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OCR
AND NEW YORK VINDICATOR.
370
MONEY MTTER8.
lliososr lllonsiso.
The money market closed strongly for
the last week with the rate for short loans
gt 7 percent. There is some uneasiness
felt in financial circles concerning the next
move of Mr. Chase, and, under this feel-
ing, stocks took a slightly downward ten-
dency, which culminated during the Week
in a small panic. By Saturday night it had
recovered itself, and the market is again
firm for shiircs, though the quotations are
somewhat lower. The following prices
were realized at the close of the week :
.1904
. Hf‘
are R. Islui l‘2
ig ' .u'..o Ulllcfsxu 11.‘)
nisr. . .W.,1’id.... so
Many persons, who would otherwise be
inclined to invest in railway shares, arc
withheld from doing so under the fear that
some catastrophe might occur to render
their investments volliclcrs. Ilow ground-
less this apprchension is may be gathered
from the following stiitciiieiit:
An investment is valuable in proportion
to the dividend or profit it realizes. It
Erie, which now yields a dividend of 7);
per cent, should fail to yield any dividend,
the price of tlio stuck would iiiiiiiodiatcly
decline; and if there seemed no prospect
of its ever yielding any, this decline would
continue until it would fetch no price at
all. In 1859, when the affairs of the road
rendered the prospect of odividend ox-
ccedingly remote, the stock was soldat -1%.
In 1860, when its affairs improved, and
there seemed a distant prospect of its
yielding a dividend at some time or other,
it advanced to 12% ; and now that ii. pays
7).; per cent on the common stock, the
price stands at 11134’.
The priceof Erie Preferred, which stands
at 108%, affords agooii illustration of this
point. On the preferred stock the dividend
is limited to 7 per cent; and as the sur-
plus, after paying this dividend, is suiti-
cient. to pay an dividend of 7,‘; per cent on
the common stock, the price of the latter
exhibits the singular contrast of being
higher than that of the preferred. This
Li because of the better dividend paid by
the common stock. If the earnings’ of the
road decreased to the extent of one per
cent, we should tiud the preferred stock
coiumandiiig a higher price than the coin-
man.
Now the truth is, that inilway sliarcs
uro, oven at their present high prices,
tolerably cheap; and no fear need be en-
tertained to invest money in tlieni. If,
which is entirely out of the range of prob-
ability, the price of gold should umtvi-ially
and permanent], decline, the roads would
still continua to pay a remunerativo divi-
dend, and their shares would hardly fail
to keep well up in the market. And if,
which is a great deal more likely, the
Price of gold should increase, the cani-
l“l:i8 of the roads would increase in
Proportion, and the stocks still pay as
well as ever. Besides, it should be re-
membered that nearly all of our roads
were built in advrince cl the population
which was to uec them, and render them
valuable, and that consequently, in the
ordinary nature of things, they must,
irrespective of all financial changes, con-
tinue to advance in value.
That our railway stocks aresclling at
no extravagant figures is illustrated by the
Ollowing comparison of three railways
which in 1860 paid exactly the sumo divi-
dtnds that they do today:
eoia. Paper. Go1dstI9D.
vie-s a:-A--s .--A-q
,, Div. in Price Div. in Price Div. in Prieo
‘Mot soo. ova). E64. in'iu.is64.in'o4.
,, I o. 260 5.31). in
o in
25>:
sac
Asuegntenzii-;,'.", 93 We,
The confidence reposed in these invest-
;’;::“9 by 6-rftulms is evidenced by the
“M. t:.It.whi1e,'thoy only average 5 per‘
Wldtnda in gold, the stocks bring
"‘ ""0" of 97 In con ; while the United
335 E8 p.
F
States Ten-Forties, which pay 5 per cent.
interest in gold, are selling; today at 52 in
gold, and the Fiv c-Twenties, which pay 6 per
cent. in gold, are selling interest oil at 5-1
in gold. The last London quotation for
the latter was 53.
The more we examine the phenomena of
prices the more we are impressed with the
conviction that they are not the products
of chance or the results of speculation,
but that they follow inevitable laws and
move with mathematical regularity, except
when arbitrarily arrested by organic
changes in finance, such as the passage of
a legal tender law, a debasemcnt of the
currency, &c. And even then they quickly
acoomiiiodato themselves to the change, and
assert their proper level, though perhaps
their real value may be concealed by
clinngos in the now istaiidard.
