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December 1, 1833
The Record and Guide*.
THE RECORD AND GUIDE.
191 Broadway, N. Y.
ONE YEIR, iu advance, SIX DOLLARS.
Communications should be addressed to
â‚¬. W. SWEET^ 191 Broadway.
J. T. LINDSET, Busmess Manager.
DECEMBER 1, 188S.
The formation of an American bi-raetallic association, -with Gen,
Grant at its head, is one of tbe notable events of the week, althougli
the New York press has so far not condescended to more than
notice it. The adoption by the commercial world of gold as the
sole unit of value has caused the shrinkage of prices which has
worked such woe on all the exchanges of Europe and America.
This new movement for tbe rehabilitation of silver, if it succeeds,
will, temporarily at least, stimulate business in every part of the
So far, the State Railway Commission has done good work. Tt
has forced the railroads to give quarterly reports, and, further, it
has decided in favor of the merchants who have complained of the
classification of West-bound freights. They recommend the reclasÂ¬
sification, from the first cla^s to the third clafs, of bags, brown
Bheeting3, denims, tickings, and oil-cloth under 10 feet, in original
bales, and recommends a change to class two of domestic prints,
bleached goods, canton flannels, hemp carpeting, crashes, canvas
and warp. Dat, after all, to recommend is one thing, to enforce
new rates quite another. But it is a satisfaction to bnow that
there is some other factor in the transportation problem than the
arbitrary will of the railroad people.
It now looks as though the Democratic majority in Congresa is
about to adopt a bold policy by electing Mr, Carlisle of Kentucky
as Speaker. Tbis would mean putting the revenue reforna issue to
thefore in the Presidential contest of next year. The free trade
feeling is undoubtedly growing East and West, but it is doubtful
whether the tariS reformers are yet strong enough to elect a PresiÂ¬
dent. We have always doubted the success of the Randall canvass.
A Democratic endorsement of a high protectionist for Speaker
would have stultified the party and crippled its action in the Presi
dential contest. The choice of Carlisle would commit the DemocÂ¬
racy to a more liberal tariff, the retention of the internal revenue
Bystem, and some public improvements iu the Mississippi Valley, if
not on the seaboard. But perhaps the dark horse may win after all.
The association formed by Cyrus W. Field, Sidney Dillon and
others to furnish statistics respecting securities calls attention to
the remissness of the Stock Exchange in not having a bureau ti>
furnish this very necessary information. The Exchange should
not have allowed any company to market its securities without
throwing their books open to tho inspection of all who have a right
to see them. Every stockholder is an owner, and he should have
the same chance as the officers of a railroad company to know its
condition. But the brokers have allowed their customers to be
Bwindled, and decline to take any measure to protect innocent
investors, and tbe resalt is seen in the great lack of business on the
Stock Exchange. But the general government should take this
matter up. There ought tobe a national transportation commission,
to whom every company whose line runs through more than one
State should be forced to make full reports. The statistics collected
by the government in this way would tell the story of the value of
the securities of the several roads, in which case such organizations
aa that incorporated by Field, Dillon & Company would be unneÂ¬
The present House of Representativea containa 325 members, of-
whom 245 are lawyers. Sixty-three per cent, of our popular LegÂ¬
islature, therefore, represents one profession. There are only nine
merchants, nine manufacturers and eight farmers in that body. It
contains six editors or publishers, one mechanic and one cotton
planter. This monopoly of legislation by one caste, and that one
from its very constitution less regardful of rigbt and wrong than
the followers of other professions, isanunmixedevil to thecouDtry,
The lawyer is loquacious, technical and adisregarder of time, and
his business is to sell his opinions and trained talent for hire. He
makes, therefore, the very worst of legislators. Our cotton interÂ¬
est is an enormous one and is represented by one man. Farming
is indispensable to the country, for it is by the land and from its
products we derive all Income; yet thia mighty interest is repreÂ¬
sented by only eight persons. There are nine manufacturers, but
that interest is caied for because of the intimite relations between
the great prctected industries ami the lawyers. Is it not time
that the great producing classes should recall^the old cry of "no
taxation without representation ?"
