
on next Sabbath evening, at o'clock.
Mr.. Charles Lewis returned home last
week from Trannsylvania, where he has
been visiting relatives.
Mr.. George Lentz and Mr.. Jas. Parkin-
son returned home from Mt. Union,
looking as though college life agreed
with them.
There is some talk among the Repub-
licans here of organizing a Foster Club.
We think that to be a move in the right
direction. Hurrah for FoSterl L. B.
Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1879-08-07
THE MARKETS.
GENERAL MARKETS.
Philadelphia.

AUGUST = -Flour-Dull and lower to sell,
except strictly fresh ground Minnesota which
is scarce and wanted; Minnesota extra family,
low grades $500; medium to choice So %;
Ohio family, fair 1926, do fancy, $5 S5.
Wheat-Fairly active; No. 2 red, elevator,
Car lots 81 0S4@1 0St Corn--44ac. Oats
Dull and prices show no material change.
Butter-Firm: New York State aud Bradford
county, Pa, extra 15a16c; Western Reserve
extra 12@14c. Eggs-Western 11!@l2c.
Baltimore.
@UG 4-Flour Western superfine So 90
@3 so; extra $4 OO@4 rs. Wheat-Western
No 2..western winter red SPOT and Aug.
81 0s5@1 III; Sept 81 09@1 09a. Corn
Western quiet; western mixed, spot and Aug.
42@41sc. Oats-Steady; western white $40
39c; do mixed 36@38c; prime, 37@39c.
Provisions-Firmer: mess pork $40 90 Bulk
shoulders 3t@33c; clear rib
sides 48@4tc; packed 44@3tc. Bacon
shoulders 444c; clear rib sides 5sc. Hams
l1@12c. Lard 7c- Butter, prime to choice
western packed 12@14c. Eggs 10c.
Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1879-08-07
Stree Elections

Henry Dixon, of Yazoo county, Mis-
sissippi, took it into his head that he
would rather like to be Sheriff, and, af-
ter consulting with his friends, announ-
ces himself as an independent candidate
for that office He developed unexpect-
ed strength, and the indications were
that he would be elected. He is an old
citizen, and well known in the county.
The Democrats have a full ticket in the
county, which has been Democratic ever
since the adoption of the mississippi
plan" This thing of allowing I'D
Republican" to break in upon the Dem
ocratic ticket, and carry off one of the
best offices in the county was too much.
So the "best citizens of the county" as
sembled to the number of several hun
dred, armed with shotguns and revolv
els, surrounded Mr.. Dixon's house in the
night season, and gave him one of three
alternatives-to iOithdrGa0 from the can
UaSs, ledue the county, or die. After six
hours of parleying Mr.. Dixon, at the
earnest solicitation of his wife and chill
dren, wrote and signed card formally
withdrawing from the canvass. The
day after this the local Democratic or
gan announced that the glorious banner
of Democracy fioated "unchallenged"
over the county of Yazoo. Tie Demo-
Gratis down there determined to have "nO'
bayonets at the polls" and they are fur
ther determined to settle all questions in
advance of the election day by allowing
only one ticket to be voted for-O. S.
Journal.
Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1879-08-07

IT is an interesting question much de-
bated in the country, whether Gen. Ew-
ing will continue through this campaign
to get off his "Great God gag" He was
in the habit of working himself up to a
pathetic state about the barrenneSs of
our fields and the starvation of the
farmers, and then exclaiming, as if he
was in state of famishing, "Great Godl
that hnman blood should be so cheap,
and bread so dear."-Cin. Commercial.
Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1879-08-07

SENATOR BEN HILL declares that he
is glad because of the extra session as it
defined political questions so clearly.
The mission of the Republican party, he
says, is to destroy the Government,
while it is the duty of the Democratic
party to save it. There is some curiosity
to know which government Mr.. Hill re-
fers to-the one he and his Democratic
friends served in 1862, or the one he pre-
tends to serve now?
Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1879-08-07

