Year: 1872

States Collector Antoine respectively fled bills
injunction and relief. The Kellogg bill prayed
that Warmoth' Board might be restrained from
and declaring the vote of the State
and for the perpetuation of evidence
having reference to suit that might
hereafter be brought. Acting upon this,
Judge Durell enjoined Governor War
moth, and pronounced the Heron
Board of Canvassers alone entitled to count
and declare the votes. This is the plain state
ment Of tho commencement Of Judge DurclPs
action in the case. We shall examine his fur
ther progress in the usurpation hereafter.


Money stringcncy In the West-A Cu-


rlous Movement.


Money is the great want of the West
While other parts of the country might suffer
from redundant currency that section can
absorb and use larger amount of circulating
notes. Hence we notice q movement in the
Western cities to urge upon Congress some
legislation that will relieve the existing strin-
gency and give permanent ease to the money
market and business. The plan proposed is
to permit any holder of ten thousand dollars
or moro In United States gold interest bonds
to deposit the same temporarily in the Treas
ury or Sub-Treasury or designated deposi-
tories in one or other Of the great commercial
Cities under regulations to be made; then to
have released an amount of legal tenders equal
to tho face of the bonds deposited, and then,
when the depositors choose, they are to have
the privilege OF reconverting the legal tenders
into the bonds again, less the interest
which would have accrued during the
time said bonds would be deposited,
provided that the whole issue Of United States
notes, including that now outstanding, shall
not exceed four hundred millions, unless ex-
pressly authorized by law. These Western
people are willing to lose the five or six per
cent interest on their bonds for the time,
because the money would be worth much
more and would be obtained at o much less
sacrifice than when having to pay to bankers
or capitalists ten, fifteen, twenty or more per
cent for the loan of money. This would be a
novel and curious proposition to the govern
ment though there has been something like it
discussed by certain class of writers on
questions of national finance 1t is curious
fact, too, that both the government and the
bond depositors would be benefited the
former by saving the interest on the bonds
and the latter by getting money at a much
cheaper rate than they could from banks,
capitalists or other money lenders. But the
question is, how would such o scheme affect
the country and commercial and business in
terests generally? How would it operate with
regard to retarding or facilitating specie pay
mentsp There is no doubt stringency in
money throughout the country, if not in New
York, and that productive industry is checked
by this stringency and the high rate of inter-
est which results from it. But is the remedy
proposed proper one? The plan of certain
differs from this of the Western men in that
the interest bonds to be convertible into green
backs and recoverable shall bear three sixty
five per cent interest-a cent day-and the
interest," SO easily calculated, to 60 to the bond
holders so long as they hold the bonds. This,
to say the least, is a very simple method. The
government would gain by the low rate of in
terest it would have to pay on that portion of
the debt, and the bondholders would have the
benefit of getting money when they wanted it
at as 2 small % cost: When money would bs 50
easy in the market that it would not be worth
three sixty-fve per cent per annum the bonds
would be taken up, and when money would be
stringent and worth more the bonds would be
converted again into money. This would GER
tainly have the effect Of regulating the money
market effectually and keeping segn the rate
OF interest But can we reach specie pay
ments by such policy2 And if not, is such
monetary system Of specie payments best for
the country 1t is . question of vast impor-
tance and calls for serious consideration.


Russia and the Khivan Dimculty.


The Russian World, q newspaper published
in ST. Petersburg and supposed to have access
to the secrets of the government, states that
the British Minister at the Court of st. Peters
burg has just notified Prince Gortschakoff that
if Russian troops penetrate the territories Of
the neutral tribes lying beween Khiva and
Afghanistan, Great Britain will be CON-
PEELED to interfere in support of Afghan inde-
pendence. This piece of intelligence seems
to confirm the report that Russia is really
bent on the conquest and occupation Of
Khiva. 1t is in perfect harmony, however,
with what we have repeatedly affirmed, that
the advance on Khiva will be considered by
Great Britain as q cdsus beli. 1t is we'll known
that four years ago an understanding was
come to by the two governments of st.
James and that Of st. Petersburg-to the
effect that if certain territory lying between
the Russian possessions in the North and the
possessions of British India should be con-
sidered neutral each of the two great Powers