TDE DAILY EVENING TELEGRAPH. PHILADELPHIA, MONDAY, MARCH 2G, 1866. THE NEW YORK PRESS. Editorial Opinions of the Leading Journals Upon the Most Import ant Topics of the Hour. CC:riLID KVEKT DAY FOR BVEN1XJ TELEGRAPH. Contraction of the Cuirrncr Mr McCul loch and Congress. Profit the Time. 1 The Socrctary of 'he Treasury enconnters opposition frcm two parties, differhis widely Id their motives, but having a common interest in the defeat of bia plans. The popor-tuoney theo rists nnd th.T guinblinir speculators are all gainst him. The former, failing to distinguish between the transient prosperity produced by currrnry inflation and the true prosperity which results lrom trade conducted on a healthy baMs, refuse to vest Iti the Secretary an authority which may be exercised adversely to their theory. Tho gamblers, who proBt most when aioet the oouBtry sutlers, are naturally anxious toirustratea policy desitrued to benetlt huoat industry by putting down tho wild spirit of speculation rngoiwerod by the lavish exoendi ture ol the war. - These classes com bicd have thus lar succeeded iu kepiug the question of national finance in a condition of dangerous unt er.amty.- ' Tii .iluiost universal sntigfaction created by Jlr. McUul'.ouch's Fort Wayne speech left no room lor a misunderstanding ol the national ju .Lniciit in regard to the bolution ot the tintn ciul problem. It was everywhere dreined lor tuimto that the country bad tor its chiet llnau cifil admiui.strator oue wno discriminated bfl tw en the rxiKonctes of the Treasury in a time of wa ', and tuu leal requirements of commerce aau in lusiry in a period of peace. The uiipres biou wai f-trenethened by the luminous discus eioo of the subject in his report, presented at tho opening of tho session. With a cloarness which carried conviction, and a thorouphiiess wbi(b covered the wbole ground. Mr. McCul loch in that document exposed the fictitious chaiactcr of much that is now called prosperity, po rted cut the dangers to which every import ant interest is expo d by a vast currency com posed of inconvertible paper, and dwelt upon the ucceBs-l y oi gradually but surely returning to a specie Imsis. The bounduess ol his reason ing, and the wisdom of his conclusion, few ventured to impuen. The efficacy ot some of his suggestions might be called in question. Hut the expediency of pushing forward tho work of currency contraction, cautiously and steadily, was too obvious to be controverted. President Johnbon's utterance on the same subject have atlorded equul satisfaction. In a few terse sentences, he has expounded the creed of the American people in relation to paper money. Tbey want none of it, unless it be con vertible inro aold and silver. Tho Leeal Tender act they recognize as one of tho necessities of the war; the issue of inconvertible paper they have loyally sustained as essential to the sup pression oftlie Iteoellion; they are alive to tho difficulties which stand in the way of the re sumption ot specie payments, and the dangers that ar? inseparable lrom hasty and sweeping measures; but they nevettheless demand that the course of Congress and of the Treasury shall proceed upon the principle of contracting the circulation ot currency with a view to tho early restoration ot a specie standard. Tho pretiiest bubbles which tin advocates of inflation may bo able to blow will have no effect upon this form of public opinion. Ihe hlacke.it jietures which eamblers may contrive to paint will not deter the people from insisting upon the judicious prosecution of this chancre, and iis consummation at tbe earliest pohrible moment. The inconveniences it entails upon limited classes and special interests are all nothing compared to that great national inte rest ot industry and trade, whirh will bo bene fited by the overthrow of speculative values, and the assimilation of prices to the only standard which is compatible with the permanent main tenance of the public credit. Whatever the theorists imagine or the gaiubl3rs allege, the people know that a temporary duincss of trade, and occasional injury to individual purses, are prelerable to the overwhelming ruin that will be inevitable il no attempt ba made to amend the existing trdrr of things. To curry out his plans, however, Mr. Mcdil loch needs the aid ot Congress, and this is with held. The authority he seeks to give effect to the views embodied in his Fort Wayne speech, get torth at length in his aunuul report, indorsed on more than one occasion by the President, and tcceptcd unequivocally by the people, is dejied hiin. Why? Not because any consider able number in tho House invor perpetual incon vertibility. Not because the theorists and iniia tionista ure in5 the ascendancy. Not because the e are gambling speculators who dure rise m their places, and openly contend that unsound prices and unwholesome uncertainty fhall pre vail, tliHt an insiguiticHnt class may teinevo their losses or swell their gaips. Why, then, is Mr. McCulloch thwarted, aud his ettort to im part a fixed direction to finance aud trade para Jj.ed!' The answer vouchsafed to us is, luut it is not sale to intrust to the present