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Parent Issue
Day
26
Month
July
Year
1878
Copyright
Public Domain
OCR Text

- As the platform put forth by tlio recent Democratie State Convention is being severely attacked because it does not demaud the repeal of the national banking law, the immediato withdiawal of the national bank eurrency, and the substitution of greenbacks, we perrait a corrospondent to show our readersj that the demanda cannot be legally complied with, and also the coat to the people of a compliance with tliem. The Democratie party neitlier attacks nor defends the national banks, but Bimply demands that all paper curreucy shall be made convertible into coin at the will of the holder. Neither does our correspondent euter into a defense of the banks or the banking system, but discusses the demandsof the " irredeemables " from the etandpoint of the law and existing facta. - This item from the N. Y. Sun of July 20 is commeuded to those readers who have beeu led to believe that the national banks are making all the monoy and pnying none of the taxes : " The directors of the Merchants' National Bank, 42 Wall street, voted yesterday to reduce the capital stock from $3,000,000 to f2,000,000. Excessive taxation, approximating five per aent, with dull business, and the extremely easy loaning rates of money, caused the reduction. The bank is one of the oldest in the city, and was favored by wholesale ilealersand jobbers. The reduction in capital is only a conservativo measure which bids fair to be followed by many other institutions." -- Hornee S. Tarbell, who left the JKast Saginaw Schools and a salary of ?2,500 a year, to serve the State as Superintendent of Schools on a salary of $1,000, has concluded that finaucial wisdom does not longer require hira to subordínate income to oflise and honor. He has accepted the positiou of Superintendent of Public Schools of Indianapolis, Ind., and has tendered his resiguation to take effect Sept. 1. In hia uw positiou he is also ex offitio Kegent and membor of the Board of JSJucatiou of the State ot" Indiana. Michigan will lose a good omcer. - The inhabitants of Alaska, Montana, Wyomiii", Colorado, and Texas will be privileged people on Monday next, July 29, the date of that celestial show a total eclipse of the sun. In this región it will be ouly a partial eclipse, commencing at Anti Arbor at 4 D'clock and "27 seconds p. m. and ending at ö a'clock Ö4 m. and 64 s. The maximum of the sclipsed area will be 37-100ths of the sun's iisc. Got your smoked glass ready.

Article

Subjects
Old News
Michigan Argus