Property-holders and taxpayers should organize and try to influ-
enca legislation at Albany tbis winter. Among the mattera to be
urged upon the Legislature are:
1. The giving more authority and responsibility to the Mayor,
and depriving Aldermen of tbe power to confirm appointments.
2. A reform in our land laws, so as to expedite transfers, insure
more perfect titles and cut down illegitimate legal expenses.
3. The passing of a general street railway law, so that the weat
side. Forty-second and other street cross cars can be properly supÂ¬
plied with needed railway facililioa.
4. Such improvements to our buildiug laws as will insure the
erection of proper structures without needless hardship to builders
When the Real Estate Exchange is organized it will furnish a
focus foi'tho property interests of lhe city to make itself felt in
legislation needed to give us a good city government and sensible
laws affecting real estate. But there are several organizations
already iu existence which ouglit to combine, so as to have some-
tbiog done this winter.
What President Arthur's fflessaqe Should Contain.
As soon as the new House of Representative3 elects a Speaker,
Presideut Arihur will send in his Message to hoth Houses. What
it will contain, of course, it is impns^sible to predict, but among its
recommendations to Congress sbould be the following ;
1, A further liberalizing of tbe tariff, so as to make raw material
free and reduce the cost of production to a minimum, in order tbat
tbe United States manufactured articles should have an equal
chance with foreign competition in the markets of the world.
3. Free ships, and such amendments to our navigation laws as
would remove all impediments iu the way of home constructed
ateel and iron vessels.
3. The building by contract of a fleet of the fastest steam vessels
capable of construction, for commercial purposes in times of peace
and for swift war ships in case of a conflict with a foreign power.
These ought to be as fine as any of the recent atlditions to the
Cunard, Guion, White Star, or other lines of steamers.
4. The construction of ironclads, floating bitteries and great
guns, together with an eflScient torpedo service to guard our now
unprotected cities on tbe coast.
5. An admission by President Arthur that his veto of tbe River
and Harbor Bill was a mistake, for which he will make amends by
asking Congress to appropriate fifty millions of dollars on the
recommendation of the United States engineers, to improve our
harbors and watei-ways.
6. The nationalization of the telegraph and telephone systems ;
also the calling of a conference of nations to put the cable systems
of the world under the control of an international commission.
7. The adoption of Ferdinand de Lesseps' ideaof an international
control of all the great canals of the world, sucb as the Suez,
Panama, and others which may be constructed, so that they cannot
be obstructed to the detriment of commerce in case of war.
8. The institution of a United States railroad commission to do
thoroughly wbat the State commissions are inadequately attemptÂ¬
ing to perform.
9. A national topographical survey, with a view to "reafforest-
ing" snch portions of the country as have been denuded of wood,
to the detriment of the streams which are needful to the fertility
nf the soil. The nest hundred years should recreate the forests cut
down during the past century, as well as grow new wood to supply
the future wants of the country.
But the Message will probably be about the usual commonplace
topics. Something may be said of the uselessness of piling up
silver dollars in the Treasury ; the tax on bank issues will be comÂ¬
mented on; the necessity for protecting American industry will
be restated, and the ridiculous Mormon problem will receive conÂ¬
sideration. The facts in the report of Secretary Folger may be
retold, but it is not at all likely that the Message will contain a
solitary idea which will be novel, or which, if adopted, will in any
way benefit the business of the country.
It does not follow that because business ia not good that therefore
stocks should rule low, Tbere has been a severe depression in the
general trade of Great Britain, but railway securities in that country
are so high-priced that they rarely bring more than three and a
half to four per cent, to the investor. The price of good securities
on our market may therefore continue high, even though there are
many failures in trade and little doing in general business. The
country ig full of grain, cotton, provisions, building material and
manufactured products, which must be carried to meet tbe wants
of our growing population. If railway ratea are maintained the