Press enter after choosing selection

All Sorts Of Pen-scratches

All Sorts Of Pen-scratches image
Parent Issue
Day
26
Month
September
Year
1873
Copyright
Public Domain
OCR Text

Hox. Charles B. Farwell, of Chicago, is a llepubliean of the first water ; he is also a niember of Congress and supposed to represent - beingof the God and morolity party - an intelligent and virtuoiis constituency ; but ïuore than this, this same Farwell Í8 defendant in a gambling suit. He won $1,700 of otie Hugh Maher, took Maher's note instead of cash, and when the note was due took a deed of certain lauda to secure paymcnt. The land rose in value, is reputed worth $ÍK),000, and lus most of it boen sold; but Maher wants the deeds cancoled and offers to pay the $1,700 and interest ; Farwell refuses to re-doel and so this suit. Gambling debts being unoolleotable iu Chicago as in this State, Farwell's titlo, il' not his character. is Hkely to prove worthless. - And now iuadaino rumor has set it afloat that Dr. Butler is a late repentant siuner, and that he proposes to movo for a repeal of the increase-of-saluiy and back-pay-steal bill at the coming session. He pretouds to t hink that Grant failed to back hini vigorously in the late Miissfichusetts campaign, and says that he can livo without the increase of salary if Grant can't. As the repeal of the bill cannot affect Grrant's salary for the eurrent term, it must be that the third term salary is the head he is hitting. The Dr is not cross-eyed for nothing. - The Peimsylvani Democratie jour nals are reported sanguine and hopefu over the prospects of the Deuiooraoy in the coming election. As they have al ways been hopeful it is not well to augui victory froin that state of mimi. In fao it may be defeat they hope for. Demo cratic succoss anywhero else than in Pennsylvania being ominous of the down full of protection on which Pennsylviuiia politicians have fattened and grown ar rogant, it is not to be supposed that they would promote succesa abroad by winninj sueeess at home. - The Canada Southern Railroac Company has been compelled to canee all contracts and discharge all iaborers not absolutely necessary in the operation of the completed section of its road Kenyon, Cox & Co., of New York, wem down under the buiden of Canada Southern, and their failure was but the forerunner of that of Jay Cooke & Co., Fisk & Hatcb, and other large ruilroa'l security brokers. - Owing to the late Hnancial disasters to leading railroad enterprises, the locomotivo shops at Paterson.New Jersey, have have curtailed their business, discharged several hundredmechanics. Their example will necessarily be followed by manufacturéis in other cities. This action, just as winter is approaching, will be a severe blow to laboring interests all through the country. -Gen. Butler has procured the removal of an obnoxious custom-house ofticer who didn't "rally round his flag" in his recent onset with the Howes and Washburnes, et L, of the Bay State. Which don't look very nmeh as though he was out with the Administration and contemplating a movement on the salary-grabbers. The truth is Butler, al ways looks and rows both ways. - The N. Y. Tribtm; charges that the appoiutment of Alexander It. Shepherd to be Governor of the Territory of Columbia is one "not fit to be made." He is the head and front of the Washington ring - an organization so corrupt that it " stinks in the nostrils" of all decent or respectable men. The suspension of the liuion Trust Company of New York, which occurred on Saturday laat, was followed by oi concurrent with the announcement that the Secretary of the Company, Mr Chas. T. Cakleton, had absconded, and that he was a defaulter in the sum of f300,000. Irregular and uusecured loans to personal friends, with unauthorized use of the funds in private speculations, are given to the public as the causes of the defalcation. But the public and the patrons of the institution who are the losers by it are not told why the irregularities which led to the defalcation were not detbcted and stopped weeks, inonths or years before. These defaleations are becoining so comnion, this one following so closely upon the one in Brooklyn, and the Brooklyn one upon numerous others, that it is time for the business public to domand that presidents, directory, and managers of savings banks, trust cornpanies, etc, be made not only personally responsible but penally punnished for them. Defalcations are uunecessary and should never occur in any large amounts. "Honorable" directora or trustees - reposing confidence in whom, the public, business men, administrators, guardiana, trust moneys to institutions in their charge - owe it to themselves as vvell as to the conñdiug public to keep a closer watch upon their agent er underlings. If books wero property ezamined at ocatsionul as well as stated periods, togeth;;r vrith the notes, bonds or other securities said to be in the vaults and represen ting the transaction8 spread upon the books, dishonest and specnlating secretarios, cashiers, and treasurers would not have the oppertunity to run up large defalcations, and would or should bo detected when first tempted to swerve trom a straight course. And another thing : the prosidents and cashiers and managing oommittees of all this class ot institutions - life and tiro insuranee cumpanies included - shouhl not be mouey borroinem, or, at least, should not be peruiitted to borrow large amounts from the institutions in their charge, and never a dollar on worthless, fictitious or straw seourities. Reform cnee inaugurated on these points we should cease to hear of defalcations, though we inight hear of robberies, and the public should demand their inauguration at once. Hon. Wilder D. Fostek, meniber of Congress from the Fifth Congress'onal district, died at his residence in Grand Rapids on the eveniug of the 2Oth inst. Mr. Fosïer had lived thirty years in Grand Rupids, was one of the most prominent and esteemed citizens of that city, had thrice been elected Mayor, and at the election in November last was elected to his second term in Congress, His Oongressional career marked him an officer of sterling integrity. His votos were not only reeorded against the backpay steal, but he refused to take the plunder voted to him by others. It is probable that Gov. Baoley will immediately