By the act of March 3, 1863, the Treasu-
ry was authorized to raise, by bonds and
currency, the sum of $000,000,000. Of
this sum but $300,000,000 could he llL‘gU-
tiuted before the 1st of July, 1801. The
remaining $000,000,000 might be raised
after that date.
Accordingly, $150,000,000 have been is-
sued under this act, in the form of green-
backs, and bids opened for $150,000,000,
Fivo per cents (You Fortics), of which
about $00,000,000 have thus far been taken.
This exhausts the $300,000,000.
Now, under the $600,000,000 for ltitil,
the Secretary has just announced a six poi-
cent loan of $75,000,000, payable in 1881,
with interest promised in coin. Bids will
be opened on the 16th inst, and the loan
awarded to tho highcst bidder. Fifly dol-
lar bids taken.
The Treasury must be pretty hard HID
to find it necessary to avail itself so soon
of thc $000,000,000 of 1804. There are
soft iusinuatious of “no more paper emis-
sions,”but such promises are not worth
the paper they are printed on. The paper
emissions already amount to $1,000,000,(i()().
By next December they will be $1,500,000,-
000. The funded and temporary debt
amounts, together, to "-51,000,000,000 more.
By next December, it will at least be equal
to the currency, the New England Tariff
Bill and the 1’ennsylvsninTax Bill to the
contrary notwithstanding.
The Ncwburyport Herald says, that with-
in tour and a half years the James’ Steam
Cotton ltlill has earned double its capital.
It has actually divided $377,500 on s capi-
tal of $250,000. It is the some with all
the New England In(lllUfilCl.0I'lt.u, and all
the Ponnsylvaiiia coal and iron mines and
forges.
These are the liarpieu who are sucking
the lifc's blood out of the nation. These
are thc sectional agitators, the war makers;
the tariff makers, the tax makers, and the
general ruination of the country. Think
of the New England Screw Co. having an
entire moiwpoly of the manufacture of
wood screws, with a proliibilory tarijf on
the imported article, mid in. patent right to
protect them at hoinel
Their annual profits are said to llojlfliwil
hundred per cent.
Cocsrsarsir Gnccrimcus.--Couiileireit green-
in and around
Miss. The grecnis ofu liglitershude
male ii ure is not seen; w I ‘
' In the printing Just ' I
figure in the word “ the " there is no cross-lino in
the letter H, while it is plain in the genuine.
Srotsir Nores.-lvloro twenty-dollar Treasury
Notes have been discovered in circulation without
the red stump upon them, showing and they are
abstracted from the department.
Gold closed, Saturday evening, at 191,
with an advancing market.
Mining shares dull.
Buses.
A Rnrrnr roa Stsnrcssssnss.-“A friend
of mine," said Lord Erskine, “ was suffer.
ing from a continual wakefulness, and var.
ious methods were tried to semi him to
sleep, but in vain. At last his physicians
resorted to an experiment which succeeded
perfectly. They dressed him in a watch-
man’s coat, put a lantern in his hand. Plmlfd
him in 1 sentry box, and he was asleep in
ten minutes.”
THE Dilliliillil-ill‘! BF KEHTUGKY
Stiiliililiih BUT.
PEACE THE ONLY MEANS OF FEE“
SERVING OUR FREEDOM.
The Coercion of‘ States (Incon-
stitutional.
lha Ens Great Measures of the Washington
Despotism.
The Pledge of the Kentucky Democracy.
In response to avory brief notice, the
Deiiiocracy of Louisville met at the Court
llouse cu Tiios-lay eveing, May 24, in over-
whelming numbers-the largest primary
meeting; which has been held in the city
for yours-iunl organizoil by appointing
Dr. Norviu Grcciie rlniiriiniii and Oliver ll.
Strattan secret-ai‘y.
The call for the State Convention was
tlicn rcml by llr, J. 11. Buchauzin, with o
fow bricf coiiinioiils, and received with
applause.
A committee was appointed to report
resolutions, consisting of Dr. R.
Buchanan, E. 8. Craig, S. M. Bernard, W.
A. Hauser, T. J. Gnnii, '1'. J. Frazier, Wm.
Mix, and Dr. 11. F. Kalfiis. Thu miniiiittcc
reported the following resolutions, which
were received with applause, and adopted
by a large volo.
