Interest:—Savings Banks.

The Catholic Review: Interest to be at all justifiable ought to consider a number of elements, which in the case of most of our Catholic churches in great cities like New York, Boston, Brooklyn or Philadelphia, are largely in favor of the church corporations. Lucrum cessans will justify interest; but just now where else can a gain of four-and-half per cent. be combined with absolute safety. Damnum emergens justifies interest; but in the present condition of affairs, with bank presidents looking for investments at two per cent., and telling depositors that the mere safe keeping of their deposits is interest enough, where does the loss of profit arise? "Danger of the investment" justifies interest; but is it not ridiculous to say that any bank imperils money lent to a Catholic church in New York or Brooklyn on a first mortgage? The fact is, such an investment is only equalled in security by a United States bond; it may not be as easily negotiable, but it is just as safe. It ought to cost very little more.

Priests to whom the second of January and first of July are sad days, and who for weeks and even months previous are persecuted by the necessity of begging from and irritating their congregations by painful appeals for money to pay these dreadful interests, have asked the Catholic Review again and again to draw popular attention to the high rate that is charged for such loans. We do so. But having done our duty in this respect, we think we ought to add that it belongs to themselves to deal effectively with the whole question, the very outside limits of which we can only touch upon. Six per cent., that some of them pay, would pay for many a Catholic teacher in a parochial school. How are they to secure a reduction? We think a business-like and amicable discussion of the whole question would convince the banks that property such as a church is entitled to consideration not accorded to private or business property. We do not now refer to motives of charity or religion, but of pure business. No doubt some bankers will say, at first, that "the thing cannot be done." Well, the example of the Trustees of St. Patrick's Cathedral, New York, is a good one. When their demand for a just reduction was, as we think, foolishly, refused, they had no difficulty in transferring their mortgage. If half a dozen strong churches took up the question, they would, we predict, bring all opponents to time. It is worth talking over. Still more, it is worth acting upon. Many a church that is now paying six per cent. could employ six additional teachers if it had to pay only three per cent. interest.

Bay State Faugh-a-Ballaghs.[1]
III.
THE SECOND IRISH MASSACHUSETTS REGIMENT—THE TWENTY-EIGHTH TO THE FRONT—ANOTHER CHAPTER ABOUT OUR RACE IN THE WAR OF THE UNION.

"To the troops (the Irish Brigade) commanded by General Meagher, was principally committed the desperate task of bursting out of the town of Fredericksburg and forming under the withering fire of the Confederate batteries, to attack Marye's Heights, towering immediately in their front. Never at Fontenoy, Albuera or at Waterloo was more undaunted courage displayed by the sons of Erin than during those six frantic dashes which they directed against the almost impregnable position of their foe.... The bodies which lie in dense masses within forty yards of the muzzles of Colonel Walton's guns are the best evidence what manner of men they were who pressed on to death with the dauntlessness of a race which has gained glory on a thousand battle-fields, and never more richly deserved it than at the foot of Marye's Heights on the 13th day of December, 1862."

Of this brigade of five regiments the Twenty-Eighth Massachusetts Volunteers, Colonel Richard Byrnes, was the second Irish regiment raised in Massachusetts in defence of the Union in 1861. The tribute above quoted is the testimony of the war correspondent of the London Times, the files of which are to be found in our Boston Athenæum. He was the famous Dr. Russell, the Crimean and other wars' correspondent of the London Thunderer. He should surely be a judge of heroic service and undaunted bravery. He was an eye-witness, as was the writer of these lines, of what he speaks, and could with great truth form a personal knowledge of the facts, and with ocular proof depict the thrilling and tragic drama enacted on the bloody slopes of Fredericksburg, Va., on that midwinter day. The nature of the ground on the left bank of the Rappahannock afforded ample views of the scenes being enacted on the other side, and it requires no difficult stretch of the imagination or of the sympathies of humanity to enter into the feelings of men, who, seeing this fearful havoc of their Federal comrades, awaited their turn for Burnside to order them, "his latest chance to try," across the ensanguined river. When the order did come for the fresh Irish troops, it was only to find themselves mingled in the slaughter with their prone dead and dying comrades from the old Bay State, the Twenty-Eighth Massachusetts, distinguishable by the fresh and natural sprigs of green with which they had on that fateful morning decorated their military caps, but which were now in too, too many cases, crimsoned with blood and brains, or embedded in the crushed skulls of the gallant heroes, who, only a few short hours before, so jauntily wore them.

Col. Richard Byrnes.