HomeMy WebLinkAboutThe Expositor, 1869-07-02, Page 27
ett
'1
NOTICE TO ADVERTISERS.
New advertisements 'mist be given in by
Wednesday noon.
Changes of Advertisements, Which are ape-
cially arranged for weekly changes, by
Tuesday neon. .
C langes of Advertisements; 'whioli are not
, ?specially arranged for weekly changes,
by Saturday niglit.
We -cannot -guarantee • insertion unless the
above be complied with. I
‘t. BUSIIIESS NOTICt.—A11 -accounts for ad-
vartising and Jobbino,6must positively be set
-
tied Quarterly, on the 15th days of March,
June, September and December,
_
trimtx.pot
ot nr• •
. f
The, Offloial Pieper of the Counter.
FRIDAY, JULY 2,1869.
REOITIROOITY blitElSION.
IT is 'rumored, in certain circles that
,- at neeeemissio'n to Washington for i.he
t
purpose of negotiating another Recipro-
city Treaty has beeneresolired uponiby
. the Government I Should this be trine
we are Ifully convinced- it will effect
-- t
nothing in the intereit of ' Canada.
I I
Though we fully slink that the renewal
,
of commercial relltions with he Ame-
ricans would be. no small a leirantaa-„e,
still from the menner in whip the ?id
i
,
_
Treaty. was brokenoff, and Mid, coercive
• e. 1
policy which it had " view,aye think
e
Canadian dignity cmd• be *ter. sea-
. I
tamed by allowing negotiatior4 to come
1
from the other side. Besides our clera-
I
inerce has not at all suffered to the ex-
tent affirmed by some. - The H' -n.
John Rose in his budget speech de v-
. ered in the House. of Commonon he..
7th of May last, says. that the abroga-
tion of ileeiproPity only diinikaish.ed (Our
trade with the ITuited States, ab9.ut
five Per cent, certi.inly aevery trig
reduction.on an amount of about $28,-
000,000. This reduction too, he says,
has been in one- special item, thays
animals. In lumber, our trade has an:.
,
creased 44 per cent, in fresh fish. 41 Per
canton minerals 26 per cent—the re-
, .
. duction in animals being 46 per cent.
From these figures it is quite plain
that Canadian cemnierce is not so badly
k ,
. r
injured after all. We know from the
0
great demands for •Canadian flour in
the Eastern market, that a 1 discrimina-
° I
tive tax on this artiele seriously affects
our milling interest -8. But whilethis
e
is to be regretted, it is _ nevertheless a
very in. sufficient reason for compromis-
ing the national honor/ Let those who
, - ,
cut off our commercial relations take
,
the first stops fortheir renewal, and
let Canadians neeetAliem with the cip-
sign of sacrifi_cing none of their rights,
either to oblige or pacify thein. Under
,
present circumstances thele may ,_ke
more difficulty: in adjusting this matter.
f ' ,
,
thareat any former time. 1The present
. ,
attitude of NIvEr Scotia, the vexatious
Alabaxna . claiitns, and ,other things,
might lead the Americans to demand
greater privileges thairthe Canadians
eould afford to give. We trust, how-
ever, a fair bargain will be made, and
, 0 1 .i.
that our Governmen will Stand firm in
all th;rigs pertainmOo our interest. -
1
ON MOnday mOrnii g the Great Ea4-
•
ern) bearing the' 'French -cable, left
. , ,
Brest. At Tuesday noon:She was out
171 miles.. On Wednesday she was
out 294 miles. On Thursday evening
she was out 377 rail s, and had paid
out 406 miles of eab e. If is thus seen
that progress is being made at almost
the rate of 100 miles per day. _ If all
goes well:. the greater part of the cable
-,
will be safe in its "briny bed" by the
end of the present week, We . will
have,. no doubt, if the.. effort should
prove successful 4s -the- first trial, a
third and fourth Cable will be laid,
the expense of laying will ge on di-
minishing, the amount ef- Oceanic tele-
graph will greatly increase,' and Com-
petition will. result.in a still furtherre-
duction of the tariff of charges, which,
la itself, must tend ' to produce a great
increase of . business:
-....-
THE Toronto _Even ing Tribune, has
changed hands,' Mr. Moyer having dis-
posed of the same to Messrs._ Powell,
Martin & Co. The first issue, tinder
the new reiirae- is a sprightly sheet,
and to bea pertiaanenc success, in To-
ronto, we opine that it roust necessatily
continue -So. A Newspaper Must be a
eVewspaper in th:s age.
