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‘ERROR CEASES TO BE DANGEROUS WHEN REASON IS LEFT FREE TO COMBAT IT.”—Jefferson.
VOLUME XXII
ATLANTA, GA., WEDNESDAY. MARCH 23, 1870.
NUMBER 12
HrrklQ ^uUlligtnrrr
PUai.UiHXD DAILY AMD WKKKLY BY
JARED IRWIN WHITAKER,
Proprietor.
ATLANTA, GEORGIA,
Wednesday, March 23, 1870.
The Alr-Llee Ballresd.
The Air-Line Ragle of the 11th instant, says
that work has commenced at this end ot the
second section of this road—the bail haring
been opened by Hr. W. P. Woodall on Hon-
day last Several companies are making prepa
rations to commence work next week.
Book Nolle*.
Ask a Roe Kabsis, The Copr.—A copy ol
this work of which we gave a favorable notice
some short time ago irom advance sheets trans
mitted to ns by the Publishers, J. B. Lippin-
cott «fe Co., ot Philadelphia, has at last reached
our city and is tor sale at the book store ot the
Messrs. Richards, on Alabama street. The
author, Mr. Edwin De Leon, late United
States Consol for Egypt, and later still of the
Mobile Register, is a fine, nay, a captivating
writer, and has given the public a book that
cannot but be popular with ii. We advise our
readers to secure a copy ot it at once.
Cold.
Timet, oi
the 12lh instant,
Jordan still la Coaasad.
The World’s Havana correspondent writes
that the report of the resignation ol Gen. Jor
dan as Commander in Chief of the Caban Ar
my is untrue. He is doing all he can to increase
the efficiency of the army, and is devoting espe
cial attention to the quartermaster and com
missariat departments. The summary execu
tion oi Cabans by the Spanish authorities con
tinues wherever the Spaniards have a toolhold.
monument to StonewruU Jsetuos.
Ex-Governor Letcher, of Virginia, has pub
lished a statement respecting the proposed
monument to Stonewall Jackson, saying $50,000
is needed, and that no local or sectional views
restrict the scheme—that it is national in its
design and the North has cordially responded
to the appeal, and the East and the West are
moving. It is proposed to erect a memorial
chapel at the Virginia Military Institute in Lex
ington, and, should the funds collected permit,
a statue in bronze or marble, 44 to transmit to
coming generations the features, form and
expression of one whose name and virtues are
alike known and honored throughout the
civilized world, and who was a bright exemplar
of whatever was trno and noble, and ol good
report among men."
final and Imuhm.
The following is reported as what the Presi
dent said to the Tennessee Congressional dele
gation which called upon him on Tbarsday
ast:
“ I regret very much the condition oi things
in Tennessee, and will do my best to check
these outrages. Tence-see is a State in the
Union, and I have no right to take possession ot
her territory with troops. I will take the whole
matter into consideration. We have troops to
spare, and I will see it we cannot send them
through the State, so as to have a moral effect
at least, and also to aid the United States Mar
shal and his deputies In carrying out the laws of
the genera) government, and the decrees of Uni
ted States courts. As to the fifteenth amend
ment, I am sure its provisions will be carried
out in every Slate, as Congress is now engaged
in preparing a law lor that purpose, I will cer
tainly give tbis matter due attention. I will
consult wltb the Secretary ot War and see what
can be done.” _
Til* World—It Wags.
Farmers complain because the price of cottoD
has gone down. The boarders of gold com
plain because the price of their commodity has
gone down. The politicians complain because,
as the telegraphic wires from Washington an
nounce “ this thing, that thing, or the other
thing,” each thinks “ Othello’s occupation” may
be “ gone.” Bat, while farmers complain, man-
nfacturers rejoice at the fall of cotton ; while the
men ot gold complain, they of bonds and green
backs are made glad at the decline of the “ yel
low metal; ” and while Washington telegrams
may one day excite the hopes of Republicans
and the next encourage the fond anticipations
of the Democrats, all may be embodied and ex
pressed in our text—■“ The World—It Wags.”
Yes, the “ world wags” for the poor as well
as for the rich. Like a ball, it (the whole
earth) seems to be swinging in the air, now lit
up by the sun, and then in darkness. The want,
tbe misery upon it, who can tell ? The abund
ance which flows to others who can calculate?
Here plenty, there famine. Here health, there
sickness. Here honor, there dishonor. Here
virtue, there vice. What a world I And yet it
is a good world, a glorious world, and if man
would only improve the talent bestowed upon
him, and cherish, instead ol casting aside its
blessings, he might well let it wag in its way,
for the way is not its own, but the way ef Him
“ Who sees a hero ora sparrow fall.
Atoms or systems Into ruin hurled.
And now a bubble burst, and now a world. ’
Tb« Gsorja Bill la tl»* Senate.
The Savannah Republican ot the 13th instant,
commenting on the Georgia bill in the Senate,
says :
“It appears that the fate of the Georgia hill in
the Senate is doubtful, unless the Georgia Dem
ocrats shall signify some desire for its passage,
and thus encourage Democratic Senators to
support it
"We are not authorized to speak for the Dem
ocratic party of Georgia, and do not publish a
party journal; but we have an opinion that, as
Georgians, no Democrat ot the State should give
tbe slightest aid or countenance to the wicked
usurpation, no matter how modified its form.—
They should not touch the unclean thing. As
we all have to submit to it if passed, that is quite
as much as they can expect of us. A recogni
tion ol the outrage as legal— the right of Con
gress to upset at will tbe government ol a sov
ereign Slate and substitute its own creatures in
place of lawful rulers—is so monstrous a de
mand that we hope no citizen ot the State who
respects ei.her her lair lame or himself, will
ever give this side the scaffold.