vr any other Secretary ot the Treasury the power that would be conferred bv the Loan bill us origiually re poited. but a little examination ot the debates upon tbe feiibjeet bbows that this, the avowed, is not the real rcunon. . . For that, we must seurch in the objections to the detailb of tho measure, the coutioUiutr opposition to which proceeds from hostility to any scheme of contraction winch bhall provlJe 'for the calling iu ol any portion oi the nou-inteivEt-bearlncr notes. Take the total amount of circulation, roundly Fpeakiug, at nine hundred millions, of which lour hundred and fifty millions are in non-bearing interest notes, one hundred and eighty mil lions compound interest noles, and two hundred and sixty millions in National Dank currency, the last item beinir susceptible of increase to three hundred millions. JUr. McCulloch asks discretionary power to bind the compound in terest notes and one hundred millions of the old greenbacks, his ' hypothesis beinir that tho cruduul absorption of "thee amounts will as gradually reduce the rate of discount to which the currency is now subject, tuo completion of tho absorbing process and the appreciation of currency to the gold standard being expected to occur at about the same tine. On the other hand, the more conservative opponents ot Mr. McCulloch propose to limit his power to con tract to tho compound interest ' notes alone; while certain of the radicals resist all contrac tion, and unre the i.-sue of Icgnl-tendcf non-in-terest-beariutf notes to nrovido for the redemp tion ol tuobo carryiug compound iuterest. As to the extent ot the contraction contem plated by Mr. McCulloch, it is not easy to see. how it could bo lejs it the contraction aimed at be genuine, and not a sham. The object being to restore the currency to a specie standard in other words, to make'eurreucy and gold equal in alue it is evident that the hundrod millions ot greenbacks to bo absorbed In the process ure not uu excessive proportion of the amount to be operated upon. Approximately speaking, they form but about out-seventh of the amount now in circulation; and surely the withdrawal of theso may bo advantageously borne, if the result be to raise to par tho valuo of the remaining sijt neenths. The funding of the compound iute rest notes cannot possibly affect the money market, inasmuch as they are already held not as currency in circulation, but as securities awiiting their maturity. Nor will the with drawal of a hundred millions of greenbacks in volve the contraction ot the circulating medium to that amount: because with tho equalization of paper and gold will come the restoration of Kold and silver coin to the ordinary transactions it' trfLile. Crant if you will that an attempt immedi ntpiv. nnd with one stroke, to fund tho com- nouud inicmt notes and a hundred millions of enenbarka would be followed by panic and -wiileHTirend disaster. The merits Of Mr. McCul loch' ulan ure not tluirebv lessened a single jota. It is purpose is not sudden, wholesale con tracl!6n, but gradual aud even slow contraction, to rct'uUled that it shall produce comparatively sliuht disturbance iu any direction, xue ten - ij j dmey toward contraction and a encoio standard is the vital point to be dctei mined. For all cIm. the country must be dependent upAi) the eycrcise ot jnogmpiit and the Influencaof in tegrity in some quarter. And we apprehend Hiat this reliance, Indispevsablo as it ts, may whh more satctv bo placed upon a Secretary of the Treasury whose eveiy proceeding sinco bis advent to oflic has been characterized by con pummatft judement, rare moderation, and unim peachable honesty, than upon members of Con gress who evince their ignorance of economic science by pioposmg to tlx the price of gold. 1 Why Resume? From the Tribune. The most obvious and Important considera tions in favor ol an immediate aud earnest effort to resume and maintain specie payments may bo summed ip as follows: I. The power of tho Federal Government, In a state of peace and order, to Interfere arbitrarily with the standard of value, is at best question able. If it may do this, it would bo difficult to I imagine what It may not do. In time of war, of J intestine convulsion, of ereat and nnuiitest i fiublic pen I, wc hold that Hs powdw aro united only by the clear exigencies of its ' position. It may take innocent mcu whom it suspects of treason from their houses, their bods, i and lock them up in prison, uniudicted, unar- raigncdr unaccused, lor iuietiuite leruia; but it 1 may not so hold them after the return ot peace. I Now.tlie power to interpose between clt'zensand overrule their honest contracts to say to A, ' "You sold your house, or ship, or farm, 'to 11 for j $5uiiO in gold; but you shall give him a receipt ' in lull lor $.'jODO in paper, whicb he ca,i buy in open market loi JIJOOl) in gold," is a tremendous j asjumption. No considerate citizen can like to I see authority strained to that tension where the j necessity lor it 1b not grave, urgent, palpable. ! V e presume thflt even Mr. btevens being un- questionably on able lawyer would prefer that i the Supreme Court should not bo