THE municipal election in Philadelphia has resulted in another triumph of the Republican party over the united forces of the Democrats and the Reformers, who put Mr. Caven in nomination for Mayor against the present incumbent, Mr. Stokley. While of the two we think Mr. Caven the better man, we do not regret his defeat. It is possible that he would have given us a more economic administration, but there are things of greater importance in the administration of our city government than economy in its finances. Daniel M. Fox was one of the best men who ever served the city as its Mayor, but "Mayor Fox's police" are to this day a by-word in some of the southern wards. They were, most likely, the best he could make out of the timber at his disposal, but the life, person and premises of no colored man was safe during their era. A Mayor elected by Democratic votes must select his police from among his supporters; and to the lower sort of Democrats-the sort who wish places on the police force-no colored man has any rights which a white man is bound to respect; and, as the equal rights and safety of men of all colors is of more account than economy in the management of the finance, we acquiesce in the re-election of our not very admirable Mayor.

THE depression of business interests bids fair to last throughout the present year, unless the opening of new markets in countries not affected by the financial distress, such as South America, does something for our relief. Every country in Europe is as ill off as our own or worse, France only excepted. And even Southern France is in great stress through the failure of the silk crop, and the consequent rise in the price of silks, which leads to the use of woolen goods instead. In England the great carpet manufacturer, Crossley, has made an assignment for the benefit of his creditors; and the iron trade-the basket which now holds more of England's eggs than any other-is in a most desperate condition. Less than half the English blast furnaces are in operation, and some branches of the iron business are pronounced dead beyond all hope of revival.

At home, the number and the amount of the failures during the past year was less than in any year since the panic; but there is no prospect of a speedy or extensive restoration of business activity. The great coal-carrying railroads have been suffering greatly since the break up of their combination to control the supply of the

market, and more than one has gone into the hands of a receiver, after paying dividends up to the last moment of professed solvency. The truth seems to be dawning on the public mind that the published accounts of some of the great corporations do not really disclose the state of their affairs. The relation of the "Repair and Construction Account" to the other accounts for instance, admits of an adjustment of figures, which while not technically false, is simply misleading. And the "Sinking Funds" of some of great corporations are a delusion and a snare to the too-confiding investor, being made up of what are technically known as "pups," i.e. stocks whose nominal value is exactly a hundred per cent. greater than their market price. Some uniform method of keeping accounts, accompanied by governmental inspection, is absolutely needed to secure not only the public against these practices, but even the sound corporations against the unjust suspicion of indulging in them. With this safeguard it would be impossible for speculators to make such raids upon the stocks of solvent corporations, as the one which was made during the past month on that of the Pennsylvania Railroad.

In Canada affairs are still worse than with us. As no encouragement is given to the development of home manufactures, nearly the whole circulating capital of the country is invested in trade, and the proportion of traders to the needs of the community is excessive. The one producing class, the farmers, have been suffering from bad crops, and the whole business community being dependent upon the market they furnish, business is almost at a stand

still.

Such times of depression as the present furnish a conclusive refutation of the ultimate argument for free trade-the argument that is, into which all other arguments resolve themselves in the last analysis. It is that the "consumer's sole interest is in the cheapness of commodities and his interest is the interest of society, while that of the producers is a class interest. As therefore the business of the legislator is to promote the interest of society, he should legislate only in the interest of the consumer, and remove all duties which tend to raise the prices of commodities." Now if this reasoning be sound, such times as the present are those in which the economic interests of society at large are most flourishing. They are times of extraordinary cheapness; the consumer as such is better off than he has been since before the war. And instead

of calling them "hard times" and "bad times," we should call them 'easy times" and "good times;" and instead of looking forward with desire to see the revival of business activity by the rise of prices through the reawakening of demand, we should look upon such a change in the markets as a disaster to be averted at all hazards. But all parties are of one mind in this matter; even the Free Trader is anxious for the return of times when that pet abstraction "the consumer" will buy at dearer rates, and the "class interests," of the producers will again flourish as of yore.

We learn from the supplementary matter which Mr. Lorin Blodgett has appended to the reprint of his valuable exhibit of The Industries of Philadelphia, that the manufacturers of our city have suffered much less during the past year than those of New England, and that there has been a very great amount of employment, though wages and profits are both low. Some branches of textile manufactures have been exceptionally busy; others have increased their machinery, and in those which are depressed-such as the carpet manufacture-there has been a great advance in the production of fine qualities, which is of good omen for the future. The metal manufactures have suffered the most, but some of them, such as tools and hardware, have prospered.

