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The Failure Of Duncan, Sherman &

The Failure Of Duncan, Sherman & image
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Co., the New York bankers, last week, seems to have but little effect upon the country at large. No losses of any large ainounts are reported in the West. It is thought that $5,000 will oover the entire individidual losses kt Chicago. The gold report indicates that the New York market is not serioualy unsettled, and that business there will proceed as usual - until the next wave comes. There are now 763 convicta in the State prison, the largest nuinber eer reached. All the cells are filled, and trustworthy men have places outside the wards. Notwithstanding this large number every man is kept at work, and and there are but six men in the hospital, two of whom only keep their beds. A large amount of work ia being done in the shops, the men working eleven hours every day. The State is offering the labor of one hundred convicta to the highest bidder. Telegrams to the Indianapolis Journal from eighty of the ninety-two counties in Indiana and twenty-five of the eastern counties of Illinois, furniah a discouraging account of the condition of the crops. The best ahowing for wheat is in the extreme northern tier of Indiana. In the counties elaewhere but a small part can be gaved, it having eprouted in the shock, and at least twothirds is already ruined. Corn is in fair condition, except in the low lands which are under water. Oats and hay in the same sections are rotting on the ground, and fair weather for two weeks would not enable the farmers to save more than half a erop. The flax is almost entirely ruined. Keports from portions of Ohio are not more encouraging. There are indicatious that the recent advance in wheat, though largely due te legitímate causes, was helped a good deal by artificial expedienta. The Chicago grain men were even more frantic tnan usual, and " bulged " breadstuffs beyond what the market would stand, and there was a slight drop in the price of wheat on Saturday. There is a deficit in the European wheat erop, and that deficit must be Ulied uiainly from the surplus in this country. This will make a steady demand fqr grain at good prices for several months if speeulators will let the market take its course. But so many operators are trying to get rich out of it that they will almost iuevitably overdo the " buil " movement, and ome of them will get bitten. The daily fluctuations of the grain market are of small interest to the farmers, who are mostly content to know that prices have advanced substantially and will retnain so. The Canadian postal treaty, which goes into effect August 2, provides that money orders payable in the United States Bhall be issued at the money-order postoffices of the Dominion for sums not ezceeding $40 Canada currency on any single order, for which the commissioii charged Bhall be 25 cents on any order not exceeding $20, and 50 cents over $20 and under $40. No further charge will be made on payment in the United States. Money orders issued in the United States upon Canada in conformity with the terms of the convention will, in like manner, be payable at the money-order offices of the Dominion on which they may be drawn, without charge ; and the value in gold coin of the deposita made in the United States in paper for payment to the beneficiaries in the Dominion of Canada, and the value in United States paper money of deposita made in the Dominion in gold coin, or currency of par value for payment in the United States, shall be determined according to the rate of premium on gold in New York. " The part which reoeived the most applause at the recent Bowdoin coinmencement was the plea for A Shortened Yardstiok.' As the speaker showed the innumerable blessings whioh would flow from an act of congress declaring that hereafter a measure thirty inches in length should be held to be the legal yardstick, the keen satire of the production struck every one with ludicrous force. It was ' conclusively shown ' that by this policy of shortening the yardstick congress would at once add greatly to the productions and wealth of the country, would start the wheels of business, provide labor for the unemployed, give cheap cloth to the poor, and in general promote virtue and godline8s. Indeed, the speaker thought that the advocates of the depreciated paper currenoy would further their cause much better by demanding a shortened yardstick, than by spending their time in the less important work of perpetuating a shortened dollar." The Ooiden Age doubts whether camp meetings do more good than harm. It gays : " Another point of still greater importance than any immediate result of these meetings, is apt to be too much if not entirely overlooked ; it is their roaction on the regular methods of re. ligious administration and influence. What effect will the startling appcals) the Bensational oratory, the bizarre confessions and demonstrations, and the mixed, if not questionable, associations of tkeee meetings have upon the regular minist rationa and offices of the church 'i Are they not oalculated to lower the idea of virture, and to cheapen religión in the estimation of hundreds ? Do they not stand related to the orderly processes of religious growth and activity something as dissipation does to nutritious diet and healthy exerciae ? Are they not oaloulated to dull the taste for the simple truths of religión, and make the heart insensible to the plain appeals and rational motives on which a religious life must ever depend for enforcement? Howover these questions may be answered, it is true that many clergymen look on them with marked disfavor, and a large nutnber of serious-minded peuple condemn them outright as financial speculationi but spiritual


Old News
Michigan Argus