THE SEAFORT,H1.EXPOSITOR.—
OPENING OF 'THE NOM' EtWEiST t Row, CANADIAN 1AK—A general
ONE .hundred and fifty men have
recentler started from Toronto to work
on the wagon road now being -made to
the Northwest, ;another party will
soon.follow, and it is" hoped that a great
part of it will be constrneted this sea -
eon. Only 120 miles of a road is re-
quired to connect Thunder Bay with
Fort Garry, the rest of the distance
consisting of inland navigation.
The "Algoma" on her last trip north
brought out Professor Bell, with a
party of seven men to explore the re-
gion between Lake Neepigion and the
United States boundary on fie one
hand, and_Lalce Superior and Lake of
the Woods on the other. The object
of their explorations is to find the best
route for a railroad. .
It is also rumored that the Hon. W.
McDougall is to be appointed
or of the Territory. S
mor be true, he will in
take 'up his abode at For
u d this ru-
11 probability
Garry, and
at once proceed to arrange the Govern-
ment of the country.
It ii very gratifying to mark, those
indications of energy in connection with
the purchase of this great tract of land.
It indicates a new era in the history of
Canada --an era in which eat pros-
pbrity will very likely attend her.
Progress is the watchword of the pre-
sent age, and nowhere is it more con-
spicuous than in the rapidity with which
new settlements are made, and great
public improvements pushed forward.
Havinglaken possession of this coun-
try, let us have it settled at once, aad
letthe3ry lienc*/' forth be "Northward
ho 1".
OBITUARY.
WE have this week the panful duty
of recording the death of a universally
respected fellow -citizen, in the person o
JEREMIAH SEATTERI who died On tilt
evening of Monday last, at his brothei.'s
residence, in this place. His fatality
was heart disease and general dropsy.
Deceased was born in the Parish of
Erie, Orkney Isles, North of Scotland,
in 1838, came to Canada in 1859,
and was at his death 31 years of age.
He was a worthy member Of the.Ma-
sonic Fraternity, and on Wednesday
•
the bretlaern of Britannia . Lodge com-
mitted his remains to the dust, accom-
panied by the sad and beautiful bu i 1
ceremony of that order. In his demise
society loses one, whom to know was to
esteem. Heartfelt sympathy for the
friends in their sad bereavement, is the
commen sentiment.
11116110131111101X1011,
THE Toronto Telegraph has of late
published a series of articles advocating
the opening up of the Northwest by
convict labor. We consider th scheme
a most practicableand advis! ble one.
We have now before us e amples
where a similar course has been adopted
with the most cheering results. Tas-
mania is an instance. It was first de-
veloped by convicts, and now it is one
of the best of the British colonies, and
many of those that were tranepoi ted -
thither for crime, have become both
wealthy and s worthy citizen. The
scheme has more good features thaa
one to recommend. it In the first
place it would be economical compared
with our present system.; it could also
be made a means of escape from the
stigma which invariably accompanies a
"penitentiary bird," thus offering a
stimulus for those erring ones to regain
theircharacter and standing; and lastly,
-though not by. any means least, it
would deveiope and open up the coun-
try more,certainly than it will be, by
any other method.
Miss •BYE's efforts in securing com-
fortable situations for the servant girls
which she recently brought from the
old Country have been very successful.
