2 TOE NEW YOKE PRESS. EDITORIAL OPINIONS OF TUB LEADING JOURNALS UPON CURRENT TOPICS. COMPILED HVKRT DAT 1WB BTKlfrNO TKLROaAPH. The Campaign In Bohemia tYom the Commercial Advertiter. The smoke of battle has at length sufficiently cleared away from the German battle fields to enable us to comprehend the military opera tions that have etleeted so many changes in the map ol Europe. A revlow of the situation shows that the surprising success of Prussia has been obtained by means of that boldness and celerity that always constitute the elements of victory In warfare. Tn this respect the Prusnlaii generals rival, if they do not excel, the astonish ing rapidity of the great Napoleon, who utterly confounded the slow-moving commanders of his time by the swiituuss and torce of nis atiucKs. But it toe 1'ruHhinns have improved on the teachings of history, the Aiisiruins have appa rently lost iHiiu ot their characteristic dulness and inactivity. They have sull'ered themscles to be outencrttlled and overwhelmed a com pletely under Marshal benedek as they were under Ueuctals MacK and Wurn.ser. TUf supe riority ot the Prussian necilt-jruna is only an Inc. dent of the greater enterprise and sagacity ot the authorities ot Berlin. The briei, decisive can.painu in Bohemia de penucd on a question ol time. Victory seemed to belong to the side that would liist taKe the Initiative. It was a race tor Berlin or Vienna. In wur, as In chess, the aggressive side is gene rally the stronger. This was more particularly the cu e in the Uerinun campaign, li the Ana triuns hud amiciputcd the Prussiuns a lew days, they migUt have changed the entire course of h in ton. It was a crave mistuke lor Marshal Benedek to permit the Prussians to carry the war into Bohr-mia. lie should have assumed the initiative, anil pushed his lorces into bilcsia and threatened licilin. It is snid that this was actually the plan ot Marshal Benedek, but that his views weie overruled by the Vienna Cabinet. There was so much diplomatic and other talk abuut the eidltiness ot commencing bloodshed, that the Emperor of Austria hesitated to cut away irow all the chances of peace by an absolute invasion of Prussian territory. He was waitiui; for the sanction of the German Diet, and for some luckv chance of di- Elomatic intenentlon that never occurred. While e was hesitating the golden opportunity -was lost. The 1'iuseians were permitted to pine.rate into Bohemia, and gained, almost without a blow, a strategic victory that never should have been yielded except as the result of a detest. Bohemia is hii Austrian province ot Ave millions of inhabitants situate on the southern uorders ot Prussia, between Saxonia, S lesia, and Moravia. It is a kind of natural basiii, bounded on three sides oy myuntaius, and the open part troiitmg Vienna. The mountain pai-sis through whieh the Prussians denied from Haxony and bilesia were very detensible, and it i more reasonable to suppose that a general of Marshal Benedek' acknowledged skill should have been prevented from occupying them by diplomatic inerlereuce than that he should have overlooked their importance. Be this as it may, the Austriaus, in place of marching through iheir own passes to invade Silesia, and drive the enemy out of Saxouv. allowed the Prussiatia to penetrate through them at various points, and to concentrate their torces for the decisive batile ol iSudowa. The Prussian campaign in Bohemia must always rank as one ot the most brilliant opera tions in the history of wartare. There are lew examples of combinations so ably planned, and so skilfully and successiuliy carried outl Per haps the nearest approach to it was General Grant's giand campaign against the Confederacy, with this difference, that the lieutenants of the American General operated in sections of the country larget. than all Germany. It is now understood that the credit ot organizing the entire Prussian campaign is due to General von Moltke, the King of Prussia's Chief of Statf. The results iauk him as tue foremost strategist in Europe. So far there has not been a single delect or error in their campaign. Every com bination was successfully effected with a preci- aion that will appear amazing when we con sider the thousand accidents to which the best laid military schemes are liable. Great praise is also due to the Crown Prince and Prince Frederick Charles, the commanders of the two I'russian armies of invasion, tor the eminent ability displayed by them in executing the plans of the campaign. The Kins of Prussia is singu larly lortunate in being ably served, and in the fact that the best generals and suoporters of his throne are of his own blood. The Hohenzol lerns stand out as the ablest dynasty in Europe. Certainly it has lost nothing in torce and char acter s nee the days ot the ereat Frederick. The Prussians invaded Bohemia from three separate points in baxony and Silesia, and wiih as many armies. Tne 1st Army was com manded by Prince Frederick Charles, tne 2d Army "by the Crown Prlncer and the 3d Army by General Von Bittenfeld. These armies entered Bohemia throueh passes sepa rated liora right to le:t by a distance of from n hundred and flity to two hund-ed miles. The 1st Army moved down on the 25th of June trom Keiebeubeig, a town on the frontiers ol Saxony and Bohemia, about sixty miles southeast of Dresden, ana about an enual distance from Sadowa, the scene of