Year: 1865

three others in burglnious operations che premises
died Sunday evening from the effect Of his wounds
and coroners inquest held over the body Of de-
ceased yesterday Mr. Cochran, occupant OF the house
burgariousy entered by Casey caught the latter in
closet where he attempted TO conceal himself draw
ing pistol, shot him. with the results stated 1t Is
said Casey previous 70 his DEATH confessed being
bounty jumper Two OF the supposed associates OF
Casey in the burglary have been arrested


gang Of marauders, supposed 10 be deserters from
the army who have recently boon committing depreda-
tions the farmers the vicinity Of Atlantic City,
j. Saturday pursued and attacked by party Of
the residents who succeeded in killing two OF tho rob-
bers.


According to the City Inspectors report thero were
ATS deaths in the city during the past weekan increase
of compared with the mortality Of the week previ
ous 20 than occurred during corresponding
week last year or the deaths In the course OF last
week 24 resulted from acute disease 181 from chronic
disease and % from external causes, &c There we're
s24 the United States % Of Ireland IS OF Cor
many IL of England and the balance OF foreign
countries There twenty-Hv deaths from smallpox
during the past week, being ess than in tho week
preceding. s


The stock market was dun and variable yesterday.
Governments were quiet Gold was weak and excited,
and after opening at 1917, closed At 1s5H down town.
At the evening board II sold down TO l84H.


The fall Of gold unsettled thenarkets yesterday and
the business was very small. The exciting news from
tho theatre Of war superseded all things else in the
minds Of the business public and business only Of
secondary consideration On Change the -four market
ruled qiet but prices without essential change
Wheat ruled steady, while and oats dull and
dropping The pork market dull and lower Beef
steady, while lard in limited demand and shade
easier Frcights rather active at previous rates
whiskoy 1c higher, but quiet


Our NatiOnaI Finances-Specfe Pay


ments-Not Too Hast, Mr. Secretary.


With the widening conviction in the public
mind that the rebellion will be soon extin-
guished, the impression is gaining ground that
we shall have an early return 10 specie pay
ments. To this end the new Secretary OF the
Treasury has promised us he viii endeavor to
shape his administration of the national finances,
upon which everything else depends. The
general policy thus indicated by Mr.. McCulloch
meets with universal approval; but it is to
the practical details of his system that we must
look fer its success or failure. ts#.


He has a fair field and good prospect before
him. We have passed the dead point of danger
in the depreciation of the government paper,
credit and currercy-loans and notes-we have
touched bottom. Gold is steadily declining,
and greenbaclSs are steadily advancing towards
that central point of financial security and har-
mony known as par. The wealth and progress
sive developments Of the vast resources of the
country are equal to the demands of national
debt of even three thousand millions, and a
government expenditure offve hundred millions
year beyond its receipts, provided that this
excess of expenditure shall within year OF
two altogether cease. That the annual receipts
of the Treasury within year will be equal to
its current expenses is probable; that this point
will be gained before the expiration Of two
years is morally certain. 1t is also probable
that within this interval a return to specie pay
ments might be accomplished; but here the
question recurs, would not this return be so
abrupt as to bring about that very danger
which we are seeking to avoid-a financial
revulsion!


During England's twenty years Of war with
Napoleon the Bank of England remained under
suspension of specie payments With the
overthrow and removal of Napoleon to the





permanent peace and specie payments, there
came upon England such an epidemic Of specu-
lation as to lead to the continuance by the
bank of the suspension Of cash payments till
1915, and 80 on, from year to year, till 1921.
But in spite of this check the bubble which
was inflated in 1914 was of such dimensions
that with its collapse, year or two later,
there came upon the country such revulsion,
such "universal losses and failures among
the agricultural, commercial, manufacturing,
mining, shipping and building interests, as had
never before been paralleled."


The breaking up Of the country banks, and
the consequent withdrawal Of their paper from
the general volume in circulation, "caused
demand for additional issues from the Bank of
England TO help to maintain the public credit"
From 1915 to 1921 the bank repeatedly inti-
mated its readiness to resume cash payments,
but was as often restrained by the government.
III ls25-four years after its resumption-it
was reduced to the verge of collapse, from
run upon 1t to meet the demands of panic
arising from the enormous speculations in joint
stock adventures in Mexico and the South
American States, declared Independent in 1924.
The bank survived, though the consequences Of
that epidemic Of speculation were the ruin Of
thousands, who had in the outset more money
than brains.


These lessons Of experience from the Bank of
England may be turned by our Secretary of the
Treasury to good account Our national
treasury has become to us our Bank of England,
and it is in the hands of Mr.. McCulloch. Much
as we desire return to specie payments, he
will accomplish nothing to this end by too
rapidly reducing the volume of our national
paper currency. The business affairs Of the
country cannot at once be adapted to reduc-
ton Of this currency to the specie basis, or any
thing near It. A sudden reduction in prices
Of oil commodities representing capital or