Three times the number could quite
easily find employment, so great is the
demand for this class of labor. It will
certain' ly be a great boon to those girls
who werecoqpel1ed to eke out an ei.
istence in overty and hunger," as
Tom Hood h+it, to find themselves in
a country where honest industry is not
despised, whdre they can, even as me-
nials, enjoy many of the real comforts
-
of life.
opinion prevailed thai the "Royal ;Ca-
nadian" would resume etifi,ie payment
on the let of July.' The managers;
however, have apbed more wisely than
that, and determined to donothikag inthe
matter until after the annual meeting
which takes place on Monday noxt, at
which time the new Directors will be
appointed, and the business of the
Bank generally, enquired into. The
probability is, that the personale of the
management will be considerably chang-
ed. At the special ;meeting of &le-
i
gates, from the country_ stockholders,
which took place on Friday last in To-
ronto, nothing of anal importance was
evolved. We have tiot the least.doubt
but that the Bank will resume opera-
tions immediately after the annual
me s g, and more thhn that, we expect
o see it in a better position than it
has ever occupied heretofUre.
-with;'--eertain definite ,portions of goW
and aver, nor, is their representa-
tive; but, it is simply an expedient
adopted by civilized nations to facilitate
the interchange of tommodities between
producer _and consumer, and to remove
the inconveniencies of. barter, which,
from its Cumberousnature is no.longer
possihle after man has progresse4 beyond
the 4irst stages of barbarism. Money
doe not necessaiiky possess 'value in
itsef; but is simply the representative
of *with, or commodities ; and as such
it must have wealth or commodities
which it does represent—it must have
wealth'or commodities on which it is
based; otherwise it is fictitious. But
in the practical use of 1110Iley, there
must be a measure, of value of the
conunodities which are to be represent-
ed by money, and which are propos?d
to be exchanged through its medium;
and accordingly among all civilized na-
tions certain defined 'portions of gold.
and silver, as being commodities least
liable to fluctuate in value, and most
convenient for transportation, have
been taken as the standard measure
--.4 of value of all exchangeable commodi-
ties; and hence there -relationship
which ., appears to subsist uetween
Wealth, Money and Gold, is that mo-
ney represents wealth to a certain
amount of value --which value is mea-
sured by a defined- amount of geld and
silver—money bearing on its face the
expression oi that value. One bushel
of standard wheat might be taken as
the unit of value of money, or of corn -
1 r tells his opponents that he will do modities represented by -money, as easi-
!
as he likes, no matter what the conse- ly as a certain specified fraction of an
ounce of gold.; and perhaps with -more
beneficial results as •being less depend-
ant on human caprice, and more inti-
mately related to human. wants. A
mortgage drawn upon a property for
$1,000, is simply a transfer of a -certain
iategral portion of that; property, or
the medium through which such atrans-
fer is effected, the value of which por-
tion is measured by $1,000, the ex-
pression of a certain defined amount of
goldit is not necessary that the
inOrtgagee shall have given so many
minces and fraction of an ounce of
gold denominated by $1,000, for lie
knay have given some other property.
the value of which, the contracting
parties have agreed to measure by $1,000.
.N.ow, if this mortgage -could be reduc-
ed into fractional parts without destroy-
ing the character of -the original docu-
ment, and -those parts be made to pass
from hand to hand in exchange for
commodities, the purpose of money
would be thereby served, and these
parts would be raoney ; but 'as such a
process would be impracticable another
expedient must be adopted in order to
facilitate the xchange of commodities.
Documents of smaller and more con-
venient denominational -value, noti ex-
ceeding in the agoregate, the amount
John S., Macdonald, and, .in winding of the original value of the mortgeg I
uP,
was anxious to remove the sta,iu might be.given and received in exchange
for commodities, and then they would
cast on Renfrew RS bqing a harbor of
-THE New Brunstviek press pokes fun
at the Premier of Ontario for his ig-
nora-nce of Constitutional Law, in ,
ex-
ceeding_the powers conferred upon him
by the Confederation Act. Jahn Sand -
field certainly is endowed with a large
degree of - stabbornness. He often
prides himself tipan this, end frequent-
quence may be. it. was this freak of
wilful folly that led him to push thro'
those measures which have been dis-
allowed by supreme law -master,
Sir John Aee It is bad enough for e
man to be an ignorant blunderer, but
when a man is a reckless a,nd wilful
blunderer, he only deserves unmitigated
contempt- and detestation. And this
is, the reward in ,store for the "sha-
dow long and thin ast a shadow ought
to be."