the decisive battle of the 3d ot July. The Crown Prince on the same day pushed a portion of his army through the detlles in the direction of Brannau, on the borders ot Silesia and Bohemia, while General Bittcnleld, with the 3d Arniy, or the Army of the Elbe, invaJed Bohemia on the line of the Klbt further down towards Bavaria. The Army ot Prince Frederick Charles was thus in the centre. The Aimy of the Elbe had comparatively little fichunc. The King ol Bavaria was relied UDon to keep it in check, and undoubtedly could have done so, but the Bavarians, as usual, played fast and loosses, and did nothing to prevent the Junction of General Bittcnleld with the 1st Army Corps. Tho Prussians were induced to divide their forces from the necessity of covering Silesia and Baxony trom the danger of Austrian invasion. Ihe Austrian disputed the advance of the first and second armies with great spirit. But Marshal Benedek was under the necessity of dividing bis lorces, and perhaps was not ready to advance his whole army. At any rate the Prussians contrived to push forward their ad vance. A battle was fought every day lor ten days, the result in each esse being against the Aubtrians. The brunt of the lighting was done by the Crown Prince of Prussia. He deieated the Austrian? at Nachod and Trautenau on the 27th, and afterwards at Skalitz. The latter contest was a desperate affair. The Prussian oavalry for the first time met and deieated the famous Austrian cavalry, tho Pi ussian cavalry thundering right luto the Austrian cutassiers and bearing them down. At another battle, subsequently lought by the Crown Prince, the Prussian cavalry achieved an equally decided success. The filiating of the second army ap pears to resem bio the series of contests fought by General Sherman tn the Chattanooga range when General Johnston was successively (lis lodsred rom one position after another. The Crown Prince gained in these mountain battles fifteen thousand prisoner and twenty-lour guns, besides colors and standards, still more, his successes enabled him to cross the Upper Elbe and unite with the First and Third Armtps under Frederick Charles, In lime to effect the deleat of the Austrian at Hadowa. Tbe First Army had effected a junction on the 28tn of June, with General Bitteufcdd's command at Munchengratz, a town about thiity miles from Uorltz, near the battlo-held of Sadowa. The Austriaus were rapidly concentrating, with their line stretching irorn sanowa, in the dtreo tion ot Koniggratz. The Prussians approached the Austrian outposts on the 2d of July, and the srest battle took place on the following day tiih Prussians endeavored to turn the Austrian lett: Marshal Benedek. no doubt, anticipated an easy victory over the divided Prussians, and at One 0 C10l m tue uaj it iuva.oj aa u Vile i run slant, had been defeated. But at that hour the army of the Crown Pnnoe, by a wonderful stroke of good fortuno, or gond man age me at, or both, appeared In, and cut right into the Aus trian centre, rolling it back, and defeating the entire army. It has since transpired that If tbe Prussians had followed up their vtotory, and attacked the Austrian during the panic and contusion Incident to tho retreat that they might have utterly ruined Bencdek's army, and gone Into Vienna without another content. But a victory Is only lust less exhausting than a deleat. The Prussians had no reserves topush on lor tho prize within their grasp, and the Austrian Empire was granted a longer tenure ot CXiritfDCt Marshal Benedek was vlitually superseded. The Archduke Albert, the victor ot Custozza, was recalled from Venetia, and appointed Com mander tn-chiet ol the Army ot Vienna, com posed, for the most part, of troops withdrawn irom BenPdek, wno is thus reduced to toe con dition of a aeueral without an army. Marshal Bendt'k'S course in this campaign Is open to considerable criticism. We are not yet in pos session of data to warrant a defln'te conclusion respecting his precise responsibility tor the lailures he incurred. It is, however, onounh to know that he has tailed. Ho performed nothing In the campalen in Bohemia worthy ot his splendid tepHtation. Perhaps be was a victim of the incapacity of his subordiustes and superiors, and of red tape and official stupidity and routine. But ho mutt have had inherent delects. Ho was too slow, and proba bly too sanguine. lie should not have permitted the Prussians tucta easy access through tue niountuin defiles of Bohemia, and he should have overwhelmed them in detail. The com bination ol the three Prussian armies at the rifht time and place must always be fatal to Benedek's reputation as a general. Perhaps, ali-o, he calculate! a Iittl too largely on cach ing the Prussians in a trap. There can be no doubt that an Austrian victory would have been even more disastrous to the PriiKsians than the battle ot Sadowa was to the Austrmns. Very lew Prussians could have escaped back through the mountain If Sudowii had resulted aitlereutly. They would have been overwhelmed, and Benedek could easily have curried out his threat of capturing Beilin. But ther-e contingencies only illustrate the iu hnite dances of war. The Prussians calculated and fotigtt well. The stem logic of the sword has decided the long-vexed question of Austrian or Prussian supremacy in Germany. Prussia will henceforth be the representative of German nationality. The dream of