‘•Qo on and pass your law if you wil; we
shall Bubmit and be thankful to those friends of
right who succeed in mitigating its wrongs and
hardships; but approve, or lend any aid or
countenance to its passage, never, never I”
There is, in the foregoing, declarations that
will, no doubt, surprise m&uy of our readers,
though they do not surprise us. First, that the
JRqte&Ucan s “ not authorized to speak lor tbe
Democratic party ot Georgia;” and second,
that it is not “ a party journal.” But for the
second declaration, the first would be a severe
rebuke to those journals in oar State which
MBims on all occasions to speak for the Demo
cratic party as its leaders, forgetful that the lead
belongs to tbe party, is its rightful inheritance,
and not to them. In the olden time tbe Repub
lican was a Whig journal. Circumstances of
recent date made it, we always fel', an ally ot,
buf not a Democratic paper in a party sense,
and we are therefore not surprised at tbe
declaration of its editor, that it is
no “party journal.” The truth is, theie
are now at the head of more than one
other journal in the State, individuals st ho nt ver
had any love for the Democratic partv in days
of yore, hut who now, driven by circumstances,
have become its allies, tor how long remains tor
the fu’ure to tell, tut who, unlike th.- editor ot
the RepuNican, speak lor it in the “ Mr Oracle"
style, and who really seem to imagine 'hat ihey
are tie Democratic party ot Georgia firne will
show them their error, and convince lit, m ihat
tbe Democratic party ot the State a partj
with principles, and will speak for itsell, heeding
no dictation when the occasion is a proper one
The New York
says:
“ Gold is once more on the upward move—a
rebuke to the folly which has been cbaltering
about an immediate return to specie payments
everybody is, ol coarse, eager to reach the hard
cash basis, but we are brought none the nearer
it by delusions like that which has mistaken a
fall in tbe gold premium for resmnptiou. There
will be time enough tor shouting upon that.sub
ject, when the Government and the banks begin
to prepare tor specie payments.”
* Straws show which way the wind blows,” it
is said, aud we see in the loregoing “ straw ”
from tbe leading Republican paper in New
York, a sign at least that gold will not be at par
lor lo! these many days.
Tbe Presldem’a Life Threatened by a
Lunatic.
The Washington correspondent of the New
York Herald, ot the 11th instant, telegraphs to
that paper, the following item :
“ Terrance Cassidy, w ho yesterday threatened
Present Grant with assassination, using aba- 8lampede ofthe black8 to the more Southern
The Transition State.
This is now the state or condition of the
South. It is so commercially ; it is so political
ly ; it is so in many of the Slates in regard to
population. Commercially, nothing is in a sta
ble, settled condition. Merchants are shy, in
tact, timid, aud looking to “harder times a com
ing.” Distrust has taken the place ot coufi.
dence—trade languishes, boldness no longer
marks their movements or enters into their
speculations. All seem to teel that a transition
state is upon them, and wariness in trade mat
ters seems to influence their action.
Politically, too, the South is in a transition
state, especially may this be affirmed of Geor
gia. How this affects her every interest, none
know better than those who feel and suffer
lrom it—her own people—those of them who
have ma'erial interests in it, and those who, in
honest poverty, have to, and do labor for a liv
ing, earning their bread by the sweat of their
brows. We had hoped -that this political tran
sition state in Ge >rgia would not last long ; that
it would soon be over; that tbe day was near,
nay! that it was at hand, when Congress would
be done with her, and she, once more iu the
Union, would be left to regulate her own domes
tic doncerus as any other of the Slates of the
Union claimed the right to do. But wc appre
hend this will not be the case for yet a time
longer. Recent advices from Washington in
dicate a prolongation of the transition state
within her boundaries, and this being so, Geor
gia must remain in that condition of political an
archy through which she has passed since the
“surrender;” a bad ttate that must grow worse
so long as it exists.
The population of the South is also in a tran
sition state. In Virginia there is a perfect
sive language while the latter was walking on
Pennsylvania avenue with his sou, was <o-day
pronounced insane by the police surgeons, aud
sent to the government insane asylum. The
man had repeatedly been refused admittance to
the Executive Mansion on account of his singu
lar conduct"
From the New York Herald, 11th inst.
THE GOLD SENSATION.
Decline and Fall of the Golden Empire—Condition of
tbe Market Yesterday—Among the Safe Deposit
Vaults of the City—Large amount of Specie in New
York—Popular Impressions.
Gold was permitted to rest in a state of com
parative equilibrium yesterday. Yet the Gold
Room had its usual appearance as a nursery for
unquiet children. The brokers made various
noises, said by some cynical person to be given
in imitation ot the prowlers ot the forest, and
seemed to subsist upon their own interminable
loquacity.
Ii an innocent person, bent upon investigating
the tension of the human lung?, were to visit
the pit of Gold Room, he would, no doubt, find
these useful bodies in their highest state of elas
ticity. At any rate, he would find tongues so
tar possessing the properties of India rubber
that he wonld only wonder that they do not
come to material, as they often do in vocal con
tact. These tongues, pickled by long
saturation in figures
“ 1 11,” “11," “ 11,”“ 11,” going, “ 11 ’’—seem
to shoot the price ot gold about indiscriminate
ly, and the result has be* n that many operators
have been perforated in the recent decline. It
will be necessary to give up the gold room, they
say, when gold touches par, and thus one ot the
most intt resting bar-rooms in the city will be
closed. Despairing of selecting a grain of good
sense out oi the chaotic gold room, the reporter
went in search of information among some of
the mighty magnates of the banks. A visit was
paid to
THE VAULTS OF THE PARK BANE,
where the gentlemanly manager was found.
Reporter—Have there been any gold depos
its, unusually large, placed in your vaults as a
consequence of the recent decline ?
Manager—No, sir; no movement of that
character has been noticed. Gold deposits are
comparatively small.
A visit was made to the vaults of several safe
deposit companies, but in no instance was it
tound that there has been any marked increase
in the hoarding ol gold. If gold were being
hoarded it could be done without the knowl
edge o( tbe sate deposit banks, as every patron
can place his valuables beyond the espionage of
the back officials.
It is hardly likely that capitalists are “load
ing up” for a rise in gold. It such a state of
things existed the evidences would soon come
to the surface.
The reporter succeeded in obtaining an interview
with a responsible officer of the Fourth National
Bank. He stated that the banks o( tbe city now
hold more gold than they have had lor years.
About $58.100 000 is the sum on deposit in New
York. This does not represent the actual
amount oi coin in possession ol tbe banks, but
tbe aggregate of gold certificates and coin. The
gold certificates issued by tbe Sub-Treasury to
depositors ot gold make about $35 000,000 of
ihiB amount, leaving the banks in actual posses
sion of $23,000,000 in coin.
