Evening star. [volume] (Washington, D.C.) 1854-1972, 1879-07-22

TIE MYSTERY OF EXCHANGE.-We presume
quotation of foreign exchange represents pre-.
MUM considerably In excess OF the actual fact,
but we doubt whether all of them know pre-
clsey what IS the difference BY the USAGE Of
as the par OF exchange, 81 sterling being equal
to four and four ninthS OF these dollars. 1t was
at this rate that sums OF money mentioned In
the constitution OF Massachusetts were for
merly changed into federal money, and the
| rate no doubt originally represented the true
par between the two countries. In point OF
fact, however, In the established moneys OF
Great Britain and the United States 81 sterling
contained as much gold as $4.S7 OF United
States money; and this is the true par OF ex-
Ing the money of one country into that OF the
other. For instance, il anything costs e1O0 In
Great Britain, ITS true value expressed In the
money OF the United States Is $4s7. Accord
tngly, it is fact familiar to all bankers that
when exchange is quoted at 109k there is no
real premium, but the true par has been at
is the nominal par, by 1917, which is then the
quoted rate, we get s. 81, which is the true par
We need scarcely add that 1t is owing to this
circumstance that the exports of gold from the
existed such heavy premium on bills of ex-
change as many persons suppose, it would be
Immensely profitable to export gold to Great
sary expenses OF freight, insurance and loss Of
interest. the margin does not more than cover
the risk. The United States half eagle, 1t may
be added, contains lie grains OF pure gold
equivalent to, S.; the British sovereign, 113
grains, equivalent to $4s7 of United States
moley.-[Bo Journal Of Commerce.
THE PRIDE OF MIssoURI-Miss Florence Gra-
ham ..1Arashes the Ground7 With q Yelling "a
hoO.-Sunday evening last Miss Florence Ora
ham, young lady OF this village, about twenty
years Of age, was taking horseback ride, and
when about mile and a-half south Of town
two young fellows VIM. Miller and Ruple
drove up, each in buggy, whooping and hal
ioolng like Wild savages, soaring the horse OF
the fair equestrienne, causing 1t to rear and
Ing OF the horse, Miss Graham assured the
yahoos that If they would get out of their
buggy she would dismount and take pleasure
they returned jeers and laughter and drove on.
Soon after this she met Miller again, near the
residence of Simon Stettiner, south Of town,
met the buggy she hastily dismounted and UNI
snapped the lines from the bride OF her asSail-
ants horse, which thus freed from control ran
Miss Graham had followed closely, and as he
alighted received him warmly, "cuffing him to
peak" with her left hand, while holding her
horse with her right, administering at the same
time sound maxfms on etiquette, and the proper
way for young gentlemen TO behave themselves
In the company of ladies. Miller had driving
wrenched from him, and flashing him with 1t
babe him depart, which he speedily did, while
she, remOunting, rode VIGOROUSLY into town
The next morning Miller, ST., came as an envoy
was handed over to him. A subscription was
Immediately started and q sum sufficient to
buy Miss Graham dress was raised and handed
to her by admirers OF her pluck and self reliance
tCassopetis tho3 Dem.
THE JEANNETTE ExPEDITIoN-At a meeting
OF the SOciete Geograph1que, in Paris last
Friday night, M. LOUIS Simonia, the engineer
and traveller introduced the subject OF the De
nette, and spoke warmly Of the services rem
dered by James Gordon Bennett in the cause OF
science and progress. He dwelt on the results
OF the Stanley expedition to Africa. Not con-
tent with these, he said, Mr.. Bennett had lifted
up, at his own expense, and generously placed
the Jeanette at the disposal Of the American
government to solve another great geographical
problem. If Captain De Long and the picked
men with him fulfilled the anticipationS 1t was
probable that this expedition would be attended
with the same happy results as those to which
Mr.. Bennett had already attached his name
and fortune. 1t was interesting and Instructive
to see journalist attempt alone an enterprise
in which governments had been unable to sue
coed; and, not content with what he had done
In Africa and other countries, thus courageous
G ak WITH his on single the
received With warm applause
A MYSTERY OF NEW YORK LAw.-Law is said
to be tire perfection OF reason, but some laws
have not particle OF reason In them. Chas-
tine Cox, convicted OF murder and sentenced to
be hung next month, has only been sentenced
to be hung then las matter OF FORM" He can
not possibly pay the penalty OF the law for six
months at least. The particular court In which
he was tried Is assumed to make erroneous de-
cis!ons in murder cases. and, instead OF depriv-
ing 1T Il jurisdiction In such cases. the law gives
person convicted in 1t a stay OF proceedings
with appeal to two higher courts as matter Of
right. This rule does not apply to the court OF
oyer and treminer, where trials for murder are
usually held. but why 1t should be made possi-
BILE o try man In court presumed by the law
to be incompetent, passeth understanding
philadelphia Ledger.
GEN. JOE JOHNSTON Is five feet ten inches
high. He is slim, with a big, round head; a
sb' 1T, bread nose; thick lips, broad forehead,
def gray eyes, and calm, modest manner.
Gen. Johnston believes that the first verse OF
he Bible says that In the beginning God created