tho school-men and the aspirations ot poets has been reallzod. The Germans are no longer w ithout a country. A new nation of thirty millions has suddenly started into existence. The Germans have shown Hint they are as bravo' as they are indus trious and learned; and we may lie sure that even Bismark cannot lonir deprive them of tho constitutional rights that may be expected to follow as a complement oi an assured nationality, known aud respected throughout the woild. In place of thirty-rive free aud inde pendent Slates to vex and' torment the people, theie will be onlv one Prussia and nil true Germans will rally around her as the repre sentative and champion ol "Dvr Fudcrland." The Late Session of Congress. From the Nation. The Thirty-ninth Congress ot the United Slates has closed its first session, having submitted its policy to the country, after long considera tion and debate. By its fruits it will be fudged; and the judument to be passed upon it is the main question at issue in the approaching political campaign. It is comparatively easy to "lay Judgment to the line and rigeteousuess to the plummet" in criticizing the actions of others. We have natu rally given much thought to the state of the country, and arrived at very definite conclusions as to the policy which it would be be best for the nation to adopt. It costs little trouolo to compare the action of Congress with the course l nun niHrKCU uuv mi u; iu )raiu it nucre iii una iollowcd that courso, aud to condemn it whore it has tailed to do so. But when our criticism was complete, its value would be neutralized by hundreds ot contemporaneous critics, all equally sincere and equally lu earnest, anu no two oi them exactly agreeing with us. Congress is a body of 210 persons, ItiO of whom have been compelled to agree upon a policy. Could any ol its critics select 160 intelligent, active, well known citizens, from as many different districts, who would atrree with each otner, ana witn tne person selecting them, upon every question pertsinipsr to reconstruction ? We do not believe tnat Dir. runups on tne one sine, or an. jo na tion on the other, could succeed in procuring an honestly unanimous body of 100 men, ii either of them were entrusted with the nomination of Congress to-day. Certainly we are not so pre sumptuous as to think that we could do better. W hile, therefore, we regard it as essontial that thouuhtlul men everywhere should ireely ex piess tiieir concurrence with, or dissent Irom, the conclusions of Congress, so that it my be known how nearly they represent the Judgment ot the people, it seems to us that, in deciding whether Concress should bo approved or con demned, the most important considerations are whether, as a body, it Las lairly represented the aovance ot public'senrimentin the direction ot justice, whether it has acted up to its own con victions ot duty, and whether it has, when judged Irom its own standpoint, and in view of all the circumstances, done the beat .that it could lor the public welfare. The new Congress assembled last December under citcumstances of peculiar difficulty. A large maiority of its members wore fully atis .i f.i... .v. i I. i j . nea inai me rr"iurui ponujr t-uum uut omvij , mi.iiiriuuoiiiiwi i.v. k be earned out, and were convinced ot the neces- J disagreeable to the people, w sity ol securing some extension of the suffrage terests are prejudiced by the d to the colored race. They were greatly strength ened by the signal victories ol their party at the fall elections, which in several important States weie more decisive than had been gained since 1861. Bui they were embarrassed by the atti tude of the President, who quietly assumed that Congress had no voice in the matter ot recon sttuction, by the unqualified endorsement of his action by the Union parly conventions in seve ral States, and by the opposition in Connecticut, Wisconsin, and Minnesota to an extension of the richt oi suffrage in those States It is true, and It was wen known at tne time, that tne sanction given by the Union party to Mr. Johnson's plans was given under the Deuel that tney were mere experiments, to be submitted to the final decision ot Coneres, and that the matorities against equal mUrage were not a perfectly lair expression of the popular sentiment. But it may be as truly said ot legisla tures as it has been of furies, that when a bare fact is set up against a plausible explana tion, ninety-nine times out of a hundred they will Judge by the siinpi tact ratner tuan Dy any adverse explanation, however logically com plete it may be. Moreover, the explanation was one which, in the light of subsequent events. gave little suustaction. The people naa, ii was said, only voted against equal suffrage in order to avoid making an issue with the President. As it became every day clearer that the Presi dent was more opposed to equal suffrage than had been supposed before these elections, the probability of a change in the vote diminished. The members from Indiana and Southern Illinois well knew that their constituents had Dareiy overcome their prejudices sufficiently to tolerate even the residence of negroes among them, and that any greater liberality would be highly re puhrve"to them. At the very outset, therefore, Coneress hesitated to carry out the policy which at heart It believed to be the wisest, riom the fear that It would not be sustained by