GOLD WAS NEVER MORE PLENTY
than now, and this is because the Treasury poli
cy has changed. Formerly the department
desired to hold coin, but now wish to throw it
on tbe market. Tbe Fonrth National Bank
yesterday had about $2,000,000 ol gold on hand
and the Park Bank had the same amount The
lot mer institution is chiefly lor brokers and the
brokers all show heavy balances ot gold. People
who have been wondering why many failures
have not been reported in Wall street should
remember that there is no considerable “short”
intt n st. Tbis is manifest from the plentitude of
gold and from the tact that there have been no
strong attempts at a “ corner.” Then thei e is
on demand for gold ; the short interest evidently
does not want muen of it; merchants are not
short, and gold from its own weight has soi ght
a natural equilibrium. Speculation may cause
it to vibrate, but from the large amount on the
market it will settle at its state of positive rest,
which is little above par.
THE FEELING OF INSECURITY
amoDg heavy wholesale dealers in all depart
ments ot trade is intense. Operators teel that
merchandise is a dangerous commodity until tbe
finances are firm and staple. Brokers in cotton
and other products feel the decline in gold se
verely. No interest, however, has sutler* d as
much as dry goods. This department ot trade
has gone to sleep. A. T. Stewart, it is asserted,
is . he only merchant who has done an active
business, and bis operations have been carried
on by lorced sales.
THE DEPRESSION EVERYWHERE
is only an internal sluggishness, a natural con
comitant ot a failing market, which will soon
be dissipated in prosperity. It is believed that
should gold soon reach par, as there is now
every evidence it will, the volume of circulation
will be increased, and the insane mania of gold
gambling will cease to hamper the mercantile
and commercial interests ot the country. There
Is a keen eye everywhere watching the move
ments oi the market, and a feeling that gold as
merchandise is about to expire alter a nomadic
and eventlul life ot ten years. Goid opened
yesterday at $1 11, and closed, after rapid and
extreme fluctuations,at $1 11 j.
The Late Massacre of the Piegan Indi
ans, with tbe disclosure of its atrocities, has
brought out General Sherman in a statement
charging the responsibility upon General Suliv,
not a till*: sndiog Sul’y’s denunciations of the
h< rribk* : fliir. Thelacts britfly stated, appear
to be these: General Sheridan, in military
charge ot all that Norlhwe.-tcm region to tbe
Rocky Mountains, suggested to General Sher
man that it would be a good thing -to pounce
upon and “strike” some ot those hostile* Black-
feet gangs in their winter quarters; that General
Si dy seconded the proposition ; that General
Sueiman approved this suggestion ; that Colonel
11 .her accordingly was detailed with a stroDg
lorce against the Piegana in their winter encamp
ment ; and that w.thout much discrimination in
favor ot age, sex or condition, he made a fearful
... slaughter ot the Piegan encampment, men.
for making its declarations, suggesting its policy, | women and children. General De Trobriand,
or putting up its sUuJatd-bearers ior election to j also in command out there, thinks that this affair
c ffice It i6 not a party either with proscrip^'m I entitles Colonel Baker to promotion We think,
. » •. , ^ a , c ... | il the taels are sls n ported^ this shocking* m&ssa-
inscuoed up* n ns banner, and his s< ,ue c 1 - j cre caila lor a court martial !>y order ot the
would be leaders ot that tchool will be apt io j President and an investigation by order of Con
tra etc many moons shall wax ard wane. i gress.—New York Herald.
States. We see it stated that in every part ot
that State there “ are agents for enlisting immi
grant negroes for employment in the South,
either as laborers on railroads or on cotton and
rice plantations. The agents receive ten dol
lars for each immigrant. The immigration from
Virginia ot blacks, is encouraged by the offer ot
twenty-two dollars a month and transportation,”
and even the whites there are moving in consid
erable numbers to the Southwest and Missouri,
after selling their lands to immigrants from the
North and Europe. From Alabama, too, while
immigrants are moviag in from Virginia, emi
grants are going out, and so to a limited extent
is the case in Georgia. Large numbers ot white
emigrants have left our State within the past
four months, and the number of negroes that
have left it in the past twelve months is consid
erable. Truly everything in the South is in a
transition state, and when this shall cease who
who can tell ?
-• •-
The Power ot Congress.
It seems that there is no limit to the power
of Congress. Recently, the Presidential veto
has been no restraint upon that body, and the
country has ceased to regard the Supreme Court
as any barrier to its usurpations. The power
inherent in it, it has successfully stretched to so
great a length, that one might well think it had
reached a limit where it would end. Bat not so,
as may be seen in the following views of lead
ing Senators. Mr. Sumner, for instance, holds
that Congress has aright to coerce the National
Banks into specie resumption at any moment—
He believes that an act of Congress to thnt efj
feet could be enforced all over tqe countoy,
without any regard to paper values, or to the
necessities of trade. Morton wants Congress to
compel the banks to furnish loans to the busi
ness men not exceeding seven per cent per an
num, without any regard to the tightness or
buoyancy of the finances.
Thirty years ago, Senators who would have
advanced such ideas, and persisted in acting up
on them, would have been stoned in the streets.
Now, all power rests with Congress—the power
to do evil being the chief one, and the one that
is exercised with an impunity that is wonderful
even in these degenerate days.
Special Dispatch to the New Era.
WASHINGTON.
Washington, March 15.—A bill lor the ad
mission of Texas, with tbe same conditions as
Virginia and Mississippi, passed the House to
day, by 131 to 45.
In the Senate, Mr. Stewart made a brilliant
argument in opposition to Mr. Bingham’s
amendment, during which he ventilated the
war record ot Joshua Hill, and established the
position that the Government of Georgia has
been and is provisional only, until approved
and admitted by Cod gress. He was iollowed
by Judge Edmunds, in tavor of tbe bill as
amended. The Senate then went into Execu
tive Seesion.
The Washington correspondence of the New
York Times, this evening, says: “The chances
that tje Bingham Amendment will be stricken
out, grow stronger every day. Tbe conviction
ot a majority of Republicans to-day is that
Georgia ought to be remanded to a pure military
rule, and kept there for tbe next lour years.
The foregoing rpecial dispatch appeared in
yesterday morning’s New Era. We notice also
in its editorial columns the following significant
paragraph:
“The news from Washington plainly indicates
that not only the Bingham Amendment, bat the
Georgia Bill itself will be defeated. This is not
unexpected. No one, we presame, doubted the
tate of the Bingham Amendment and the Geor
gia Bill after its advocacy by the Bryant De
mocracy I”
[Communicated to tbe Lexington Gazette.
Stories of 181*2.
