Sacramento daily record-union. [volume] (Sacramento [Calif.]) 1875-1891, 1880-08-13
greatest trotting event the world has ever

greatest trotting event the world has ever
known.
The Bankers Convention.
SARATOGA, August 12th.-The Bankers
Convention resumed its session to. day.
Alexander Mitchell, OF Milwaukee, was re-
elected President and Jacob Vermilye First
Vice President, and others were also chosen
from each State and Territory. Resolutions
in favor of a general bankruptcy law, in
dorsed by the Executive Council, were laid
on the table. A letter from Secretary Sher-
man was read.
SECOND DISPATCHl
SARATOGA, August 12th-In his letter
read before the Association, Secretary Sher-
man gives a history of the connection Of the
national banks with the General Govern
ment. He said the only limit of national bank
issues was the demand for them. With the
depression resulting from the panic of 1873 the
circulation of national bank notes decreased
from 1856, 1856, SIS in 1875 to 1916 1876, $40 in
1877, when it reached its minimum, and
with the return of prosperity has already in
creased to 1914, $50, S13. With such elasticity
there can hardly be for any considerable
period in this country either of initiation or
| stringency in the circulating medium, and re-
lief in such cases is fortunately afforded with
out any special act on the part of the Gov
| eminent. By the refunding of the public
debt, already accomplished, an annual saving
| of S19, 907, SOY has been effected without
| withdrawing the currency from circulation
excepting for small balances adjusted at the
Sub. Treasury, and the banks have also at all
times and in various ways strengthened the
hands of the Government in its efforts to
bring about specie payments. He called
attention to the value which such banks have
been to the Government in comparison with
that of the banks organized under State laws.
He disavowed any desire to express prefer
ence for depository banks as against the Sub
Treasury system.
A. l.. Snowden, Superintendent of the
Philadelphia Mint. read papers opposing BIZ
metallism, and urging repeal OF the Act
remonetizing silver.
A paper prepared by the Japanese Minister
on banking and financial matters in that
Kingdom was read by the Secretary, the Ell
quette of Japan not allowing the attaches who
brought the paper to appear on the stage
while the paper was being read.
More Railroad Accidents.
JERSEY CITY On. j., August 12th.-This
afternoon the east-bound train on the New
Jersey Railroad, when half a mile east of
Spring Valley. was thrown off the track and
down an embankment thirty feet high
There were number of passengers in the
cars but so far as could be ascertained only
baby was killed. All the passengers were,
however, more or less injured.
ST. PAUL. August 12th--A freight train
on the st. Paul and Duluth Railway was
wrecked near Pine City this morning by
broken rail. Nine cars were thrown from
the track. Three boys living at Mineral
Poles, named Peter Martin, John IRVINE and
George Adams, who were slowed away in
freight car to steal ride, were killed.
Railroad Building-Lines Completed and
Projected.
NEW YORK, August 12th.-The Tribune,
commenting ON the report of the President
of the Texas-Pacifc, says The report dis
closed in the far Southwest new field of
almost boundless activity in railroad building.
and internal development. Here is one COM
pany expecting to finish in eighteen months a
road 325 miles long, from Shreveport, via
Baton Rouge. to New Orleans-a road open
ing, as they have never been opened before,
the resources of Louisiana Here is another
company, already operating 443 miles of road,
and making net profit last year of over
million dollars, which is stretching out west
ward to Ell Paso, 600 miles away, under re-
sponsible contracts to be there by the end
of 1882 Since the LIST of March 20 miles
have been constructed. Over in Arizona
another company is coming eastward from
California at the rate of more than mile
day, and is sure to be at Ell Paso as soon
as any road is there to meet it. From Ell
Paso all Mexico opens up, with its popula-
ton of ten times our Pacific coast, while the
lines already stretching northward bring
Northern and Western Texas. the Indian
Territory, Kansas and Missouri into relations
with the same system. In a word, we have
here new Pacific Railroad, stretching from
San Francisco and the Gulf of California to
New Orleans and st. Louis, the whole so far
advanced that the experienced builders now
confidently expect to run through trains over
it by the end of 1882. We shall then cele-
brate the centennial OF the recognition of our
independence with bands across the south
west, holding the Pacific coast as firmly to
the gulf as during the war Of the rebellion it
was fastened to the Atlantic.
Exciting Scene on the Rio Grande.
LAREDO (Texas) August 12th.-At noon
to day the prisoners confined here broke Jail
and made dash for the Rio Grande An
alarm being given the Sheriff, his deputies
and police ran to the river and kept up a
fusilade on the fugitives, two of whom were
killed in the water and several wounded
Mexicans gathered on the opposite shore in
large numbers, and one fired several shots at
the Americans on this side.
silver and stocks.
New York, August 12th.-Silver bars
ia; money, 2@3; Governments inactive;
stocks closed weak; Western Union,
1863; Quicksilver, 141; Pacific Mail, 40d
Mariposa, j; Wells-Fargo, 1881; New York
Central, 1872; Erie, Az Panama, 1907
Union Pacific, 93f; bonds, 1l2s; Central
Pacific, 754; bonds, 1125; Sutro, 1s.
Tennessee Debt-Pas ers' and Reputation.
lists Conventions.
NASHVILLE, August 12th.-The State
Credit Democrats nominated John V.
Wright, Straight-out Debt-paying Democrat,
for Governor. The Repudiationists held a
meeting with seventy delegates present, and
nominated S. +. Wilson for Governor.
The Columbus ReuDion.
COLUMBUS (Ohio), August 12th.-A grand
parade of the veterans of the late war took
nlaro TODAY II Ia estimated that Gftaap