the people. It w as evident, from a very early day. that it would bo useless to pass any measure ot recon struction by less than a two-thirds vole. This made it necessary to feel the way very carefully; and for this purpose the first act of the House ol Representatives was to provide for a joint committee of the two Houses, whose special diiir It should be to investigate the whole sub- led, ard prepare a general plan of reorganiza tion. This course was so obviously wise and conformable to precedent so far as there could be precedents lor an occasion oi sucn importance-that it commanded the unanvtnoiiB sup Dortof the Union rtembors. with one or two exception Croat Southern HUies, . it was plain that so vast a question, if precipitated up in the House without the advice of a responsible com mittee, would lead to a track loss wilderness of crude propositions and fruitless debate. The committee on the part of the 8enato was a strong one: but the members on the prt of the House of Representatires can scarcely be said, upon the whole, to have added to it weight. Mr. Stevens is a man in whose patriotism and earnestness the Northern people have faith, but in whose ludgment atd tact they have very little confidence. Some other members were rather notd tor brilliancy than for discretion; and it must be said, it the plain truth is told, that the country would have been more satlsled with the opinions of Mr. Fessenden and Judre Trum bull, without the aid of the nine members from the lower House, than it was with that aid. In January, the Iceling ot tho House of Ra presf ntalivrs npon the sutlrage question was plainly manl'cstcd by the passage ot a bill esta blishing manhood suflraee In the District of Columbia by a vote of 110 to 64, eomt twenty "Union" members voting in tho negative all Irom tbe border States. The bill has been seve ral times broueht up lu the Senate, but never finally -voted upon, owing to tne (ear of a veto. Here,' It seems to us. Is a clear caso of derelic tion of duty. The bill should have been modi fied so as to secure a two-thirds vote, and then passed into a law. IfConcressls not prepared to allow colored men to vote upon any terms in Washiuirtou, where they lorm so large a part ot the population, it can hardly be iusntied in de manding that the Southern States should do so. It is conceivable that in States having only a minute proportion of the colored race in their population, a distinction may bo made between their case and that of Sta'es 'where two-Utths or more ol the whole people are disfranchised; and there may be some excuse lor claiming thit the lornier are repunitcan in tneir lorm ol govern meut. while the laiter are not. There is. more over, an undoubted distinction between the Sts'es which have preserved loyal governments and those which have not. over the tormer, Confess has no power to regulate tho suffrage, according to the ccneial belie! of the commu nity, while over tne latter the weiuht of opinion asserts its authority. But both arguments apply to the District of Columbia with at least as much force a to Aikansas. In hesltatinir to deal with tLis Bubiect, therefore, the Senate has weakened its moral power over the whole question. So far as the non-political rights of the colored people arc concernoii, 1 witness Das aipiuycn a most com mendable firmness and courase. The lailure of the first Freedmen's Bureau bill can not be charged upon the majority, and even the Hiii oiity upon that Issue proved that they wcie not all untaitntul. The amended bill, pureed trom some features of at least doubtful merit, was finally enacted by a two-thirds vot9 over a veto. The pa-sage of the Civil Kights bill and of tho Constitutional amendment were, however, the ereat events of the session, and laieely icdecraed the reputation ot Congress trom the charge of timidity. The promptness and cniphatris with which the tormer measure vas pa'scd over the veto had a nion inspiring -a . 1 I . .1 I 4 1. - I I . , I eneciupou iu.iaiu.BU m.ui.BUUUi lur wuoie lauu. r Much complaint was made ot the delay ot Couaress in determining upon it policy of recon struction. But, as we have shown, the sublcct, in itself difficult enough, was involved in still more diflicutty by tho oostinate attitude of the President, and the anxiety of good people, who could not believe him to he treacherous, to have their representatives avoid all contlict with him. Two-thirds of the session was spent in vain but well-meant efforts to haimonizej the executive and legislative branches of the Government. Mr. Johnson repudiated his own propositions, when indorsed by Congress, aud proved that he was determined to break up tbe party to which he owed all bis honors. Some ot us had long lorcseen this result; but the reonle, generly, would have refused to sustain ton err ess in accepting the breach before it was clearly in evitable. Theie is every reaaon to hope for even better things from this Congress at its next sossion than at the lust, if its past action is approved by the people, bo tar as it has gone, it has, in tho muin, deserved such support, it has done nothing harsh or unjus-t to the South. Its offers of reconstruction are, if anything, too liberal; but it has not tied its hands Irom modifying its terms next winter, if they are not accepted now. Under all the circumstances, it may well be doubted whether it would have been possible to elect