AT the Renfrew noMination on Mon-
day, Mr. Malcolm Cameron. advocated
the improvement of
railway to Red Riv
separation of Canada
country and Independ
ed his opponent with
dual representation.
Dougall pitched into' the Banking
Scheme; opposed "Independence as
another word for annexation ; switched
the Government on he Intercolonial ;
denounced the alliance of John A. and
the Ottawa ; a
r ; favored the
rorn the mother
nce ; and charg-
inconsistency on
Mr. J. L. Mc -
refuge for disappointed politicians. The
co.ntest will be keen. I,
THE sympathy exhibited by the New
Yorkere with the Cuban Revolutionists,
turns out like most New York insti-
tutions to be a "fizzle." Cuban gold
operating on the perceptions of some
newspaper writers, wa;s the real cause,
and not that the people of New York
care mueh about Cuba. Just a repetition
of the Maximillian case.
A BANICING SCHEME.
Written for the Expositor.
(We connaend the perusal of this arti-
cle to our readers, as embodying a com-
plete scheme on the subject of Banking.
ED. EXPOSITOR)
AT tbe present time 'when the com-
mercial *affairs of the country are in eo
unsatisfactory a condition, and its finan-
cial position is threatenedto be setious-
ly disturbed by the proposed Banking
Schemeof the Government, it behoves
the public to make thesubject of money
a matter of earnest study-, in order to
arrive at sound, conclusions as to the
merits or demeritof that scheme, as
compared with the present Banking
system which will be retteiletionized by
it lt is only by an attentive consid-
eration as to the true nat6g4 and use of
money that we can preserve °arrives
from being mislead by the soplustry,
misrepresentations, clep-trap and
partizanism of the orator .and the pub -
lip journalistin their reckless and un-
reasoning denunciations of 11,Ir. Rose's
Banking Bill, the tendency' of their
'discussions being rather to mistify, by
'the muddle they create, than to convey
any sound instruction on the topic they
profess to treat. A8 safe conclusions
can be only arrived at as to the result of
any Banking Scheme upon the national
Commerce, by securing t� the first prin-
ciples as th the function and nature of
Money, I beg to present the few fol-
lowing observations on that very intri-
cate subject, in the hope that your read-
ers may attain clearer views of the
real merits of Mr. Rose's Bill. Money,
psoperly speaking, is neither identical
.• •
perform the function of money; but
the condition necessary to pitssess this
function is that they should eebt ee..ceed
in the aggregate the amount of the
'original mortgage—that in order that
they may be the true representatives of
value Of the mortgage, the _mortgage
shall be depcsited somewhere beyond
the control of the mortgagee, tor the
security of those who hold the smaller
clocu men ts.-
In the above remarks, I have endea-
vorrd to explain/ that the natuTe and
use of money is such that its object is
to facilitate the exchange of commodi-
ties between producer and consumer,
which the division of labor in a civil-
ized state of society renders necessary;
that it is, or ought to be a true repre-
sentation of wealth, the value of which
is measured by certain definite quanti-
ties of gold (or silver) which are taken
as a standard of value. In order, there -
fie, that this object. of money may be
attained, and that a holder of any
portion Of money may be secured in
any portion.of the Wealth of the body
politic which it does represent, strict
justice requires, first, that the wealth
which has been made the constituent of
money,shall he- so secured from being
alienated, or squandered; but to be
held ready for the redemption of that
money which represents it Secondly,
that this wealth, commodities, or pro-
perty should be of such a revenueable
feed unfluctuating a nature as not to be
liable to depreciate in value below the
amount denominated .by its representa-
tive ; and thirdly, that pl.oper means
thouldbe devised by -which the wealth
-whereon the neiney has been leased,
shall be secured in the interests of the
holder of the money which represents
this wealth.