required to ' adiudye the constitutionality ot an act involving ' such assumption passed in time of profound : Eeace. And, if BHcn an act could not iustiliably ' ave been passed in 180!, how can it bo justifia bly maintained In force in 18U7 1 11. The lumieM ot the country should rest on -a solid. O'furing basis. Now it'does not. Tho clement ot gambling strongly pervades most ' commercial transactions. Ilo who is prompted to buy largely on credit of colton or pork, flour j or sacks, bilks or wool, say to himself: "It , the currency should bo expanded and deprp- j cialed beioie I sell, I mall make money: if it i should bo contracted and appreciated, 1 shall j lose." The turmer, the manufacturer, the builder, tho contractor, all make new encage- i mcnts m view of this ontingencv. In other j words, hiiing labor or buyuiT materials where- with to produce somcthiut; that cuunot be sold j till moLlhs hence, involves a risk peculiar to i the'.times, which no prudent person will assuoio , without a prospect of extra profit as cornpensa- ! tion. Wo deem this unhealthy, and only to be f ndtired while it must be. ill. We irecly aonnt thtt some interests, some ' industries, fcomo laudable enterprises, would be uutttvorably atlccted by instant r sumption; but we irnnit mis injury would oe transitory, and more than compensated by counterbalancing; beuetit. At nrteent, it is not prudent, to build houses, nor construct railroads, nor improve lands, unless under circumstances of peculiar urgency; tor lubor, food, materials, cost 23 to 3U per cent, more dollars than they will after we shall have iully returned to solvency and a specie basis; so, -thrifty capitalists button up their pockets and sa, "Wc will wait till brick, stone, timber, labor, etc. etc., have fallen to something like specie prices, us they ultimately must and will tall." We believe, lor instance, that the Pacific Railroad should be pushed at the rate ot live hundred miles per annum till completed; but we cannot urge upon ihose who have undertaken it to piwh' at present prices.. We believo that ten thousand new houses ought to be built forthwith m this city and its suburbs; yet, knowinc thut a house that costs $10,000'now may probably be built for less tnau $00i) two years hence, we cannot urgo their construction while our currency, and consequently prices, shall w main as they are. It seems to us best, therefore, lor every sound interest that we should have resumption at the earliest day. IV. The present artiticial nidation of prices stimulates fcimigclmg on every Irontier and false swearing at every custom house. It necessi tates a very lnrge exccssofimporlB over exports, thus rapidly sinking our country more aud more deiply in debt to Europe, aud causing a steady oultiow of our nufionul obligations to bo sold lor far less than their true value. Manifestly this cannot go on without producing a crash. The "balance ot trado" Is no chimera, but a. stern, end reality, as every prodisral, and every prodigal's creditors, mut kuow. He who spends all his income and tweuty-rive to fitly per cent, more is surely on the road to ruiu, aud must airive there sooner or later according to the size of his pile. And it is the same witjj a coiu piny, a comiuurltv. a country, as with an iruli vidnal. And we, the American peoulp, are now travelling that road. We are to-day importing many thincs that we ought to make at home, and we are exporting bonds that is, giving our corporate note of bund in payment. We can do Fometh ng to counteract this ruiuous tendency by reducing our internal tuxes and increasing our duties on imports and we ure lor doiug both proinpt'y and vigorously but thut, though well, is tot enough. Prices iu general are tar too hieh with us. Increasing duties will not arrest smuuglintr or fraudulent undervaluation, but tend to increase both. Wo must have, iu addition to these, cheaper production and lower prices for home products. In other words, we must have resumption. V. Inflation is creating and diffusing preju dice against the protection of home industry. Thousands attribute to tho tarid (ho. natural comequences ot a great war and a debYeciated currency. They loraet that cotton is 46 cents per pound, and other elements ot cloth making1, unnaturally dear, and grumble that they can't buy shirtings and tdieetiugs at something like the prices ol old times. True, tho wholesaio prices ol these aud other fabrics have recently lullcu 25 to !l3 per cent.; but tho retailers, who were quick enough to respond to a rise, cone rullv ignore the tall, and (in selling) cling to tho prices of three or lour mouths ago laying as much ol tho blame us possible on tlio nnmu- liieturcrs ond tbe tarid'. We note this with im patience. i vj. ino duikoi our uovcrnment sninpiasters are wearing out. ihey aro ratftred, sretisy. hlthy, illeuible, nauseous. Counterfeits on them are thick as leaves; and the President has weakness lor pardoning counterteiters that robs the law of its terrors. Once the sub-greenbacks'-were a rustling, glistening, insinuating novelty; they have at length become a bore and a nuisance. Tho public Augers yearn lor the