a Congress that would have done better. If we are dissutisded that it has not gone far enough, it is nevertheless true that others blame it as having gone too tar. We have freely censured the practice of repressing real debate, and encouraging Satur day atternoon speeches. In this respect the Thirty-ninth Cougress has erred even beyond the measure of its predecessors. But it has lollowed the disposition of the American people, who love speeches when they have no practical bearing or result, and detest them when import ant questious are awaiting decision. The fault is not Congressional merely, but national. The final action of the two houses upon the Tax and Tariff bills was wise. In the matter of the currency, we think they made a mistake not j indeed, in refusing Mr. McCulloch a discre tionary power for which he has not proved his fitness but in resisting all attempts at contrac tion. The country will soon learu w sdom upon these questions, and mould Congress to its will. We cannot Fay that the prevailing sentiment of tbe people was not in accordance with the action of Congress, for we think it dictated that action. The munulacturinsr classes, especially, seemed to dread a return to specie payments, strongly and opposed all efforts in that direction. . The question of adjournment was a difficult one. The recent intelligence trom New Orleans may raise a doubt whether a little delay might not have been iudicious; but long sessions are mischievous in their effect upon Congress, and nose financial in- doubt which hanes over the system ot taxation until Cougress has actually gone home. We certainly do not think that Congress should keep iu perpetual session for the protection of office-holders, however meritorious they may be; and the general inte rests ot the country will probably not suffer by allowing the President to develop his real dis position for the next lour months. If he does any great mischiet, it will have a salutary effect upon the public mind, which may more than counterbalance the evil. Thouch not without many and grave defects, we gladly accord to the present Congress the credit of high patriotism, a fervent love of justice, a zeaffor liberty, and union of courage with moderation which will make it memorable in history. Its faults have been mainly negative, its virtues positive. Nearly all that it has done has been good; and If it hu tailed to do as much rood as seemed to some possible, yet that is a tault common to all uiauViud. In a time ot supposed reaction, it has advanced the standard of progress; in the uiidt ot treachery, n has stood nobly lalthful; surrounded by cowardly advleerg, it "has maintained undaunted courage. If its rhetoric has sometimes excited a smile, it is only lair to remember thit such rhetoric Is traditionary, and that the "giants" of the last tenerarion, whom it is the fashion to deify, were accustomed to pour oat just such tawdry eloquence, and made their reputation out of speeches really as absurd as the lofty flights of General Barks. These "giants" led their trust ing constituents into u morass, out of which Congress has had to extricate them. Had Webster and Everett been more faithful to their convictions, more fearless in their discharge of duty, they, and not the legislatures of to-day, might have had the honor of saving their country. The faults of the Thirty-ninth Congress are inherited; its virtues are Its own. tiny it meet again, supported b? the popular verdict, strengthened by contact with tbe people, com forted by their sympathy, to take a bolder and higher stand in behali of the great cause of humaa rights tor which It has shown so true a regard! The Nationality Principle In Europe. ffrotntht Tribuns. . It must Le obvious to every observer of European politics, that the result ot the recent wars In .Goihiany and Italy imparts a largely increased Interest to tho aspiration! of all those dencc. Whatever opinion may be entorUlned of the nationality principle, It it impossible to deny that the belief in this principle has had a decisive influence npon the issue ol the recent wars. ! ; , I In Italy, the separation of Lombardy!and Venetia Irom Austria was demandod, not so much on the ground of despotism and unbear able tyranny as on tho ground of their having, as Italians, a right to be united with the King dom ot Italy, however unimpeachable from a historical point of view tho title ol Austria to these countries might be. If Austria had be come, In point of administration, tho model Government of the world, it would not thereby have stopped toe cry for tho liberation ot Venetia. The demand of the Italians was certainly a direct violation of what more or less evory gov ernment ot the world at present recognizes as the exn-ting law, lor even Louis Napoleon, though the selt-conccited champion of the rinhts of oppressed nationalities, would be slow to allow the people ot Alsace a v. te on the question v,hetber thev wished to return to Gor inBny, or remain with France. But, although revolutionary in its character, if viewed from the standpoint of the existing law, the demand oi tne Italians have met with cordial and uuaul mous applause on the part ot ihe whole civilized world. Austria was well aware ot the unanimity of the Italians as rcuards their national agna tions, and ot the sympathy their cause founu In other countries, and It was the certainty that Italy would never