Loading...
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