As to the condition of the working classes, Mr. Blodgett finds evidence of great advances during the past ten years in point of refinement, the development of taste, of attention to dress, and the like, which indicate a hopeful feeling and a fairly prosperous state of things among them. He believes that the new establishments arising in many branches of business are, in nine cases out of ten, the creation of industrious and thrifty workingmen.

He points out the evidence of the growth of the city in the erection of five thousand houses and stores every year for the last ten years.

ON THE ORGANIZATION OF THE CENTENNIAL
EXHIBITION.

HE Centennial Exhibition has been so great a success, there has been such general concurrence of helpful effort throughout its progress and universal approval of its methods and results, that it may seem unkind to go back to the early history of the project, to inquire who accepted the earliest invitation to work in the vineyard, how they bore the burden and heat of the day, and whether, with those who refused the call but afterwards repented and went, they have received an equal reward. The inquiry seems, however, to be required by justice, and will not be without interest. The early opposition to the Centennial project was the more injurious, because it came in good part from those who did not lack patriotism, who valued the use of competitive exhibitions and deemed the occasion worthy to be commemorated in such a way, but who dreaded failure, and feared that the attempt might come off halting and end in confusion of face. Prudent business men thought the necessary amount of money could not be obtained; conservative statesmen were of the opinion that the government could not constitutionally give any aid, and an eminent member of the United States Senate argued, with apparent force, that monarchical governments would not feel complimented by an invitation. to our republican feast, and would respectfully decline to attend.

Mr. Sumner unfortunately did not live to see his predictions falsified, and the result should not be a reproach to him or his colleagues who acted with him, for they were wise in their day and generation, and they had many followers. Even after the exhibition had been authorized by act of Congress, and its preparatory work was fairly on foot, the men who really believed in its success were lamentably few, and they will confess that they were held together and kept in heart for their work by the cheerful courage and abounding strength of Daniel J. Morrell, who represented the State of Pennsylvania in the Centennial Commission, and was, particularly in its early stages, the main prop and stay of the enterprise.

The obstacles which affrighted Mr. Sumner were not found to be real, but others much more formidable were encountered, and, as the world knows, were happily overcome. Somewhat is also known of the inherent defects in the organization provided by the

first act of Congress, and of the devices by which they were remedied; but the gravity of these difficulties, which at times became perils, has not been fully disclosed.

The act of March 3d, 1871, created a National Commission, consisting of one delegate and one alternate from each state and territory, and imposed upon it the duty of preparing a plan for holding the Exhibition and of superintending its execution. The governors of the respective states and territories nominated the commissioners, who were thereupon appointed by the President of the United States. It is easy now to say that the cumbersome and ineffective nature of this machinery might have been foreseen by the framers of the law, but they were doing perhaps the best they could. Provision for a commissioner from each state and territory was a bid for Congressional support. The representation of every state and territory was relied upon to give the stamp of nationality to the enterprise, and each commissioner was expected to exercise a wholesome influence upon the people whom he immediately represented. It turned out that these advantages were but slight, as compared with the disadvantages, which were very great.

The Centennial Commission, composed in the main of excellent men, was, as a body, incapable of transacting or even directing the important business which it had in charge. Its first meeting was held in Philadelphia, on March 4th, 1872, and it remained in session eight days. Twenty-six members presented themselves, of whom a number were alternates, not residing in the territories they were appointed to represent. The next meeting was held in May 22d, 1872, and was attended by the representatives of thirty states and territories, Twelve of the members had not been present before, and eight of those who were at the first meeting failed to report. The session lasted eight days. The third meeting was held on December 4th, 1872, the session lasting eight days. Of the thirty-five commissioners present, there was the usual number of new members, as twelve who were at the May meeting failed to attend. Owing to deaths, resignations and engagements elsewhere, these fluctuations characterized the subsequent meetings of the Commission; the members who were well-informed and ready to act at one time, would be absent at the next, and new members would appear, with whom it was necessary to begin de novo. During the first year of the Commission, the twenty-four days in which it was in session were very much taken up with visiting and