There were two occurrences in the war of
1812, which are characteristic of the Kentucky
soldiers ot that time, which I do not recollect to
have seen in print The one occurred while the
American prisoners were being marched through
Canada to Forte George. On one occasion the
officer commanding the guard bought some
whisky, and invited a Kentucky corporal to
drink. The British Captain gave as a toast
George IH. The corporal drank without hesita
tion. Tbe British captain then called upon the
corporal for a sentiment The corporal rather
declined, saying, “ Yon have been kind in invit
ing me to drink, and I may give offense by
giving a toast.” “ No,” said the Captain : “ give
a sentimental toast ” The corporal then said :
“ May the skins of Kings be made drum-heads,
and the shanks of Tones dram-sticks, to beat
the Americans to arms.” The British Captain
remarked: 44 Sir, yon must remember where
yon are, and act accordingly.” A British Lieu
tenant, whocomposed one ot the company, said :
41 Stop, Captain yon called for a sentiment, and
must not now take exception.” Suffice to say,
the British officers swallowed the toast.
The other happened at Camp Jackson, Bfelow
New Orleans, on the 8th of January, 1815.—
Alter the British made their last charge on our
breast-works they sent in a flag of truc-e, which
was met by a flag from the American army,
asking the privilege ol removing their killed
and wounded, which were numerous. A line
was designated so far from our breastworks as
to prevent the enemy discovering the nature of
our defenses, and American soldiers pi: ced on
one side of the line and British soldiers on the
other. While their dead and wounded were
being taken to this line and received by British
soldiers, a soldier belonging to the latter re
marked to a Kentucky soldier : 44 It is useless
for you to continue the contest; we are deter
mined to take the city. We have Lord Packen-
h&m, Lord Gibbs, and Lord Keene, and a pow
erful army, and are determined to take the city.”
To which the Kentucky soldier replied : “ We
have on oar side the Lord God Almighty, the
Lord Jesus Christ and the hero, Old Hickory,
and Til be d —d it we can’t whip you.” Ken
tuckians may be overpowered, but still they will
crow. i
From tbs New York Star.
Dry Cocdo—Probability that tbe Smaller
Dealers Will so to the ITall-Opinions ol
Leadtnc Mere hats.
The diy goods trade forms one of the most
important leatures in the import trade as well
as in the custom returns, ana order to test the
feelings oi those most interested in the present
crisis, we have made inquiry among the retail
dry goods stores, in New York ana Brooklyn,
with the results detailed below. Trade seemed
to be brisk, considering tbe time of year and the
unseasonable weather, and the majority ot these
we called upon took
a cheerful view of affairs,
but did not conceal the fact that among their
poor brethren there was not likely to be a smash.
Considerable reflection upon the commercial
policy ot the Government was expressed, inas
much as it is believed that the present fall in the
precious metal might have been nude more
gradual, and merchants thereby have been en
abled to work off their stocks at a reduced value
by degrees. Gold at 115 tof! 10 for the next six
months would have been t* boon in many in
stances, although there are some speculators ol
a hopeful tom ot mind, who do not despair ol
seeing gold shortly at something near that mar
gin. The dry goods men we v : sited were dis
posed to state their views frankly, as below:
TRADE OPINIONS.
Lord & Taylor, Broadway, say the prices of
goods mast follow gold ; the sooner it comes to
par the better for us we should be glad to 6ee
geld at par to-morrow. With regard to small
houses, those of them who have laid iu heavy
stocks at high prices, and possesses only a small
capital, must go. Gold at par would be the very
thing which we want and require, it would
set trade agoing with a bound.
J. A C. JOHNSTON, BROADWAY,
think that the reduction in the price ot gold and
the consequent low price of goods will not
quicken trade so much as seme merchants ex
pect. The redaction will fall chiefly upon some
kinds of foreign goods. If Government resume
specie payments, goods will be cheaper still.—
Some kinds of imported goods are sold just now
for less than cost price. Some descriptions of
goods that cost $1 50 are now selling at $1. It
wonld be doubly good ior those who hold a
light stock when gold comes to par, as they will
be able to take advantage of tbe panic. Many
business men think that gold will go up to 11*8
or even 120 again.
BROOKS BROTHERS, UNION SQUARE,
say labor is a great part of the price of their
ready-made stock, and it remains unaltered, but
the redaction in the price of piece goods will
make a difference to a certain extent upon their
stock.
aikin & miller,
for themselves, do not care, although gold were
at par to-morrow, but think that Government
should have managed so that the price of gold
was let down more gradually. They think that
gold at 115 would have been a proper figure for
the present season. It will press bard upon tbe
man oi small capital. They have to pay for
their goods, and the duty upon them, in gold,
and it has been bard sometimes to know what
they should fix them at. The fall is fully 15
per cent, since stocktaking.
ARNOLD, CONSTABLE & CO.,
say their goods are regulated entirely by the
price of gold, and lollow it. They think there
ought to have been a more gentle decline in the
fall of gold, and that the Government might have
avoided the suddenness of the tall. The brok
ers would send the price up if the Government
did not interfere. Small men must suffer severely,
as they have not the same chance to work off
their goods; some of them must smash.
HOWE & ELLIS, .FULTON STREET, BROOKLYN,
report cotton domestics about three cents per
yard down. Upon imported goods there is a
much greater reduction. By keeping light stocks
at a time, they have avoided much loss.
WECHSLER & OPPENHEIH, FULTON STREET,
BROOKLYN,
only buy imported goods; do not think the fall
in gold will affect the price of domestics, but
will cheapen tbe imported goods much, as the
goods they used to pay for in gold they can
nearly buy now for currency of tbe same
amount.
HKU8TED & OARLL, FULTON STREET,
say the reduction upon imported goods since
January amounts to 25 per cent, aud the re
duction upon domestics amounts to from 5 to
10 per cent.
WALKER LOCKWOOD, FULTON STREET.
Imported goods alone will be cheaper, and
they will be cheapened in proportion to the
difference in the price of gold. Domestics will
not ba influenced by it. The supply and de
mand regulate the price of our domestic goods.
Some cottons of a peculiar make in demand,
and with a short supply, are actually dearer at
present Irish Poplins (Pirn’s) that we were
selling in December at $8 per yard, and iu
January at $1 75, we sell now at $1 per yard.
Every holder of stocks imported must lose.
UNANIMITY OF OPINION IN THE TRADE.