cease to claim Venetia which prompted Austria, alter the defeat of Sadowa, to cede it to the Emperor Louts Napoleon. The Germans owe It to the complicated condi tion of their politics, and to their want of unity in the nationality question, that their efforts for es tablishing a united Get many were less understood abroad and Uss cared about. Yet tiieir devotion to the ideu of uniting tho whole nation into one political body was even more general than in Italy; tor while in the latter country the great maiority of the priesthood, and the political party which acted in harmony with them, were often opponents or the national tendencies, in Germany all parties, without exception, sympa thized with the Idea of re-establishing the unity of the German nation, however widely they diff ered as to the manner in which their common object ought to be accomplished. Neither Italy nor Germany have as yet fully attained the object ot their nati'mel aspirations. Italy i still without Home, and no diplomatic negotiation will be able to repress the demand of the people for the annexation of what they consider the national capital ot their kintrdom. It Is prohable that the Koman question will now become mre important than ever, and that it will lead to difficulties with France. Italy has also made a demand tor the southern ponlon ot the Tyrol, the people of which are no less de.-i-rons to be united with Italy than the Venetians. Still it may be doubted that the atritation for fh ,.M,tlnl1 nf thi. nnri n,hp a.vfrinta mMu 1 or ir,hoKi , tti iiiu .,: r." . .. that tor the annexation ot Lombard y, Veuetia, A i 1 1. i, 1 j - : i i j uuu lue ruiiui uuiuuuous lias ueeu. Germunv. in the bet case, will have onlv n beginmng of national unity, which will neither be us thorough nor as comprehensive as the great majority of the people could desire. To complete the work which has now been started will be henceforth tho great aim of the German people. France, Austria, and Russia are all un tavorably disposed to the establishment of a Germany embracing all countries inhabited by Germans, and they can hardly tail to combine their endeavors lor preventine the complete suc cess of ierman unity. Tbe struggle of the German nation against these adverse influences Is likely to constitute for many years to come the most prominent question of European politics. Tbe success of tbe Italians and Germans in their national aspirations will spur manv other nations to emulation. Among them the tluuga rians and the Roumanians are likely to bo lore most, and it will hardly be long ere we shall hear of their efforts to become independent nations of Europe. English Banking. from the Timet. That the operation of the English system of banking is not at all satisfactory, every day's experience proves. There must be something radically wrong and defective about it, and it has been strongly urged that either a Royal Commission or a Parliamentary Committee should institute a thorough inquiry, with a view to devise and oropose measures of im provement. Lately (on the 18th of July) a deputation of tho Glasgow Chamber of Com meree, headed by tho Lord Provost of Glasgow, and accompanied by a number ot members of Parliament, waited upon the tew Chancellor of the Exchequer at his official residence in Down ing street, lor the purpose of supporting the prayer of a memorial previously presented, that an inquiry by Royal Commijsion should take place into the working ot the Bank act. Tbe statements of this deputation, especially of Mr. Duulop, who appears to have been tho spoKesmau lor the cuamuer ol Commerce ot Glasgow, and also some remark sof Mr. Disraeli, the Chancellor of the Exchequer, allow Ussomu insight into the causes ot financial troubles in England. With Mr. Dunlop's reference to Adtm Smith's theory, that banking should be as free as trading, wo have, for the scooe of our present remarks, nothing to do. But he makes tbe rather interesting point that "bankers in Scotland conduct their business upon a large capital, and therelore upon a principle of safety to themselves and . to tbe public. It is not the same m England,"lor "wheniscotch bankers had two millions of paid-up capital, tuglish bankers should have ten millions; but instead ot that they had, perhaps, 500,000 paid-up capital," ana that "the consequence was that whon the crisis came the English banks had no capital to meet it." He claimed that bunking, that is, the issue of bank notes, should bo free, and not a monopoly, aud that then only a result would be brought about which legislation could not accomplish. Mr. Bazcley, Ml, alluded to tbe fact of "the rapid absorption ot floating capital, which had been placed in fixed position. aud which might be said to be almost liremov- able," and then he said, that "an act wh'ch required to be suspended continually could not be regarded at sound or satisfactory." Mr. Aikboyd, M. P.. called attention to the remark able circumstance that, while the bank kept us rate ot interest up to ten per cent., tor the avowed purpose to bring a flow of gold to England, the drain of bullion to France had actually increased to 200,000 tbe previous week, while tbe rate of interest in France was but 4 per cent, "How," continued the hon orable gentleman, "can we account tor the tact of that sum going from a country In which money was 10 ;r cent, to a country in which it was 4 per cent, r There