order a special election. DlSCUSSING the CduCftticraal articln proposed by the Oonstitutioiml OoiiiiniHsion, especially in its bearing upon the University, the Battle Creek .lu'tnud adopta the viow that there should be lult no ground for conflict of authority is between the Legislature and the RogenU; but is very careful to express no opinión as to which body should be giveu control of the internal aftairs of the University. The Grand Rapids Eagle agreis with the Journal that the jurisdiction of the Regents should not be left in doubt, but is a little more outspoken as to what that jurisdiction should not be, and addg: " At the same time we do not bclieve the people will wish to ratify a constitutional provisión giving the Board of Rogents, or any other Corporation, whether its niembers are chosen by themselves or otherwise, absolute control of any and all funds, and the irresponsibility, in tact, in the management of the University." The Legislature, it is to be presumed, will vetaiu "absolute control of any and all funds" by retaining the sole and only power to appropriate, and when it appropriates may fix any conditions it chooses - be they wise or foolish. The question is, slin.ll the Regents be bound to accept the funds and the conditions, and thus make the Legislature not only guardián of the State Treaeury, but the governing body of University- the ltegents being its tools ; or, again, no conditions bcing I made shall the Legislatura in other acts assume the government, discipline, anc control of the University, even to the selection of its courses of study and professors. If so is it worth while to have a Board of Regents':1 The talk of "irresponsibility " is the veriest moonshine. The Regents canno be divested of the supervisión and control of the University interest fund, anr musfexpond the appropriated funds i expended at all. They are no more " irresponsible " than the Legislature. Their acts are public acts, they make aunua reports, and any mismanagement or malappropriatiou of funds can be readily detected. It is not in this direction the conflict lies. It is in the direction of internal legislation. The Regents clain the right and power to say what professorships and professors they will créate and establish ; the Legislature the righi of dictating to them. As well abolish the Board of Regents if the courts shal hold that the Legislature is right in its claims, and let it send down its sergreantat-anus or messenger boys to run the concern. QtfESTIoN. - Does the IJniversity section of the Kducational Article, as reported from the Committee on Phraseology, make the PreBident of the ITuiversity a member of the board of Regents President of the Board, &c, or only " chief executive offieer" of the Univorsity, with ' the privilege of speakiug " to its faculties and student? His position certainly miglit be defined a little more o learly. From tlic Detroit Tribune, Sept. 19. The National Life Insurance Co. of the U S. ot' America -How affeetert ïy tho Buspen sion of Jay, Cooke & Co. The foilowhig dispatch was rcceived this morning : Philabelphia, 1a., Sept. LSth, 1873. (reo. W. Snover, General Agent, Detroit. The suspension of Jny Cooke & Co., does not :Ui'eot the National Life. It loses absolutely nothing. E. A. EÜLLINS, President. By reference to the Michigan Insurance Beport just issued, it will be seen that the reserve of this staunch company is invested principally in United States bonds and bonds and mortgages on real estáte, as per the company's charter, granted by an act of Congress : " Section 9, and the premium reserve or reinsurance fund, shall be invested in, or loaiied upon, the following securities, umi no otlier : lat. The real estáte, as lierein described, (sufflcient for office purposes, and in satisfaction of debts.) 2d. Bonds and mortgages on unencumbered real estáte, worth in eich case at least doublé the amount loancd. 3d. Stocks ot the United States of America. 4th. Stocks of the severa! States aud incorpora ted cities therein." The sompany's assets, July 1, 1873, were $3,116,270.41. lts liabilities, l,93,096.79, leaving a surplus of $1, 180,176.02 - a ratio of assets to liabilities of 102 per cent. The capital of $1,000,000 is paid up in f uil, so that should one of the principal stockholder fail, or all of them 'ail, the company's capital would be left intact. The investments are so safely made in accordance with the charter and biuihess principies, ;hat the suspension of the largest banking house n the nation cannot affect the solvency of this company. The policy-holders of a Life Insurance Co., cannot make a " run" an the comany as the depositors sometimes do on a Savugs or other bank. Our readers, and especialy tlie numerous policy-holders of this company, will Vie gratified to learn that lite insurance is jased upon such safe principies - safer than mkiiig - s:ife us the ingemiitv of man can make it. For tlie benefit of the girls anti hoya of the Abuus family we iive place to the following miuuiiceineiit : BCBIBNEB & Co. will issue next mont.li the th-st number of S. N cholas, uu iilustr&ted monthly tor ohiMien. This new journal will be firet-olaaa magazine for young folks, and its llustrations will be M good and its readiutf matter as carefully preparod as if it rere inenilcd for adult readers of the most cultured lasaos. The oontents, whether for httle todilers, or girls and boys almost grown up, are to ie of the tiigbest order. It will be conducted ,y Mis. Mary ila)e Dodge, late editor of the 'hildnu's Department of Hearth and Home, ani so wull ktiown in oorinection with literature or young peoplo. The bOt artists will draw md 'eiíjjmvB lor SI. N iludan, and the best writts for the young will vvrite tor it. The publishre and editora will sock on both aides of the cean for good things for its pages, aud it is inended to make it a imigazine for all the chilren of the family, little and big. Thdre will ,e BOinething in'eacli uumber for every agu rom tíve to sixteen. And moreover, it will be o conducted thüt it pannot feil to be of interest o the fathers and mothers as well. The terins of the SI. Nichoku will be ?3 a vear or '25 ets. a number. Address BcBIBNBB & Co., 684 Broatlway, N. Y. We predict that the St. .Xichohis will be A 1, and oiirrent as greejibacks.

Article

Subjects
Old News
Michigan Argus