In applying these principles to Mr.
Rose's Banking Bill, we are at a
less to perceive the 'injustice where-
in it is proposed to make the Govern-
ment the repository of those public se-
curities upon which the depositors of
them shall be allowed to issue the notes,
countersigned by the Receiver General
of the Dominion, and Which have to
receive the character of legal tender
within the Dominion, tobe not only unob-
jectionable, but to be qtite coirect in
principle. The Government being thp
dispenser of public justice and the guar,
-dian of individual right acts clearly
within iis legitimate sphere of action,
u pursues its pith of duty when ale.
sliming to be the cuetoclior of that
which enustguarantee the public against
loss frere piper promises issued -with-
out their proper basis. But the ques-
tion now arrises in regard to Mr. Rose's
Banking Bill is, what is the nature of
those Go-vemment eecuritiesnientioned-
itt the Bill, which have to be deposited
with the Receiver General, and in lieu
of which the bank thus depositing
them will receive Dominion Notes, or
Bills countersigned by the Receiver
General, to be istmed and used .by the
pubhc as legal tender 1 If the Govern-
ment securities are the debentures or
mortgagesleased upon revermeable pub-
lic works, or on duly authotieed loans,
or advances on the sources of the na-
tional revenue, so far the scheme ap-
peartito be legitimate and fair; but, if,
on the Other hand, the Government se-
curities imply an uulimitod power on
the part of the government to draw,
or issue bonds on the credit of the cot,
tt7, or seCnrities leased on bolstered u
monopolies, and 'unprofitable under -e
takings, the scherne propounded bv Mr
Rose would result in a system of pub-
lic loss,. ro-ebery • and corruption. But
then the fault would not be with the
scheme, but with the .prheeiple of go-
vernment which should place such an
arbitrary power in the hen& of a min-
istry. To bring the matter a little more
clearly to view, we will suppose that a
municipality having no money in its
treasury issues a debenture for .eay
$100, in payment of a piece of work
done to the municipality—say it is for
a bridge building—this debenture is
the security to the builder for the pay-
ment of his money, and represents the
value of the labor which he has embo-
died in the work; but, finding it to be
in an inconvenient form to be used as -
-inoney; and to be broken into small
fractionfor the pnrchttee of the sever-
al commodities which' he may eequire
from time.to time, he applies to the
Council and obtains, in place of the de-
oenture which he deposits with its
Treasurer, documents of the smaller de-
nomination which he is allowed to is-
sue, and 'which are perraitted to pass
.from hand to hand as legaA tender vaith-
in the municipality, and euperceede
the necessity of what is termed hard
cash, for exchange of commodities, so
fer as the municipality extends, and
appears to be similar to that pro-
pesed by Mr, Rose in his Banking
scheme, except that in addition to the
securities to be deposited,. 20 per cent
of gold must be -also deposited, or held
in reset...ye by the bank, for the redemp-
tion of the issues sent afloat neon the
country. Suppose that the Govern-
ment of the country undertook to open
up the North West Territory by the
construction of a railroad through it,
and that this could be accomplished on- •
ly by the issue of debentures. These
debentures might then be accepted by
those who had the -contra& of tne road
antrmight be held, or sold by them as
was desirable according as the -work
progressed.- .What then did these de-
bentures represent? Simply the work
embodied in the undertaking -which, -we
are justified in supposing would lee a
re-verkueable institution. N'ite`:- have
then to ask wherein cosists the injus-
tice and inapolicy . of oat measure
-which requires a deposit° of those de-
bentmes with. the Receiver (+metal,
for the public security to oetain the pri-
velege of iseuing a currency based up-
on those debentures. This appeals to
us to be the object that is sought to L.
attained by Mr. Rose's Banking Bill
whiii has been made the subject of po-
pular denunciation.