is evidently some cause at work other than the rate of dis count. In fact, there was a strong feeling that ihe mode adopted by the Bank of England to strengthen their position had a contrary effect, and confidence in our banking system has been shaken at home and abroad." Mr. Graham, M. P., asserted that "in almost every part of the country there was a feeling among the mercan tile community that there was something in tbe machinery not wonting smoothly and effectu ally." The Chancellor ot the Exchequer, In reply, alter expressing himself favorably upon tbe pro position for a Royal Commission ot Inquiry, gave it as his opinion that "the evils that we must all acknowledge to exist, the embarrass ments that most of us fool, arise trom deeper causes than mere banking arrangements," and that "these causes are more extensive than is generally supposed, and that "it Is want ot capital and not want of currency" Euglaud is suffering Irom. The Interview shortly fter terminated. We thought this, conversation Important enough to give It this prominence. The Batik Actor Sir l(obert Peel, passed lu 1814, has oiten l.een attacked lu aud out of Parliament. It is said ot it that instead of checking it is continu- ally Increasing the ovlls It was specially passed i to prevent. And hence, tn 1847. vrnin in 18 )7. I and now, its operation had to Iw suspended. 1 We believe that tu own limitation levM it In force for thirty years, up to 1U74, but as Pari rlia- I loon mcnt is sal.l to ) omnipotent, it inay noon coerce th Bank Int accenting a vital change in Its charter even be ore that date,1 liberalising tbe whole bnnkine system of Kngiand. In our ptwnt state of civilization, bank issue that is, a fictitious representative of nviney, based tir.cn credit and onudence is lust a necessary m money itself, or food, drink, and clothing. We had to multiply our means of exchange, and since bullion would nit come torth iu the same Increased ratio as trade and manufacturing expanded, we had to create a fictitious means, and bank paper was the rosult. Tho varied colossal enterprises of commercial and manufacturing industry depcud largely for their existence and prosperity upon tho main tenance, in good standing an:l full laith, of these fictitious bank issues, and that ajaiu depends upon n sound, rational bank ing system, honestly administered. There is certainly some ereat advantage In the Scotch system of bankiug. No financed crash evor affected them, und uo panic ever' de prived them of the confidence ot the people. The scandalous Inllure, some years ago, ot the Western Hank ot Scotland at Glasgow, does not allect our iudemcnl, for that was alterwards proven to have been a fraudulent concern from ; the very start, more in tbo nature ot a Western wildcat bank than a Scorch institution. The . Scotch baiiKs do really fulhl their mlssiou by taking up the little earnings of the luoorer. larnicr, ana small trader, ana tccuing uuu them the great industrial centres, ftom'wbom Ihe first again derive their profits. Their divi dends are small, but sure ot coming; they are sale institutions, ana their existence is beneficial to the community. No such prais cm bo awarded to English banking. The whole world stood amazed ut the recent developments ot tho perfect hollow ncss ot their system. Thnt a bouso like Ove rend, Gurney '& Co. should have allowed Its capital to be aosorbed in worthless paper, be and continue bankrupt for years, and yet do the business ol halt the world upon reputation alone, without capital, gave rise to serious thoughts as to the vaunted solidity of British bankers outside the Bank ot England. That, according to Mr. Dunlap's statement, English bat kers have only half a million sterling caoi- tal, where they ought to have ten mPlions ster ling; that the Chancellor of the Exchequer admits that tt is a want ot capital ana not or curreucv Irom which England suffers. Atl this confirms only what the world beeau to susoect atter the tremendous tumble of Overend, Our nev A Co. Not that fneland Is poor. She is wealthy, and probably in the accumulation ol the rcpresenta rive ot wealth, monev. the wealthiest nation on the globe. But Mr. Bazeley certainly 9poke the truth when he said the floating capital had been absorbed in fixed positions, so as to be almost Immovable. It is found in diamond mines In Brazil, in tea plantations in China, in gas and water-works in Berlin, in omnibuses in Puns, iu railroads all over the woild. but not as banking cnoital at hon e; and it nmv not be far from the truth if we infer, taking this interview of the Glasgow Deputation with the British Finance Minister tor our point de depart, that tho Eng lish banking system ol to-day is based upon Erglish credit, and n'lt upon English money. WATCHES, JEWELRY ETC. tolAMOXD DEALER t WATCHKS, JKlVr.LKT t I-l BATCHES and J2WHLIV Owing to the decline oi Cold, bas made a great re auction in price of his large and well aoaorted stock o Diamonds, Watcriew, Jewelry, Silverware", Kto. The public art respectfully invited to caff and examlnt our stock before purchahlng eowhere. SILVEB AND PLATED GOODS, OF THE Meet Superior Workmanship, AT THE NEW STORE No 704 ARCH STREET. Tbe nrd rnlfiDf d (lte i t'te faniooa Bogeri Broa llnulaciunuK Comnanr) rosDMSt aUv announoe tba tbtv liave optntd a ni-w and DeautUui store 'or the sa'o oi silvhi and miuiWAUB, at mo 704 AUCH Street. Our lung exprrience an nianataclurera wil enable na to keep nothing but Ant-Clara Goodn and tho.