The statements given above represents pretty
nearly the general feuliDg in the dry goods trade
upon the present emergency. Ready-made
clothing will be the medium ot a smaller loss
than piece goods, except in the case of those im
porters who have bought foreign clothing in the
ready-made state, inasmuch as the price of the
labor in making up the goods in this country
remains the Fame. The trade generally seems
to be alive to the advantage of impressing upon
their customers’ minds the reality ot the reduc
tions that are taking place by advertising, and
we noticed a number of placards in dry goods
store windows yesterday announcing the same
tact
CRISPIN AND THE ALMIGHTY DOLLAR.
A speculative bootmaker in Broadway has
overcrapped everything by placing a sack in his
window apparently filled with silver coin, and
in imitation that specie payments are the rale at
his establishment He has a zouave in uniform,
with a rifle and bayonet fixed, to guard the
treasure. The next two months are likely to be
a trying time, bat those firms who weather the
storm are likely to be permanent For the ben
efit of tbe public, we append a list of the dry
goods.which havefuffered the largest teduction :
French silks, satins, velvets, laces, gloves, rib
bons, buttons, trimmings, &c.; English broad
cloths, Scotch tweeds, dress goods, carpets, mil
linery, hosiery, &c.; Irish poplins, linens, nape
ry, laces, &c.; Brussels carpets, German dress
goods, and varieties, &c.
The Malden Speech of Revels.
The Washington correspondent of the Louis
ville Courier-Journa says, that the maiden
speech of the colored Senator Revels will be
made on the Georgia Butler bill. He will op
pose the bill, and speak as the representative of
the colored people of Georgia, who are daily,
he says, telegraphing him protesting against the
measure. The same correspondent says that
the opponents of the bill from Georgia, “ have
succeeded in influencing members of the Sen
ate, by this manufactured public sentiment in
tbe shape ol delegations and telegrams, to such
an extent that it is believed the bill will be sent
back to the House with the Bingham proviso,
limiting Bullock’s term of office, stricken out.
Sen ator N ye is in trouble. He add ressed a Re
publican meeting, at Portsmoulh. N. H., Saturday
evening, after which, tbe sheriff of the county
served papers upon him,requlring him to appear
at the April term of the Superior Court, at Exeter.
The prosecutor is a merchant in Constantinople,
Turkey, and the case rather discreditable to the
Nevada Senator. It appears from the papers,
that while Nye was in Europe, nearly two years
ago, he was introduced to a diamond merchant
in Constantinople by our resident Minister, Mr.
Morris. Nye bought ot the merchant a pair of
bracelets set with rabies and a diamond brooch
in the form of a butterfly, for £75. He gave his
note, promising to send the money on his return
home. This he not only failed to do, but has
treated all duns with contemptuous silence. The
matter is in the hands of a legal firm in Boston,
to whom it was 3ent at the instigation ot the
United States Minister, who considers bimselt
in honor responsible for the debt, as he intro
duced the Senator to the merchant as a gentle
man.
To People who Mo not Par Taxes.
Commissioner Delano is determined to see
that the taxes are rigorously collected. His ef
forts in that direction have already been produc
tive of important results. The receipts upon
uearly all articles are larger than they were last
year, and there has been a total gun to the rev
enue ol over $19,000,000. This encourages the
Commissioner to carry the war into other fields.
He is determined to organize an assessment of
the iucomc tax, which shall not admit of any
one escaping irom it who is justly liable to its
operations. His intention, we are told, “is to
secure the collection oi this tax, as far as possi
ble without evasion, so that its burden may be
more equally borne than hitherto.” The net
will be cast in a way which will prevent certain
big fish from getting out Gf reach of it, as they
have hitherto done.
We need not say that we heartily commend
this plan. Let every tax be collected honestly
and impartially, but at tbe same time let the
severity of the taxes t>e diminished. Reduce
taxation, and the people will not take so much
paius to outwit the Collector. As extravagantly
high duties encourage smuggling, so oppressive
imposts deaden people’s consciences whenever
the tax collector comes near them. Men who
would hesitate altout uttering a falsehood on
most subjects do uot think there is mnch harm
in making au untrue return of their incomee.
They say to themselves, “ It’s only the Govern
ment we are deceiving, and that gets too much
from us already.” The reasoning is indefensi
ble, but Governments have to deal with human
nature as they find it.
Lower the taxes, aud the resistance to taxa
tion is instantly lessened. The income tax must
be brought down to three per cent., and other
burdens should be lightened. Then make
strict collection. Let your demands upon the
people be fair, aud then see that those demands
are complied with. This is the way to econo
mize, and no one can have any reason to com
plain of it.—New York Times.
Fob the Atlanta Intelliuencer.
Communicated.
Jonesboro, March 14th, 1870.
Allow me through the medium of yonr valua
ble columns to speak of that little town known
as Jonesboro, situated about twenty miles from
Atlanta on the M. & W. Railroad. It has a
population of about 2,500 inhabitants together
with some beautiful edifices. The most con
spicuous are the Baptist andMethodiBt churches,
also the Academy and Court House. The prin
cipal firm in this little burgh, is Messrs. Hayes,
Philips & Betts, who continually keep on band
large assortments ot all goods pertaining to
their line of business. They have been awarded
the contract of lighting the streets with their
Superior Chrystal Rock Oil, which they alone
are sole agents for. There are other places of
note in this little town worthy oi speaking of,
but will mention more particularly of them in
my next letter, together with the large planta
tions which surround this town. It is a bnlly
place iu my eyes. G. W. O’B.
Remedy for Meningitis.—We see in the
Central Georgian the following simple remedy
for this dreadtnl disease: “ Tbe application of
hot cloth—as hot as can be borne—to the spine
and back, has proved of great benefit to severe
cases of meningitis.” This is a very simple
remedy and always at hand, and the informa
tion should be extensively circulated. In tbe
absence of a physician, life might be saved by it.
Women as Jurors In Wyoming Territory.
We published, not many days ago, the charge
of Judge Howe, to the “ ladies and gentlemen of
the grand jury ” of Albany county, Wyoming.
There are five women on this jury iu a total of
fifteen persons, viz: Mrs. Amelia Hatcher, Mrs.
Dr. Hilton, Miss Eliza Stewart, Mrs. J. Mackel,
and Mrs. Agnes Baker. Twenty-two petit ju
rors were drawn at the same time, of whom six
are women, as lollows: Miss Nettie Hazen,
Mrs. Jennie Lancaster, Mrs. Lizzie A. Spooner,
Mrs. Jennie Irvinson, Miss Mary Flynn, and I.
N. Hartsougb. The prosecuting attorney of the
county having previously requested Judge
Howe’s opiuion as to the eligibility of women
as jurors, the Judge responded as follows:
Cheyenne, March 3, 1870.