unfamiliar but reinuiubered leel ot old-iasbioned dimes and quarters. To have this, we need not redeem all the greenbacks, nor a third ol them, but simply provide that they shall be hencetorth redeemed on demand at the Sub-Treasury (or Miut) in this city. That will make all our dolhwa re,U dol larsnational buuk , as well as greenbacks, since the former are redeemublo in tho latter. Then we can cancel the disgusting shinplasters, ana nave a nauouui currency oi uniloiiu value. Then greenbacks will bo worth their face in the Pacific states and the mining Territories, and will circulate just so far as they shall be useful and required. . Men and brethren, theso are the words of soberness. Heed them while you may. The Connecticut Campaign. From the World. The spectacle of open and shameless dupli city presented by "the party founded on gTeat moral Ideas," apropos of the Connecticut ele tion, hi something new iu the history of our politics. The young and ingenuous, or at least ingenious Tllton, writes from Washington that he bad "never witnessed so much ability and integrity in any party of any Congress as on the present Republican side" an opinion which enables us to guage the morals of his party asso ciates at home, and prevents surprise, if not contempt, at the daily efforts of the Tribune to represent IYenideuti Jdlmson as iesirlmr the election of Ilawley, an avowed radical, a de roiiiiccr of the veto, and an enemy of his policy ot, restoration. We do not oroposn to delate this mutter. The Tribune kicva that President Johnson does twl desire tho election of Han ley, tho enemy ot hi.-t policy; does tiol desire the dcleat ol Lngiisli, an old and tried Irienl of that policy. We choose to go behind the daily deceit ot th Iribune, its artfully lalse despatch lrom Washington, its pnrhlni! misrepresentations ol' tnc lauuuago of the Chiel Maitistrnt Thce aro so indus triously and so ingeniously phrased than by them alone we should discover, u wo had not lonrn?d by simpler incurs, that the Iribune, that Mr. Greeley, "knouti the wishes ol Mr. John-on. Knowing his wishes, Mr. tireoley is yet cnpubleot the dupbeitv ol concealing thara w orse, ol misrepresenting them. In one column ol the IriOUhe openly wpging war amtiut tho President's restoration policy in all its essential "part, in another column ho labors to throw Con necticut into the hands of the raJicals by pre S' ntiiig them his enemies as his suppur'ers, and by presenting him as sharpening the blado wi'.b which they hope to stab him. fcuch misrepresentations in tho Twin nirpriso tm less. The ground isflippinv lrom under its loot. It knows not where to look or whom to rly to. It is dazed. Ilcsides, it is a journal not inca pable of conducting a campaign on the theory and with the avowal thut ltt. opponents wero traitors. But such duplicity in the lri'mne ('. c, duplicity so obvious that it is wasting timo to evpoto it) piques one's curioMtv to account lor it. It fs posbible Mr. Creeley foresees the result 'of the election and wishes to damage Mr. John son (the fo?id ot its policy) by representing Re publican defeat ns tho consequence of Rcpubll-, chii adherence to tho President. l'id we share the simplicity of thoso w ho be lieve .Mr. Greeley "honest" because he has for a long lifetime profited by tho loud pretense of honei-ty, vc should appeal to his pride ot charac ter, aud sk him if ho oared have no opinions of his own; n u few years ol accordance with an administration had made difference with an ad miniFtiation impossible to biui; if ho louud his cimsi) hopeless because it was not led by u four years President. We should remind him, in case we did not Icar his moral ideas had become mixed by so long an enjoyment of the exterior rewards of a virtue and the-inward pleasures ot a vice, that his reputation lor honesty, as well us ior exhibitions of vigor, had been acquired in opposition: and ak him whercloro his pre terit reluctant and compromising spuit. But we should oo him injustice by such assumptions, and tberciore we make none, aud usk him none of these questions. Yet aba matter of curiosity, wo might ad dr 8 him inquiries of another 'sort. We might, indeed, at sire to know whether his study of tho triumph ol the "party founded on grout moral ideas" in "1 lie American Conflict" has at lust bi ought him to such an estima e of ibe igno rance of the common people a his misrepre Bciituticns of President Johnson imply. Wo might desire to ask, whether his experience as a n imager ol this party of all the virtues aud all the talents, has taught him such a supremo contempt lor the simple notions ol plain people about light and wrone such a conviction of their want ot penetration as theso juggleries of his imply. Hut the ecrrtts of Mr. Greeley's trade Mr. Greeley himscll w ill necr divulge. It may bo t h:it other people eee tho hand of a masier in it all. We confess our blindness. Wc are able to see the duplicity ; but duplicity in politics, as in everything else, seems to us to be bungling. 