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