Knoxville daily chronicle. [volume] (Knoxville, Tenn.) 1870-1882, 1881-04-12
THE Cabinet held a long session |

not yet been made public. We
hope to be able to give our readers
a full account Of the proceedings
in to morrow mornings issue. The
reason for Withholding the informa-
ton is said to be that the particu-
lars have not been formulated, and
that the treasury does not desire to
make the announcement until the
entire scheme can be presented to
the public.
Notwithstanding the reticence of
the government officials, there is
very good reason to think that the
chief feature in the policy is the
acceptance of the proposition made
in New York by the national banks,
that the bonds shall not be redeem
ed, but shall be extended at q re-
dlced rat of interest until such
time as Congress shall pass refund
ing act, and that an agreement pro-
viding for this extension and reduc>
ton shall De stamped on the face of
every bond. Acknowledgement
MacVeagh is said to have given the
opinion that such an act will be en~
tirely lawful, or, at all events, it
will not be unlawful. The decision
seems to be based upon the prlnci
pie that anything is lawful to the
government that is not prohibited.
A special TO the Louisville Com
mercial says that it has also been
definitely decided that the govern
ment has not the right to borrow
money on 3 per cent. certificates,
to be issued under an old law. The
Secretary Of the Treasury has made
a most careful examination Of this
subject, and has come to the con-
clusion that the portion Of the law
referred to, which seemed to au-
thorize the issue of such oertif-
Gates, has been repealed by subse-
quent legislation.
The government will have no
difficulty in extending its bonds
upon these terms, if that
shall be the policy determined
upon and adopted. But it is said
that there are indications that the
Administration will not escape seri-
Gus criticism from those who oppose
the national banks.
A later report, which, from its
origin, is entitled to credence, says
that it was decided by the Cabinet
to sell the four and one-half per
cent. bonds aud use the proceeds,
together with the surplus revenues,
in the redemption of the fves and
skies. The remaining fves and
skies, according to this report, are
to be extended at q lower rate Of
interest.
THE twenty year conjunction Of
Jupiter and Saturn on the morning
of the 22d inst. is the Astronomical
event Of the present month.
Around this conjunction the as
trologers have clustered their worst
prophecies. They have drawn a
horoscope for the world which might
we'll make nervous man turn pale
The astronomers, however take q
purely mathematical pleasure in the
conjunction, unmixed with any fears
of famine, plaques, and bloodshed
Whoever gazes at the heavens thi:
month will see that a great chang
is going on. The stars that mad
the winter evenings brilliant ar
giving place to those that adorn tn
summer nights. As Sirius disap'
pears in the west, Vega rises il
the northeast, glittering in tn
Harp, tabled to be the very instru
ment with which Orpheus mad
rocks and trees to dance. Just a
the last bright star in the gian
Orion sinks from sight behind tn
Orange hills, over in the OPPOSITE
. quarter of the sky very red, flash
, ing star may be seen rising. It i
the Heart of the Scorpion. Tn
.. fable says this is the Scorpion that
with one deadly stroke, killed tn
almost invincible Orion to avenge
woman's wrongs. So when it rise
! Orion disappears, and thus year al
ter year the chase is kept up acros