'Ihc blunder of it is us egregious as the cruuo itsell. " Uur space is exceeded, or we should add here s.'ino interesting ticures leeeived from friends who know the political history of Connecticut, and who, having canvassed the State thoroughly, assure us, with confidence, that the election of Mr. English and the indorsement of President Johnson's policy are inevitable on election day. We ure ourselves persuaded of this result, but would urge our friends to intermit no vigilance, no effort. Nothing but unwearied effort and Bh'eplefes v'gilance can overcome the majorities against which wc have bo long fruitlessly con tend! d. it is a satisfaction to know, as President John sou's letter about the New Hampshire clerk iu the Wur Department showed, that the olliee holders at Washington aro not to bo dragooned into contnbutionB or votes against their princi ples, whatever they may be. Moreover, the fchecp are dividing lrom the, goats. Postmaster N. U. Kperry, of New ITuven, for five years past Chairmnn fit the Republican State Committee,, nnd one of the most etlicient politi cians iu the Slate, has, like Postmaster Cleve land, of llai tlr rd, declared his intention to sup poit Mr. English, simply because that is the only way to sustain President Johnson, whose restoration policy he approves. With equal honesty of purpose, we do nof doubt, the present Chairman of the Republican. Siate Committee declares that ho caunoi sustain President Johnson, but must vote ior Ilawley; and he has shown his tincerity by resigning his otlice of Postmaster at Norw ich. The Next Presidency The Position of General Grant. From the Herald. In the midst of the political excitements of the day Geneial Grant is looifljiig up into bold relief ns the man for the next Presidency. As King Saul among the mighty men of Israel stood a head and thoulders above them all, so stands General Grant, in his great achievement.'', among the herot'B of the Union, victorious from the difficult' work of crushing tho late gigantic houthetu Rebellion. He has accordingly secured a flaco in the "giatitude and confidence of the American people which is regarded as certain to bring an easy triumph to the party lor the succes sion with w bich his great name may be identified, lleuce we iind that the Northern radicals, iu Congress und in their newspaper press, are bo ginning to claim and procluitu hiin as their can didate aud their exclusive property. Thus, Mr. Wabhbumc, ol Illinois, in the House; r.lr. Wil son, ot Massachusetts, in the Senate; and Master F( ruey, ot their Vi usuinctou organ, ana vaiious other journals of the same tchool, have liken up end announced the name of General Grant as the watchword which is to hold their rank and nle together iu the interval, and give them another lease of power in 18;h. We iqmreheud, however, that in all these neat cuk uhittjns-and great expectations the radicals are reckemng without their host. What is the poMlion of General Grant on tho leading issueB- of the day ? From the n:orning alter tho assas sination of President Lincoln to this time he has been the righl-hund mun of l'rcsident John sou. We believe that there is a cordiul under standing and perfect harmony between these two distinguished men. In regard to tho restora tion of the Southern States to Congress, and In regard to Mexico, though General Grant is not u political speech maker or letter writer, he has spoken and written iu support ol tnc President's policy. We undertake to Bay, too, that wheu President Johnson, in his recent speech to ihe Montana delegation, declared that ho hud uo aspira'ionB lor the next Presidency, he had General Grant in view as his nghttul aud accept able successor. In his liberal terms ot surren der accorded to General Lee, nnd in everything elBO that be bus said or done, General Grunt has shown himself anything but a radical. From his intimate oniciul relutions with the President, . and lrom the absence of evou a rumor of a dis agreement, wo may salely assume that there is uo rivalry between Johnson and Grant for the succession, but tho one is well pleased with the idea that the other, iu 18G8, may bo elected to regulate the radicals. But it will be remembered that President Johnson is ambitious of one thing. He believes that his Southern policy Is right: he believes that it commands the approbation of tho coun try, and ho desires ano hopes to accomplish tho work of Southern restoration during his present term of ollice. Iu this hope, however, he mav be ousappoiuteu, ana the coutest uo l tween tils system and the radical system of reconstruction may be prolonged to the end ol his nreseut term, and may thru be cast iu such a shupe as to leave him no alternative but that of a direct appeal to the people tor their verdict upon las adwmutraiion. iu tuia eveut, we predict the radicals will bo dlnsppointed In their calculations oi using the name and fame of General .Gant expressly to break 'down Presi dent Johnson ftnd his policy; tor, in tiehting out his f'gbt with Stevens, Johnson will become the candidate of Grnnt, inasmuch as Gram may now be considered the candidate ol Johnson, under the impresiou that with his present term the appointed work of tho latter will be lmished, aud that he may wisely and gracefully retire. - It the