8. W. Downey :
My Dear Sir—I have your favor ot yester
day, and have carefully considered the question
of the eligibility ot women who are “citizens”
to serve on juries. Mr. Justice Kingman has
also considered the question, and we concur in
the opinion that sucu women are eligible. My
reasons for this opinion will be given at length,
it occasion requires. I will thanK you to make
it known to those ladies who have been sum
moned on the juries, that they will be received,
protected and treated with all tbe respect and
courtesy due, and ever paid, by true American
gentlemen to true American ladies, and that the
Court, in all the power of the Government, will
secure to them all that deference, security from
msult, or anything which ought to offend the
most refined women, which is accorded to wo
men in any of the walks of life in which the
good and true women of our country have here
tofore been accustomed to move. Thns, what
ever may have been, or may now be, thought of
the policy of admitting women to the right of
suffrage aud to hold office, they will have a fair
opportunity, at least in my Court, to demon
strate their ability in this new field, and the
policy or impolicy of occupying it. Of their
right to try it, I have no doubt. I hope they
will succeed, aud the Court will certainly aid
them in all lawful and proper ways. Very re
spectfully yours, J. H. Howe,
Chief Justice, &c.
Atlanta and Her Rivals.—We have no
ticed with much regret, the spirit manifested by
Augusta, Macon and Savannah towards Atlanta,
as exhibited through the Press of these cities.
We can see no good sense in the flings made at
Atlanta, by the newspapers of these cities.—
Atlanta is the great freight and passenger dis
tribution point ior the State, and for a large
portion of the Gulf States. It happens so, and
newspaper remarks cannot prevent it Why
should these other cities stir up their bile on
the subject? While Atlanta excels in this
particular, Savannah is the great ocean outlet,
Macon is tbe great cotton centre, and Augusta
is the seat ot great wealth, as well as the pos
sessor of prestige, as the oldest city in the State,
except Savannah. Why cannot the people ol
Savannah, Macon and Augusta rest content
with their laurels, fairly won, without
making unworthy flings at Atlanta, [the great
central city of the State? What necessity is
there for these repeated flings at Atlanta ? There
is room enough for all. For Heaven’s sake let
these unworthy bickerings cease. We will add,
that the capital question may have mnch to do
with this agitation, but the geographical situa
tion of the State requires a new capital. We
regard that matter settled. Atlanta, the present
location of the capital, was fixed by Radicals,
yet they made a wise decision, and one that
three-quarters of the people of the State en
dorse. Atlanta is the capital, and will be the
capital lor the next half century. Those who
hope anything else,(will be highly disappointed
Then why waste time and ink upon the subject
We hope that those unjust and ungenerous re
flections upon Atlanta will speedily cease, and
if they don’t, there is pith enough in our goose-
quill to stand up to the right, under all cirenm-
slances.— Griffin Star.
Scandal in High Life.—Society was con
siderably agitated to-day in Washington about a
report which has spread, concerning one of its
prominent members, an officer in the army, who
some time since married a Georgetown lady ol
great beauty and wealth. The story goes that
the gentleman in question has been in the habit
of badly treating his new wile, and that yester
day, in a drunken tit, he turned her out ot doors
and locked up the (her) family plate in one oi
the city banks. Last evening the wife took the
train tor Pittsburg, where she has many friends,
and which she declares she will never leave, at
least to rejoin her husband. The gentleman
previous to his marriage was a widower and the
father ol two daughters, who have already gain
ed a considerable reputation tor their beauty
and accomplishments. The disagreement has
caused an excitement and a consternation in
fashionable circles such as has not beeu lelt lor
many years past.
A New Orleans gentleman attended a sale
of pictures in that city a few days since and
purchased three oil paintings of himself, which
were missed the day after Butler occupied his
house, when he was at New Orleans. He ac
counts for the taking of the pictures on the
ground that the family had bnried the spoons,
and the Beast must have something, so he took
the pictures.
Madame de Stael said, “ Ii I were mistress
of fifty languages, I would think in the deep
German, converse in the giy French, write in
the copious English, sing in the majestic Span
ish, deliver in tbe noble Greek, and make love
in the soft Italian.”
Personal.
We had the pleasure yesterday of greeting in
our sanctum an old friend, and when we prac
ticed law some years previous to the war, an old
client, Mr. C. B. Hatch, then of the firm of
Caubv & Hatch,but now of the firm ofO.B. Hatch
&Co.,ot Baltimore. We were pleased to see
him in fine health and spirits, time having dealt
leniently with him. Mr. Hatch is on a South
era business tour representing not only liis own
house, which is largely and successfully engaged
in the manufacture of a superior article ol black
ing, but he represents a'so the following well
known Baltimore houses :
Chappell & Leary, White Lead and Color
Manufacturers.
Canby, Gilpin & Co., wholesale Druggists,
and Proprietors of the wonderful Coco Cream
or Creole Hair Gloss.
P. 8. Chappel, dealer in the ** Champion
Ammoniated Super-Phosphate of Lime.”
These are all responsible houses, and we com
mend Mr. Hatch to our business friends, upon
whom he may call, as a gentleman worthy oi
their, confidence, and trust that he. will be re
ceived and treated by them with the courtesy
due to one, who, in Baltimore, enjoys the esteem
and confidence of its business men.
nareby Weather.
The weather for the past day or two has been
Marchy enough. Such piercing winds, such
furious blasts, we have seldom in a long life
time felt. Of bodily health, great care should
be taken. While the prevailing weather con
tinues, persons who are inclined, says a cotem
porary, to rheumatic, pulmonary, or catarrhal
attacks, should keep in doors as much as possi
ble, aud when they are compelled to go out, be
sure to dress iu such a style to meet all the
searching eccentricities oi the atmosphere. Indi
viduals with coustituticns having “ weak spots ’
in them should dress more guardedly during
March, even when it is not so severe as it is at
present, even than in midwinter. Invalids who
can, by care and prudence, weather this month
without being prostrated, may r« -conably hope
for exemption from extraordinary uifficulty until
November, when they must be extre nely cir
cumspect in all their movements again.
Tbe Funding Bill and tbe Ittatfonal
Ranke.