Now -we have to enquire wherein do
the defects of the present Banking sys-
tem consist They appear to us to
consist in an unlintited power on the
part of a Bank - to iesue Prornissary
Notes to several times that of their
paid up capitals, this power being eon-
troled, or supposedto be controled only by
the predence- and gcod management
and honesty of the directors,. whom we
are required to believe are honorabls-
xneu ; until the public finds reason to
repeat the ircneeof Mark Anthony over
the dead body Of ,Ctesar, "we are all
honorable—very honorable men." -Tv
remedy the defects of the present -Bank-
ing systein and secure the country a-
gainst being victimised by the specula-
tive dishonesty of schemers who may
worm themselves into the position of
Bank Director. The law should require
that a Banking institution have its
Stock paid up in the form of actual
cash,, or Bonds on real revenueable pro-
perty, and that those Bonds should be
lodged with the Receiver General of
the country in order to obtain the pri-
vilege of issuing " Promises to pay,'
countersigned by the Receiver General,
to the extent of that cleposite and in
no case should the issues of a Bank ex-
ceed the amount of such Bonds thus
_ a
deposited, and the amount of specie it
may be required to hold in reserve in
its 'vaults.
/
DISTRIC
A
We have to
our readers for ti
reading matter
e6 the same Of So:
for the fian-appee
tisements, or
d putting the pal
forms fell, -destro
contepte, and it
the loss, in time f
e present week.
R Loi's coin
for this. issue;
Dox' T forget th
'Wednesday eveni
HalL
Anovr fifty or s
forth to Brantford
yesterday.
•
A Meet SAIIED
this place, got his 1
ing from a waggon
R. Coveteeoele
bill, to receive tem
of a close beard feet
urhey burei.'g
next -
At the Ni1/a:0 of
.thunderstorm.lth
several person' ' wee
--Mrs. A 13iggar----
ytetere
• BAfiE
tween Ainlyville
elav resulted in 31
amd 7 for the la
Seafortl 2-6 runs.
prevailbd.
Tim South
Shaw will tke pla
tRe Tueleerstnith Br:
- of the latter, in
day of September ae
ber.
A Goon Seetke.
office a handful of
Treadle -ell variet
long, And "this was e
the lasts itain. It ev-
Davia Dot-renee, a
tion Halley. It
ince alit can b
• hear from.
DRowereete—A
Mike resi
Ainleyvillee, was
on Tuesdey last.
ing the river .in
with another young
noe Upset and thev
.
the water. One of
eoped by catching hoJ
the river,' but Welsh,'
s wire, was borne ol
and drowned. -1.1p
trace of the body was
,
TEE FALL Aesizts.
Toronto papers that
Hagerty, of the C
take the Western
all:rt
(September
sa
September ; Gode
; Sarnia
September ; St. ThoIt
October ; Chatham,
London., Monday, 2
SEneeres Aceentem.
called Johnston, empll
mill beloeg'ng to Mr.
met with a serious at
day. It appears that
or other, he stumbled
the fly -wheel of the
pitched with reat vio
hoarding of the mil
sbirugnisec,dd, , and it is feare
--hie recovery is some
IT is barely possib
looking plate than
found were a general
instituted - but the
,rta'nly against the
streets are heaped:with
and planks, or s000pe
and mud holes, so that
dfr • eity titat evehi le
in anything like a l'OS1
Many of the back yard
all kinds of rotten lei
m Ida/ in of a rear.
latter nuisance have no
tunity to be felt, in on
cold eeason ; but let
week's W -arm weather,
does- not suger from on
sea as dveentery, or
conclude that it is sheer
the payt of the element,
eanee the people have
best to secure such
remarks are not Called
Ger own impulse, but
given daily
veTlrpersona
dailyl'ttemilee t