The Kentucky election on Monday re-
suited as everybody expected, in the
election OF the Democratic ticket, though
by largely reduced majorities. The Re
publicans claim to have gained few
of the Legislature.
Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1879-08-07

WHEN the battle was fought in 1862
or SO and the .Federals were beaten,
Charley Foster would say-sand the su-
gar, increase the price of tea and coffee,
-[Gazette and Cleveland Plaindealer.
When the battle was fought in 1862
and '63 by the Federals, the editors of
these two papers took special good care
not "to put sand" enough in their craws
to help the Federals fight, while their
and Tom Ewing's present party were re-
solving in Columbus, "The Democracy
of Ohio send greeting to their friends
South" A beautiful set to prate about
battles fought by the Federals indeed
Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1879-08-07

S. D. MYERS one of the editors of the
Columbus Dispatch, has been nominated
by the Franklin County Republicans for
Representative. Mr. NJ. is an able and
fearless Journalist, and as matter of
course will be the same kind of legis-
lator. He has the best wishes of the
fraternity in the State for his success.
Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1879-08-07

THE little bantam rooster, Dr. Norton,
in working off his vitiated bile at the
meeting of the Democratic State Com
mittee, at Cleveland the other day, said
Charley Foster has prostituted politics,
the church and the lowest doggery.'
Well, suppose he has he hasn't prosti-
tuted himself enough to vote Demo
cratic ticket with Ewing at the head
yet-so he has great way to fall be-
fore he reaches Norton's level.
Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1879-08-07

TIE Democracy blow wonderfully
over the CORY fields made memorable by
the presence of Rice-but they fail ut
terly to inform the public which of
their friends to whom the Ohio Democ-
racy sent greeting, it was who had the
honor of shooting off
brother Rice's leg.
Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1879-08-07

MORE magnificent rains all around
last week-the corn booms, and the
parehed grass comes forth in freshness.
It's an unfortunate year for the cheap
money demagOgues, who want to be-
come country saviours' by making poor
and ugly mouths over the distressed
condition of the country.
Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1879-08-07

OF General Ewing's proposition that
the Government should issue all the pa
per money, the New York World, one of
the leading Democratic papers, says:
"That proposition is unconstitutional,
dishonest and impracticable! Every
Democratic member of the Supreme
Court declared that the laW-making
power could not lawfully issue legal
tender greenbacks even in time of war.
Much less then in time of peacel 1t is
neither appropriate nor necessary to the
exercise of any power granted to Con-
gress that Congress should emit Treas
ury notes to be used as money. Till 1862
Congress never did do this. Congress
can borrow money with Treasury notes,
as it has repeatedly done, but it can not
cOnstitutionally Ordain that those notes
shall be money. 1t would be dishonest
for the Government to emit more than
$400,00O,000 of greenbacks after the
pledge it made when it offered its bonds
for sale that it would not exceed that
quantity, and the outstanding green
backs are now within less than $6O,OO0.-
900 of that limit. General Ewing's test
of quantity is mere phrase and a
crotchet. The assurance of Justly es-
tablished and stable valuesp If we are
to have greenbacks or Treasury notes at
all, then Mr.. Sherman's parity in coin
test is the only safe or tolerable test.
But all Government paper currency will
in the end be called in and extinguished,
and no more will be emitted. Coined
money must be the only Government
money, supplemented by bank notes
emitted on sound banking principles,
and in volume to be defined by the
guarantees which trade can furnish to
the issuer. Banks, bank checks and
bank clearings will do the business of
the near future. The United States
has no more constitutional
power to issue paper currency, which is
only evidence of debt, and call it money
and compel people to take it as money,
and thus to make bank of the Treas
ury, than it has to enforce State election
laws or, unasked, to use the army to
keep the peace of State"
The attention of our hard money
Democratic friends is called to this solid
statement of the truth of the case.