This bill, the text of which as it passed the
Senate, will be found iu another co’umn, the
New York Herald says, gives to ths national
banks of the country all the cream ct its con
templated benefits. In an elaborate editorial
article that paper presents the insidious nature
of the bill, and at the close of it, presents the
following-startling conclusions. It says : “ The
national banks derive a profit in their circula
tion now of nearly twenty millions a year in
gold. The Funding bill will increase that to
thirty-two millions. Should gold go up by any
cause again and specie payments ba deferred,
these banks would have yearly profit in currency
on their circulation probably of fifty millions or
more. And why this enormous gratuity to
private corporations ? They render no service
in return. It is taking the money from the
people and giving it to the rich without the
least consideration. In fact, it is strengthening
and perpetuating a gigantic and dangerous mo
nopoly that will control all the material interests
of tbe country and absorb the profits and that
in the end will be master of the government. If
tbe six to seven hundred millions of circulation
which the national banks will have were in legal
tenders,which would cancel that amount of inter
est-bearing bonds,the saving would be no w forty
millions of gold a year, and eyen under the pro
posed reduction of interest wonld be some thir
ty-two millions. And is not the legal tender
currency as good as or better than national
bank notes ? We believe we should reach spe
cie payments under the former sooner than un
der the latter. Indeed, it is doubtful if the banks
would ever desire specie payments, for they will
derive the greatest profit from a paper circula
tion alone of 4heir own notea The Funding
bill is wrongly named. It should be called a bill
“ for the benefit of national bank associations.”
If the Herald is right in its premises, it is right
in its conclusions, and the funding bill may well
be termed a “ bill lor the benefit of national
bank associations.” To the text of the bill
which we publish to-day, we refer the reader
for additional information. Ottr own opinion
is that the Herald places a proper construction
upon its provisions, aud that, as in almost every
other financial act of Congress, the interests of
the toiling people in it—those who have to sup
ply the means which grease the wheels of the
government aud keep them moving smoothly
along—were less regarded than those of the
banks and stockjoblers of the country.
The mormon Question,
The Suji does not believe in fighting the Mor
mons with guns, as the Cullom bill does. Ah
Indian war is already looming up, and if that
bill passes, the editor is certain, we shall have
to fight the Mormons, too :
We have put up with polygamy for twenty
years (says the editor), and now that it bids fair
to die out, we suddenly rush into this crazy ac
tion. Is it that these railroads have made the
Mormon property desirable, or that certain gold
and silver mines lately opened by old Brigham
have been found to be so exceedingly rich as to
stir up our religious enthusiasm ?
Utah is said to contain over a hundred thous
and inhabitants—a very sober, hardworking,
thrilty people. The better way is to admit her
as a State, and leave the immorality of her peo
ple, as we do the immorality of the miners and
border ruffians, to the schoolmaster and mission
ary, who will find less to do there than with the
people ol any adjoining region.”
Judse Andrews.
It is said that this gentleman has in press
The Reminiscences of an Old Georgia Law
yer,” a pamphlet of some one hundred pages,
of which the author says, it is intended more
to collect from his profession, material for a
book, than pretending to be one itself; ” like, if
the JoJge will permit a little pleasantry, being
as near Governor, as one could well be, without
being one.
Colonel Yerger’a Escape.
Jackson, Miss., March 12.—Yerger made his
escape trout the city jail this morning, at early
day-break, hy climbing the board fence which
surrounds the prison yard. The first two nights
atter being banded over to the civil authorities,
Yerger was confined in one of the iron cages.—
Since then he has had more comfortable quar
ters, in a room without fastening on either win
dow or door, and given free access to the yard
by day and night A little before five this
morning, he sent the jailorJor a cup of coffee to
the ndjoining niatket-h u^e, and during his ab
sence, Yerger availed himself of a convenient
empty barrel and a box, and by their aid easily
reached the top of the thirteen-foot tence. He
took the jailor’s revolver with him on his es
cape.
Yerger made direct for the boarding-house of
Mra. Back, and abruptly entering the bed-room
ol Lieutenant Appleton, inquired if that wa3
Colonel Hamilton’s room. He was told that the
gentleman roomed immediately below. Colonel
Hamilton was the former newspaper partner of
Yerger, and the same person who was supposed
to be implicated in Yerger’s escape from military
confinement. In the iaint light of the morning,
Lieutenant Appleton failed to recognize his
early visitor.
Squads of military, on the requisition of Gov
ernor Aleorn, have this alternoon been in search
ot Yerger, but up till to-night without success.
The remusness of Sheriff Lake, in permitting
this escape, is very generally censured.—Special
to the Cincinnati Commercial.
Ia ntemarlnm,
Mrs. Mart Anderson Hemphill, was bom In Haw
burg, 8. C., December 29th, 1817. Her pare spirit was
translated from Atlanta to Heayea, March 4th, 1870.
There lies between these dates the record of a life of
such exceeding grace and beauty, that we feel that it
wUl be impossible to fitly portray it in words.
Her childhood was spent in Augusta, and her girlhood
in Macon. During the Summer of 1800, in the fair
dawn of early womanhood, she came to Atlanta. She
was remarkably quiet and retiring, and only those who
learned to know her well, understood or appreciated
her rare loveliness. With almost every hour speut
with her we discovered in her some diviner excellence.
In the different eras of life, in all its relationships, as
daughter and sister, wile and friend, she wa3 all that a
heart true and pure, and loving, conld make her. Ges-
tleness, humility and patience were blended in most
beautiful proportion in her character.
These graces were not the result of cultivation, but
the manifestation of the Spirit of Christ, which dwelt
in her and ruled over her, controlling, not for an hour
or a day, but for a lifetime, her words, and thoughts
and deed*.
Need we add that she was faithful to every duty, de
voted In her attachments, and ever ready for any sacri
fice In behalf of family or friends t
Caring little for the gayetles ol fashionable Jjfe, in her
home, her heart found its paradiso. and there—in that
stillness which moBt becomes a woman—calm and holy,
she spent her life in doing good to those around her!
Wordsworth’s sweet lines:
“A violet by a mosey stone.
Half-hidden irom the eye.
Fair as a star, when only one
Is shining in the sky.”
have often seemed to ns descriptive of her beanilfu 1
life.
Her soul was full of Christian charity, [which found
utterance day after day in the gentlest and kindest oi
words.
She who knew her best, and watched with loving care
all the aweel ministry oi her life, says: *
“ I never heard Mary speak a harsh or unkind word. 1
Love could not offer a fairer tribute to her memory t
As a Christian, she made no obtrusive display of her
piety; and in profession, was timid and self-distrust-
ing. In purpose aud ia life, she was consistent, con
scientious and steadfast. To those who were with her
most, she seemed to walk in ail the commandments and
ordinances of the Lord, blameless, illustrating in her
life the doctrines of the Savior, whom she loved so well,
and shedding the hallowed influence of H!s grace upon
ail around her.