radicals, therefore, wish to share In the honors a.nd emoluments of the next Presidency, they must change their tactics, and seek rather to assist than to rmbarrnss tho President in re storing the 'outh to Conero. Otherwise, In the vindication of his policy, he may be com pelled to stand before tho people lor another te.ini, and tioreral Grant, recogni.ingtho ju-dice of Inn chiiws, may withdraw in his favor. Tho quo tion to be considered is, not the popularity ot General Grant, in any rontinsency. but whether he will conseut to run in opposition to an t dnnnistration with which ho is identified as an active co laborer. From tho cordial relst ons between them we predict that if President John son shall bo pushed to the extremity of running tor another term, General Grant will sustain him, lor we cannot believe th:tt the General hiw the remotest idea of taking tho field In opposi tion to President Johnson or his policy, Innovations on the Constitution. Firm lh Davy A'tws. One of the most formidable dangers now menacing our form of Government is the broad imci-prctation now being given to those words "neccsiiry and proper" in our Consiitutlon, iu order to cover usurpation after usurpation by tbe piesent Congiess. Tho appl'.catiou ot tlw 8) stem ot interpretation ot theso words in the Constitution, now being made to justify tho Freed men's Bureau bill, tiio Civil Rwhts bill, tho Reconstruction pol cv. aud reserved legis late e monstrosities oriciiiating with thpresent rump Congress, is clear'.y intended to substi tute iu tho present Constitution a suppose ! use fulness or propriety for tho necessity ex preyed nnd contemplated iu that iustruiuont; and which, in tact, destroys every limitation of the power of Congress. Carry out the doc trines now freely ventilated by iho unscrupu lous radical leaders, on tho floors ol both Houses ot Congress, and it follows, irrcsisiibly, that, instead of being bound by a Constitution, they may claim the omnipotence of the British Par liament, and that all tho reserved powers of the people, or of the States, will bo swallowed up at their pleasure by that uudciined discretion; in a word, that the' Constitution itself, so far as respects a limitation of powers, is by such a doc trine completely annihilated. JEven tbe positive checks which, iu a lew instances, prohibit the exercise of certain powers, will not prove a suffi cient guard against an inordinate passion to legis late ou tome iuvonte subject. As an instance of the usurpation of powers under this convenient rule of thp interpretation, look at tho green back country of this enrreney. Under it, wo have discovered that Congress has power "to emit bills of credit." This, as a distinct aud in dependent power, was expressly prohibited to the States. As a distinct and independent power, it was nowhere conferred on tho United States. Nay, the presumption is, it was in tended to bo refused, because it was at one peiind, during the deliberations of the con vention, inserted after tbe power to borrow money, and then stiiclten out. But yet Con gress has not hesitated to exercLe the power. Under what grant of power was it authorized? Under no expressed ouo, certainly; and, of course, it must have been done as a means (not absolutely necessary, nor indispensable) to the exercise of a power without which it could not bo executed, but as being highly convenient, useful, needful, con ducive to the pjwers of "borrowing money," "declaring war," "supporting armies," 'maintaining navies," to none ot which does tho meusure bear a more appropriate relation ship'than the Sedition .laws (lid to the power to bupprcss liisuirection. A similar course of reusoniug confers on Congress . a power to pass-laws "impairing the obligation of con tracts."' This, too, as on independent power, is expressly prohibited to the St.tteB, and is not expressly given to Congress. Kvcry usurpation is now .justified under the same sophistry which, under the name of the, war power, duriug the lust tour yours, transformed this Government into the most cruel despotism. lue world has ever- known. These specious pretexts are still engaged in sapping and minim thovery foun dation's ol the Constitution' our-lathers esia-blis-hed with so much labor and so many sacri fices. The Democracy 'of the' country iu tho com:ng buttle, must gird up their loins for another struggle ogoinst the latifudiuarian con structionists of our Constitution. Here a little and there a little, the radical suppers and miners are at work, steadily ana enen-et'cally, land, if not hindered iu their enterprise,. it will not be long betoro they will lay the mine, whose explosion will tumble the whole labric iu ruins at. out our ears. TEAS, &e. TEAS REDUCED TO $1, AT INGRAM'S J. 