-e w bo ma y patronize our store wiU find our plated ? i vuh ibi aupenor 10 any ever intponea. ana our cua tomera n ay n ly on the good being precisely what they r? n-prewaieu 10 ue. S BOWMAN ft LEONARD. MUSICAL BOXES. a lull assortment oi aoore goodx constautlr on hand at niodei ate pneof the lluaicaj Boies plaring irom to 10 rx-auuiui Airs. FARE, & BROTHER, Importers, No. 824 CHKSNUT STRUCT, llllmtl)rp liolow Konrth. HENRY HARPER, J No. Uanuiactoror and Dealer m Watches Pine Jewelry, bilver-Plated. Ware, AMD 81$ Solid. Silver-Ware. G. RUSSELL & CO , No. S3 North SIXTH St. 1KVITE ATTENTION TO 1HEIH FULL STOCK Of FANCY AND PLAIN SILVER WAKE, Otllie Finest Quality. C5 28? RICH JEWELRY JOHN B REN NAN, DEALER IX DIAMONDS, FINE WATCHES. JEWELRY Etc. Etc. Etc. tyej Wo. 18 S. EIGHTH fi'l BEKT Phllada DENTISTRY. fT"! THE GOVERNMENT HAVING C5rf"T fronted me lcttereputont lor m mode ol t.!ininlKterlng Nitroui Oxide (la by which I bav extracted umnv ibuunanda of Teeth without pain. I am JuHtltl.d in atertiiiu that It la boiuaaler and aaperlor to any other now la ue. dr. O. L. MtJNNS 5 216m 1 Kg 731 MPPOt'K Blreet. 842 fcOUlII SlTiEliT, a nANCOXA cava the blubeitt Pile Ladies and Cents' caot oU Olothiiu. Jo.3t bOUTUuti oeiw fourth. 6 DIAMOND HEALER A JETVELEB l( WATCHKS, JKlVrXKT t I-ll.VF!; WA!;R, I V, WATCHE3 and JZWSLST ICPATTISD. I WATCHES, JEWELKY, &cj FINANCIAL. $0,000,000 1 - ' H SEVEN TER CENT. FIEST-CLJIS First Morgagc Bonds. IKE NOBTH MISSOURI BAiLHOAD COatPAHT haa authorized to sell their First Mortgage Serea Per Cent. Thirty year Bonds. The whole amoantiaS,IM4)l, Conpona, payable on the first dayi of JANOABT aa4 JULY of each year, to New Tor. ' .; Before congenita to this Agency, we have mada aretul examination oi the merits of the Bonds, ky aendlng William Mltnor Itoberta. and others, to raoart npon the cnditli n and prospects of the Railroad. Thaar report is on file at oar otlice, and Is highly aatlslaotory. We do not hcMtate to lecomn end these Bonds as being a flmt elasa security, and a moat safe and Judicious in vestment The p rocecds of those bonda will be used in extending a Boad (already Complete 170 mllus Into North Missoart) to the Iowa State lino, where It la to connect WIU th railroads ol Iowai and to also extend It we.twrd to th Junction with tbe Paoino Railroad fat Leavenworth), and other roada leading no the Missouri River, so that tbismortpaK of 6 OCO VOOwill eov.r acomplrted aat vcll stocked Road of 389 miles In length, costing at least 16,010.100. with net annual revenue after tba flrxtjea ,ol overtl.MMt 0. or a sum nearl- fonr tinea beyond the amount needed to pay the Inteiest on Uosei Bond. 1 ho lucctuo of the Road will, of oourse, luoreasaj every year. The Railroad connects the great city of fit. Louts with Its two hundred thousand Inhabitants, not only with ti c richest portions ot Missouri, hot with the States of Kansas aud Iowa, and the treat Pacific Uai.ro ada. To the first applicants we are prepared to sell FITH HCM)RtD THOUSAND DOLLARS, at the to a-rate of E1GI11Y CEN18, desiring to obtain bettor pttoo for tho rtmalnoer Ibis will yield about ( per coat Income, and add 20 per cent, to priuclpal at maturity. Any lurther Inquiries will be answered at our offleo. JAY COOKE & CO., 7161m BANKERS, No. Ill South THIRD Street. JAY COOKE & CO.' No. 114 South THIRD Street, BANKERS AND DEALERS IN GOVERNMENT SECURITIES TJ. 8. 6a OF 1881. 5-20s, OLD AKO NKW. 10-40;tKUliriCATKS OF INDEBTEDNESS, 7 30 ftiOlES, 1st, 2d, and 3d Series. COMPOUND INTEREST N0TK8 WANTEP. lNTJs.Hl.6r ALLOWED ON DErOSITS. Collections made. Stocks Bought and Sold M Commission. Special busicoss accommodations reserved for LADIES. 6T8m D. S. S E (J I U1TI ES". A SPECIALTY. SMITH, RANDOLPH & BA1VF.EB8 & BROKERS, CO. ICS. THIRD ST. 3 NASSAU ST. I'll ILA DEXril La. I HEW YOJtK STOCKS AND GOLD BOUGHT AND HOLD ON COMM88I0JT HEBK AND lh NEW YQKK. II JOBS SAILBB. OKOBOB 8TBVgM00if. gAILER & STEVENSON, BANKERS AND BROKERS, No. 131 S. THIRD Street, OPPOSITE G1BABD BANC GOLD ASD SILVER, BANK NOTES, OOvKRN J1EMT BOMJR, and COMPOUND lArEKJSsrflOTSa boutlit and sold. ' COLLECIIOftS promptly mada on all accoaslMa points CUT WARRANTS WANTED. CT HstntbJsi 6KCKi mdLOAM? boatibtaiid sold on eommiawe. I NAVIES CHOTIIER8, No. 225 DOCK STREET, BANKKIIS AND BROKERS, BUT AUD SELL CNITKD 8TATK8 BONDB, 1681a, 5-Ms, Ma. . LA HEX) STATKM 1 VIOa. ALL 1NUCJK8. CKhTlI'lt'ATEb OF l&UKBTKUNBHft. klercantlle Paper and Loans on fa laterals negotiated Stocks KoukU and Bold oo t'ommmalon. i u q;iie first national bank HAS REMOVED" During the erection of the new Bank; bulldin, TO 1174 STItEHTJ No. iif5 CHEHNUT 5'20s--p IVE-TWENTIHS. 7308 -SEVEN-THI TIES WANTED. DE HAVEN fe JlBOTHEJt. 1 7 No. 40 S. Tbibd StbeW. MILLINERY. cr MRS. R. DILLON, nos. 323 and 331 SOUTH Street, Daa t handsome assortment ot JflLLISEBTt Misses' and nfanU'iHaia and Capa, Hlka, Velvet Orapea llihbons. Feathers, Flowers, frames, etc T. ANDRTAI'E DRAWINT CARDS, A BKAtJ J J tiful Beili sol views, llfteen In number dualimed lor Iba luntruotlon of luvenlle artlta frin ii..?.,.. YOKK CLlri'liE etc . will be found on sale at tl.. . w III J ! 1 N K W .H NT A N f) ! b. Vf, corner 6EVKKTH and CUIUS NUT atresia. people wha are Vrivintr for national indepen ,,...), - " ... t r v.'
Significant historical Pennsylvania newspapers