Immediately after coming to Atlanta, she became a
member of Trinity Sabbath School, and from that time
until she entered upon the inheritance of the saints, she
was never absent unless providentially detained at
home, and then her heart was with ns, and her prayers
ascended for ns. She first joined a Bible class as pupil,
but the Superintendent, soon discovering her peculiar
fitness lor the position of teacher, placed her in charge
ot a class. Her whole heart was in the work, and Sab
bath after Sabbath she faithfully endeavored to lead to
the blessed Jesus tbe hearts of the little ones committed
to her care. Daring her long illness, she often thought
and spoke of them, and prayed for their conversion.—
God grant that these prayers, which ascended as sweet
incense to the throne of grace, may be answered in the
early consecration or their lives to bis |prvice. They
cannot forget her teachings, nor wc her dying mes
sage:
Tell my class to seek Jesus now in the morning of
Te; tell every member of tbe school to be faithful to
every duty, to live near to God, and to meet me in
Heaven.”
She not only loved the Sabbath Sohool, but her heart
was ever glad when they said unto her, “ Let us go Into
the house of the Lord.” For many months she was un
able to meet with ns m tbe sanctuary, but she always
remembered the hours appointed for service, and while
she was never impatient, she often desired earnestly to
worship with us.
During the last two month* of her life, God mani
fested Himself to her In a most wonderful manner. She
seemed to dwell Just at the gate of the City of God.
Her soul was entranced by glimpses of Its ineffable
glory, and her earB were ravished by the mnsic of an
gels. When she walked through “the valley of the
shadow of death,” she feared no evil, for Jesus waa
with her, His rod aud His stafi in her hands. The
darkness had all vanished before the dawning glories of
the Heavenly day.
We thank God that He has granted unto ns so com
forting an assurance that His religion haB power to sus
tain the human soul in conflict and agony. Oar dear
sister and friend, and teacher, has joined in the songs
of the redeemed “around the throne of Godin Heaven
the material, the temporal and the earthly have passed
away, and she is spiritual, eternal and heavenly I
We thank God that she was permitted to live and
labor among as; we thank Him that we have known
and loved her, and our lives, we trust, will be the better
for her bright example.
Upon ns, who labored with her in the Sabbath School;
upon the class which she taught so faithfully; upon the
Church in which she was loved and honored, a deep
sorrow under God’s will has fallen; be It therefore
Resolved, 1st. That we tender, as a school, to the be
reaved husband and family of onr dearly beloved sister
and teacher, our sincere sympathy In their great affllc
tion.
2d. That we Inscribe to her memory a blank page In
tbe records of Trinity Sunday School.
8d. That a copy of there resolutions be furnished to
her lami!y, and copies for publication to the city papers
and the Southern Christian Advocate, as an expression
of onr heartfelt sorrow for the friend whom we have
lost.
Mrs. Julia A. Crumley, )
Mrs. Carrie H. Goodman, |
Miss Laura A. Hayoood, j- Committee.
Miss Laura B. Rawson, |
W.F. Harris, j
Read at a memorial service held by Trln t; Sunday
School, Atlanta, Ga., March 13,1870.
DeatU of an Editor.
The New Orleans Picayune announces the
death of Samuel F. Wilson, its editor-in-chief,
which occurred in that city on Friday evening
last Mr. Wilson was a writer of fine ability,
and large experience in editorial harness. He
waa of the editorial staff of the Mobile Register
from 1832 to 1849, and from thence he went to
New Orleans and became connected with the
Picayune, as editor-in-chief, which position he
filled up to bis death. As a writer of ability
and judgment, it is conceded, he had few equals.
Text of tbe measure which Recently
Passed the Senate*
The funding bill, as it passed the Senate, pro
vides for the issue of 400,000,000 of coupons, or
registered 10-40 year bonds, bearing 5 per cent,
coin interest, for disposal in the United States,
or elsewhere, at not less than par ralne for coin,
or in exchange for 5-20 bonds of equal aggre
gate par valne; also, for four hundred millions
15-40 year bonds, bearing 4j per cent, coin in
terest tor similar disposal, at not less than par
value for coin, or the redemption of bonds bear
ing a higher rate of interest; also for the issue
of four hundred millions of 20-40 year bonds
bearing 4 per cent, coin interest for similar dis
posal at not le3s than par value for coin, or re
demption of outstanding bonds. A further issue
of the last named bonds i3 authorized at the dis
cretion of the Secretary of the Treasury, provi
ded the aggregate debt of the United States is
not thereby increased.
All these bonds are not exempt entirely from
taxation.
The Secretary of the Treasury is authorized
to appoint agents in the United States for the
negotiation of the bonds, and a sum not exceed
ing one-half of one per cent, is appropriated to
pay the expenses of preparing, issuing and dis
posing of the same.
One hundred and fifty million dollars annually
of the duties on imported goods are applied to
the payment of interest and a reduction of the
principal of the public debt and United States
bonds now held as sinking fond in the Treasury,
as well as these herealter purchased shall be
canceled and destroyed on and after the first oi
October next.
The registered bonds of any denomination,
□ot less than $1,000, issued upon the provisions
of this act, are to be deposited with the Treasurer
as security for the circulation of National
Banks. The circulation of those banks which
do not comply with this provision within a year
from the passage of the act, to be forfeited; pro
vided banks shall be allowed, by giving thirty
day3 notice to the Comptroller of Currency, to
deposit legal tender notes with the Treasurer to
the amount of the outstanding circulation, and
take up the bonds pledged for its redemption;
and provided, lurther, that no more than one-
third of the bonds deposited by any bank as
such security shall be ot either of the classes of
bonds hereby authorized, on which the maxi
mum rate ol interest ib fixed at 44 or 5 per cent,
per annum. The amount of circulation notes
received by any bank shall not exceed eighty
per centum of par value of the bonds deposited.
The last authorizes banks to be organized and
do business on depositing $50,000 in United
States notes with the Comptroller of Currency
in exchange for bonds, and receive circulating
notes the same as other banks without respect
to limitations of the aggregate circulation of the
national currency; provided, however, that as
circulation note3 are issued under this section,
an equal amount of United States notes §hall ba
canceled and destroyed.