'lea Wnrclionsc, No. 43 9. SKCOND Htreot. T0ASTF1) ("OFFER REDUCED TO 30 CIS, Jt nt JMltA.M'H lea Warehouse, Mo. 43S. bECON'D Street. A(lC BEST MILD COFFEE, AT INGRAM'S HO 'lea Warehouse, Ko. 43 6. SKCOND Street. TEAS AND COFFEES AT WIIOLESAL 1 jrlces, at IKtlltAM'a lea Warehouse, Ho. 43 o SIXoMj Street Try tlitm. fi REEK C'OFFFES FROM 22 TO 28 CTS. A V pouud. ut lNCiliAJt'h lea Warcuoubo, Ko. 43 8. si TUN ! Street i rv them. Ill r;ASI GAS!! GAS!!! BEDJJCE YOUB GAS BILLS. Stratton's Kegulator for Gas Burners, (ratcnted Kovombcr21, 18B5.) Tt u n mutter of cuimlilcialile Importance to Ras con ruiiHTH generally, mid oi cspetia. lmpurtince to all ke peraut' boiels flint large beaming homes, to have Filth pas uuriivraai wm admit oi ueniK eimny anu per liiHin ully adiusted to null the special requirements ot iii inniiliiv ut each i bccauHo tlione who havu not to pav ill Lilm lee) Put Hi tie or no In ten ut in ecoromlziiiK tho inn, and nomotlinei careleiwly, or tliounlitlesnlv , turn ou twice or ihriee an much u would aiiNtver men oetua. Cull and examioo, or tend your ordors to ST11ATYON & CO., AT THE KLOltENCE OFFICE, No. 630 CHESSCT Street, rhllnda. Fetnll price, 36 cents each. 3 12 mwfim REMOVAL! REMOVAL!! . OLD DKIVERS' ICE COMPANY, BEMOVfcD F110J1 N. AV. COBKEB 8IXTEESTH AKD RACE, TO Broad Stieet, Above Race, East Side. Ordcw respectfully aollcltcd, anJ promptly attended to at the lowest market ralea. 1IE&S, JOHNSON & DAVIS. OLD DRIVERS' ICE COMPANY. The undersigned, feeling exceeding tnanktul to hit many Iricnilii and customers for their very liberal patron age extended to hnu during the last seventeen yearn, and having soid hla entire inteieiit to MKWfKN. 1UH. JOUKSOi DAVIS, Takes pleasure in recommenU.n tfiem to bia roraier na-rons. as tliey are gentlemen of well-Mown Integrity, and will undoubtedly maintain the renutatlon ot the OLD liKIVKKS' It. E COMPANY, and In everv war act so as to give entire satisfaction to all who mav klnd y favor them with their oiunom. Koapeot ully . e'o., S 'j'iiu A. HHOWN. (JIIALLENGE LIGHT! Paragon Oil and Safety Lamps. BRIGHT LIGIIT-TUREK UOCRS-ONE CENT Ko chimney 1 No smoke 1 No gross. Sold by Inventors, . . KELLY & NEEL, v , No. Oil MARKET Street. AGENTS WANTED. Also, Dealers Iu Hoapi and Coal Oil. Machinery Oils, wtirrautoduottoltuw or chill, I S uwnaUou, 15 WATCHES AND JEWELRY. TO OUR TATEONS AUD TDK We are Coring ottrrtock of WATCHES, JEWELRY, AND SJLVERWAR AT A DISCOUNT, . Fully equivalent to Ike heavy decline In Gold OLAItK A IiIDDL.1'1 S2rp K 718 CHESNUfS Has jutt received a large and splendid asiortmen ot LADIES' GOLD WATCHES, Pome In plain cawa, others beautifully enamelled a engraTed, and otbers Inlaid with diamonds. 1'urcbaecrs winning a ' ' DAKDSOSiE LADIES' WATCH Wit do well to call ot once and make selection. Trices n-.odcialo. Ah watches warranted. Also, a larne ssrortmcntot GENTLEMEN'S AND T10W WATCHES, IN WOLD AM) tILVKK CASKS. 2 24 WATCHES, JEWELRY, &c. MUSICAL BOXES. A full BfBortmtrit ot above Roorig constantly on fcui.d at modei ate rr coc the Musical Boxes playing lrom 2 to 10 beautiful Airs. FARE, & EEOTHER, Importers. Ko. 824CI1E.NU1 STREET, lllltmtprp B.low Fourth. RICH JEWELRY JOHN BRENNAN, DEALEB IN DIAMONDS, FINE WATCHES, JEWELKY Etc; Etc. Etc. 9 2f 5 Ko. 18 8. EIGHTH SI UEET. PMlada. HENRY HARPER, No. C20 A11CII STRKliT Manulaoturbr and Dealer in Watches, fine Jewelry, Silver-Plated Ware, AUD 8 8C Solid. Silver-ware. COAL. QEO. COOKE IS SELLING THE PRESTON COAL, Which is tho very boat coming to this markot, SCHUYLKILL COAL AT $7 PER TON. ALSO, EAGLE VEIN, Same sizes, a mo pricos. Deliverable to any part of the city, porfectly clean, end free of slate. Orders received at No. 114 South THIRD Street. E3irOEIU2f, No. 1314 WASHINGTON 3 13 rp Avenue. CO AL! C O A LI! : EEST QUALITIES CF COAL AT LOWEST MARKET RATES, AT ALTER'S I 0 A L TAR I), NLNTH STREET, BELOW CIRARD AVENUE. BKAKCH OFFICE CORNER tF SIXTH AND STRIKG (jAEHEU blRJeKTS. 31 JAMES O ' B II I E DEALER IN LEHIGH AND SCHUYLKILL GOAL, BY 1UE OABGO OB SINGLE TON. Yard, Eroad Street, below Fitzwater. Has constantly on hand a competent supply ot tut above superior Coal, suitable lor family uah, to which he calls tho attention of his friendj aud the public poiiernlly. Otdcl left at No. 206 8. Filth street, Ko. 82 8 Seventeenth street, or through Despatch or foul Otlice, promptly attended to A SCftRlOK QUALM OF BLACKSMTTF8 T 0 B E 11 T P. LEND EH, COAL DEALER, S. . COItNER liliOAD AND CALLO WEILL STREETS rniLADELPniA. Bone hut the best WEST tEHlGIf, all sizes, from the Greenwood Colliery, on hand, and for salt for CASH ONLY. C210 6ut Also, ENGINE, BEATER, AND FURNACE COAL. s. 8ILBF.RMAN & CO., IMPORTERS OF FANUK WOODS, A HO. 13 ti. run Ki n Bum, rUILAUKU-UIA. Portemonnales, Poc ket Hooks Purses, Travelling Baga, Hacolie.i. Dreshlng Canea. Ludles Companions, Writing Desks, Portlollos, Work Boxes, Jewel ilexes, Photo graph Albums, Opera Glasses, Field Glasses Hpeotaoles, ( ard t auea. China and Gilt OrnauienU, Pocket Outlerv, Harors. Combs, Krusbos, Perluiuerr, Hoaus, Kain, 11 air Nets, ilair Ornanieuta, Bteel Jewelry, Jet Good, tor nellau Goods, ilraoeleia, Neck aees, Me t Clasps, Studs, Sleeve Huitons bcarf Plus. Heart Hinge, Bilk Watch Guards, Leather Guards Nteel and Plated l bains. Waioh Keys, Bhawl Pina. Violin Htrlngs. Heads 01 all kinds. Dolls Kuliber Dalis, Loniliioes, Dice. Chesxmun Cliona Hoards, llack('"i'0" Hoards, Playing Cards. Pock'rt Flanks, Drinking Cups, loLacco Plycs. Tobacoo Boxei, Tobacco Pouciies, ilatcli Boxes, pipe Btvuis. ciga Tube, Clsar ' ies. I lily TDLUHWD DEALER & JEWELERi II WlTI UKS, JRTt fl.RT MI.TKU WARR, J WATCHES and JEW2LE7 R2PAIS2D. J jOOwtrmt St.. 15 DRY GOODS. J)IIEIFUSS & IJELSINGER, No'. 