After tho reading of thc resolutions the
meeting called loudly for E. S. Craig and
George Babel‘. In response to the enthu-
siastic culls, they addressed the mccting in
earliest and clo-piant stylo, with much
applause.
A large corn-nittoe was appointed to
nominate delegates to the State Convention
of the 15th of Juno, and the lIi!ElllCEE being
cuiicluded, the meeting adjourned. It was
certainly one of the most numerous, order-
ly, and hLlI‘IIlO1ll0ll3 meetings we have over
attended.
iii-:soi.crioss.
Jicsuluctl, 1. Tliot the l)e-mncrntic party, in
the present crisis of calamity and dospct-ism,
needing no new light toniid the path of safety
and honor, has but to brush away the storm-
clouds which have for tho nroment obscured
its principles, and to walk in the sunlight
which they have always shed upon our coun-
try. Tlioso priiiciploii, which no toillurriiriute
our pathway and dispel the dark night of
tyruuny,are found in the greatest work of
our fathers, the Constitution of the United
States, and tho declaration of the patriots
who formed it. Tlmy are found in the long
liuiiorcd and iiiinuoily rsutli ' nod Virginia and
Kentucky resuliitimis of 1708 and l’i".)'.l, in
which this wisdom of Jr-il‘crson rind Madison
illustrated the ll:!tIIl'(l of ALl.li!l'llJ1tll govern-
ment and Aincriozin liberty.
2. That we pledge our allegiance, with no
nicntul evasion or exception, to tho q>()lISl:llll-
tion of the United States, as understood by
its patriot iiutliurs-by Washington, llladisoii,
Franklin, Itnndolpli, Pinckney, Lee, and Niel‘-
mun-un wo deals -again ie solemn truth,
ss expressed by Marlisoii and Hamilton, who
s oketho unziuimous sentiment of the Con-
vention that framed our governineut, I-hut the
military (‘.00,l‘fll01l (or siil-jiigutinn) ut‘ %tlIf8E
by the Federal nutliority. which those states
established, is the exercise of ii power which
never was and never should be granted to the
cdersl Government, beceusovsucli a measure
is an act of governuieiital suicide and destruc-
tion of the Union. The folly of attempting
to maintain a voluul.ui'y ltepiiblicun Union by
rum, of arms, which was unanimous], for-
biddeii by tho Fathers when they formed the
Constitution, which was condemned emphati-
cally by Adams, Jiiclrson, and Douglas, and
jusmied by no Amurieiiri Statesman, was,
even up to the verge of the present war, con-
demned by the very leaders of the present
Jaeobin party now in power, and every day's
experience but proves the wisdom of the
rent men who are departed, and thopinsane
folly of the men who are now destroying the
Republic.
3. That. the present Administration has
ti-emhgmualy betrayed the people, and that
the patriotic citizens, who at one time thought
the military power at the Gonaral Govern-
ment might preservo the Union by putting
down what they regarded as A sectional con-
spiracy, have been compelled. to give up all
hope of any restoration of either Union or
liberty by the action of the party now in
power. The civil war now in progress in the
United States is the offspring of blind psssiou,
without any adequate cause for its commence-
ment. It is the most terrible calamity that
has ever occurred to civilization Ind liberty.
Its progress is but evil and evil continually,
in ever increasing magnitude, overwhelming
our beloved Union, our liberty, and our Con -
stitutioml Government more and more deeply
in ruin, hurrying us deeper and deeper into
national disgrace, bankruptcy, and terriloiial
desolation; and whatever may be its result.
that result must be u cnlamlt -uiilicr ii.
must. he the disuninn, born of bloczlslmd and
hatred, liiyinga foundation for cndl.-as futiirc
wars, or it must be the liurbnrous siilrjiigatinii
and enslavcmcnt oi the I'(:liln.’.Il'IL of )1 brave
and noble people-zi sul-jugiition which could
iiotlvo pernienent, and which would I18 ns
fatal to liberty at the North as at the South.
‘rom such calamities there are is no escape
but by returning to tho Constitution and
Union of our fathers, discontinuing our dr-
solating war, appealing to reason and justice,
and restoring our Union 3' the only means
by which a ltepuliliosn Union can be com-
niaacc-l or continued-lhu voliiuturycouscnl.
of sovereign States, on just and equal terms;
and as expressed by Gcucriil Jackson-b
“the affections of the pcnple." To llmse ends
it is necessary to law in pi)WuI'1nI'ii who
will pay respect to their mtlis of otlisv and
to displace those who regard the its-pub ic i
“'iish'iugtnn iind Jelfvrron as uu " irrvpi'i's-
sible conflict" in itisclf, which cannot struid,
and must be siipei‘sv:dcd liyn lioiiiogeiieous
consolidated military deapoii.-in.