49 N. EIGHTH STREET, EAST BIDS, Hare Jnrt received a Isrge lot at HAWP-VADK moOIXKN GOODS. I.AMK8' FANCY 001). rV Hl l K GOODS, LACEH, EMBROIDERIES, YZlL ' BA1B NLTS, And a full line of LADIBS AND CHII T.RITN 8 KID, BILK. AHD FANC I ULOTK8. Atf o, a large lot of CltOCIlRT LACKS, W bleb wa are oflerlnt at reduced prices. U N. llH CDKHNUT HIBEJKf. 1866. Spring Importation. 18G8. E. KX. NEEDLES. DAS JI Br OPENED 1000 PIECES WHITE GOODS, in PLAIN, FANCY, TRirF.r PLAID and i-iMireu.mconew (amnrlrs Nulnscot. luintue, kwIss, Muil. and other Mils ire. comprising io-t cdiiDlcic Mock, to Wi leb the atten.toa oi purcliancr 1 solli iied. as tbey aie oilcn! at a larie Rl.DUC'llO lrom last SBAltON'4 100 pleoen PHITtRFD MOL'NS for Bodlct. 101) pieces I'lwlli 8 In all varieties of styles and I price rom liOc to l-fto. ,3K V l:i t.oi KKliKl) ICIUTS, newest atyles, I o. n r own luiioituU..u. ' P f.owvs pr rt -otr ' OS hooi'-skiut 8 b28 aianuiaciory o. vts a ki:u wtreet. Above Shr h Sueet, lhliade!phla. Who em! e and Retail. Our assortment embraces all Ihe new and rTeslraMa styles ana fWt. ot everv leuulh and tin walut lor Ludles, Blisses, and Children. l hope ot "ijt 'iA MAhi. mnuprrirr In nn'ih sne dui ain't n to any other fcklitu made, and wan anted to l ive psIlFKiction. Eklns made to oruer. aiterea and repaired. 45 MISCELLANEOUS. JJ A 11 N K S S. a i AiiGE ror or m w u. s. wagon har- KKSi, 2, 4, nr.d 6 horso. Also, parla ol UAR- EfcS, SADDLES, COLIAKS, II ALTERS, etc, louRht at the recent Government sales to bo eo'd at a great sacrilico W holeale or lictail. Together with our usual assortment of SADDLER YAND SADDLES YEABD WABE. WILLIAM S. HANSELL & SOJTS, 2 15 "So. 114 MARKET Streot. w I L E Y & BROTUEB, rwrORTEBS AND DFALER8 IN1 HAVANA CltiAIt AND J1KTHCHUM PIPES, ' N. W. Cor. E1UUIU and WALNUT Struts. We offer the finest Harana Clpara at price from 30 ta 30 per ci nt. below the regular rales. Also, the celebiatu 1 'LOSE JACK" B YOKING TOBACCO. which la tar superior to any yet brought before the Pu- , TW. m UT ' U Ul AJUIIU afOCVk : "SEEK NO FTJBTUEU. KOK No BETTEB CAN BE rOUND." 11S Sin J JONlTMENTS, TOMBS, GRAVE-STONES, Elo. Just completed, a beuutiiul variety of ITALIAN MAEBLE MUKDMENrS, TOMBS, AND 6 BA VE-3T0NES , IV 111 be sold eheap (or oaaD. Work ont to any part of the United Stacea. HENRY S. TARR, MA RULE WORKS, 124wDh Ho. 710 GHEES Street. Philadelphia. QEOHGE PLOWMAN, . CARPENTElt AND BUILDER No. 232 CARTER Street And No. Ill DOCK Street. Machine Work and Allllwrlifhtlng promptly attended to 88S J C. PERKINS, LUMBER 'MERCHANT Successor 10 B. Clark, Jr., No. 824 CHRISTIAN STREET. Consmntly cu hand a large and varied assortment of Luilaing Lumber. . 6 24 J It I D E S B U li MACHINE WORKS, OFK1CE, HO. 60 . KUOST STREET. ' "UILAClil.pnU. -We are prepared to till utden to any extent for our we. I known MM HIM KY Eon tOTTON AND WOOLLEN MILT-S, ncluiling i.ll recent lmprovemeuts In Caralug Bplnnlagi ami V cavlup. We Invite the attention of manulacturer to our extsa tvei works. ALFIiED JIKKB A BOS. piTLER, WEAVER & CO., UANUFACHIKEES OF Manilla and Tarred Cordage, Cords, Twines, Etc., No. S3 North WATr R Street, and No. 'ti Noitu DliUIVAlti Avcuuo, , 1 IIILADKLJIIIA. IDWIK II. FlTLKB, AlICHABL WBAVEB, I cMiaP F. CLOl'UIKU. . 214 51 CI O It N EXCHANGE J HAO MAN UF At'TO JtY. JOHN 1. 11 A 1 i. KI & C! O., No. Ua N. FliON'l ami No. 114 N. WATKtt Street, Phi tdalnhla. DEALERS IN li Vl.S A ND BAGGING 01 eviry dc3cilptlon, tor Grain. Flour, Salt. Knner 1' hophate of Lime, Bone Dust, Etc. Larue nnd small CVNNY DAGS canstantly on hand. 2 !fli Hi Also, WOOL SACKS. John T. Bailky. Jamhs Cascade. RESTAURANT ON THE EUROPEAN PLAN. Finest old and new ALPS, at A centa perglasa. GOOD ONE-DIME EATING BAB. The choicest Liquors always on hand. No. 633 CHF.SNCT SrEHET. 1 ' I jo jm H EN BY BECKER, Manager. COTTON AKI FLAX UU BAIL DUCK AND CANVAS, ol all numbers and brand. Tent Awnln?. Trunk and Wagon-Cover Duck. Also, Paper jianuiactitrers' Drier Felt, from one to aevtn feet wide: rauuiis. neuiug, phii i win, em, JOHN W. EVKKMAN A Co.. 3g; No. 1U3 JONES' Alley. WILLIAM S . GRANT, ( OalSlIHhlON MERCHANT. No. 33 S. DELAWARE Avtuue, Philadelphia. AocNr rou Duptnt's Cunpowder.ltetlned Nitre, Charcoal, Etc Ciockcr Proa. k Co.'i Yeilow Metal faheaihlng, Bolts, and N alia. LEXANDER G. CATTELL & CO., PRODCCB COMMISSION MEHCHANTS, 0. 28 NORTH WBAKVE8, AND m vnu WITTS STREF.T. " ThTladelpuIa. 9 2 ALFXAMBB O. CATTHLL. ll,MAiiii.miii,ii CONTINENTAL HOTEL HAIR DRESSING,! BATU1NO AND PKRFl'MEKY , ; . PLXi.lt 6IEG FRIED, ; I 20 Ira ?r!'.l'riu.tol"l I70R PALE-STATK AND COUNTY KlfiUTS of Capewell Co. 'a Patent Wind Guard and Al, Healer for Coal Oil Lamps 1 It prevents the Cbiuineyi. lrom breaking. '.' bla we will warrant Also laves ene thlrd the oil. Call and soo thun. tliey cost but ten centa.' No. Ki a BACK hireet. Plilladulphla Sample sent to any part ot the United Btutea ou receipt of ii ceuw. 1 W
Significant historical Pennsylvania newspapers