-L. Thnt the Constitution is the :',uwi'nruciit
of n lit-public, and the people, as its lillt-ilUl'E,
are the living sovereigns to whom allegiance
is due, and he who violates the Constitution
he has sworn to observe is a traitor, while he
who violates the sovereignty of the people
and endeavors by military violence to wrest
from them their sacred scepter, the clectivc
lrunehiso, is guilty of the darkest t1'nllB'Ul1
that can bu cunnmittril against a Ai.(‘]tlll)llC.
That ns ll Republican gum-nuieut rtiluires
it high degrce of iiitclllgsncii and virtue in
the people and in their public St‘1‘Vill1lS,kIllli
as men o the Caucasian race have success-
fully maintained republics while those of the
African race have not been able to rise above
barbsrierii except when assisted by the white
race, it is obvious that the attempts of the
Jscobiu party to degrade the while and
elevate the negro to equality and citizenship
is R movement of stupendous folly and malig-
uity, identical with one of the bloodiest fol
lies of the French revolution, which found its
climax in St. Domin o-a movement which
requires the sternest resistance of every
patriot.
6. That truth must triumph by free discus-
sion, and that freedom of the press, freedom
of speech and personal freedom are guaran-
teed rights which none but traitors can assail,
and that tho (once Federal, now) Jnonbin
parl.y, which ussails those rights has, from
the foundation of the Government, been uri-
frieiidly to liberty iind its constitutioiml
safeguards, and is still, notwithstanding its
hypocritical professions and cutchwords, thc
eudly foe to union and liberty, following; as
leaders men who rallied under a sixteen-
starred tiag-men who have threatened and
plotted disunion-wlio have sympiitliized with
our foreign enemies in war, and who are, at
this time. apparently determined either to
divide or ruin the nation, and it they carry
out thcir policy, will probably both divide
and ruin the country. A ninst such a party
we assert that freedom of speech, which, as
Daniel lVelistor said, is not (I right to he
brought. in question.
7. Tliiit it is the duty of the lmiincriiuy to
iicfc-at the six grout mi.-uauros of tho Jucobiii
policy now in progress:
Fiusr-'1‘hc suppression of freridom of
specclr and of the press.
Sroosn-The annihilation ‘ ghoul. the
South of the republican form of guvernlilcnt
which the Constitution glinrunteee to every
State. and the overthrow of t in H. oi"
suffrage in the border States, and uh 'r it
can bu safely accomplished, by iiiilitiiry
power.
'l‘iiiii.n-Thu olsvatiou of thc lil:ic.l: harburi:ui
race to citizenship, sin their forinatioii iulo
standing armies to control the whites.
ounrii-Tlio desolation and coiilisnitioii of
the territory of the Southern States.
Fiirru-'1‘iic enslavi-meant of tho prusi-iitsn-1
future generations by an uiiliuiitcil notional
ebb
Sixrn-The conversion of our ll-‘public
into a military camp, and the inniigurution of
in system of uiiendiizg war with foriigu
nations.
To effect tliose piirposris we no rruuiv to
set. in mniunction with all who in good iiiitli
support the Constitution of the United Slates,
mid we recommend the union in Koiitiiclzy of
all opponents of the policy of the [‘l't'E(fllZ
Administration.
8. That. an untrurnmelled press,‘ untruni-
moled suffrage, fidelity to constitutions, coni-
pacts and laws, peace and ivnwn l>elW<'vn
sovereign States, peace and friendly C0lIlllIf‘1'-
cial intercourse with l nations. 8 cheap and
simple style at gOVel'lImcnt,,Wlt.li no corrupt-
ing patronage or usurpation of doubtful
powers, are, and must over be, the llcniocrutic
policy. I
9. ’1'hst the revocation of all unconstitu-
tional edicts aud pretended laws. on imme-
diets armistice. and a National Convention for
the adjustment of our didioultles, are the only
menus of saving our nation from unlimited
eullmlty and ruin.
N. Gscnrv, Chairman.
0. H. Srasrrozv, Secretary.