THE DAILY EVENING TELEGRAPH" PHILADELPHIA, TUESDAY, MAY 7, 18GT. THE HEW YORK PRESS. - HDITOBUIi OPINIONS OF THB LFADWO JOtfKMALI PPOH CUBB1NT TO riCft COMPILED EVBRT DAT FOB THB BVKNINO rRI.FOHAPH. Sir. piinrll The Leadership of th Ilousa of Common. from the Timet.., . ;.---' I' Whenever the career of Mr. Disraeli cornea Jo le fully narrated, it will prove to be one pf the most instructive of which the annala of Jmblio life in England bear record. In very Jnan ways it sheds a singular light upon the causes which elevate a man into favor, as well AS upon those which retard or hinder his pro gress. Never has there been a harder contest lor power and fam0 than iat carried on dur ing the last thirty years by the present Chan cellor of the Exchequer. Men of ordinary courage or determination would have been disheartened long ago by the difficulties which Nr. Dinraeli has had to encounter, and they would have abandoned an object which, to the Buperiloial eye, it appeared impoa eible to accomplish. There must have been times when Mr. Disraeli's indomitable spirit faltered secretly beneath the heavy blows it Las had to bear. But if he has undergone moments of despondency, he has never be trayed the slightest evidence of them to the world. Master of many things, he is in no art more proficient than .in that of concealing personal feeling and emotion. On that worn and soulless face the most vigilant observer can read nothing. Under attack or praise it u alike nationless and immovable. No one "Who has happened to be in the House of Com mons on a night when the two gladiators of the assembly, Mr. Gladstone and Mr. Dis jaeli, fairly met each other, will ever forget tho thin Jewish countenance, shaded by a iiat, with a curl or two hanging over the fore liead, the unconsciousness of manner, the ap pearance of apathy and indifference, which are characteristic of the "adventurer" who Jearls the country gentlemen of England. The knife may be cutting into vital parts, and causing him to bleed inwardly, but he gives no sign. Often when it has seemed that the Jabric of his fortunes must inevitably fall with a crash around him, he has suddenly cast off the mask, and risen to meet his fate with the courage and strength of twenty men driven to lay, pouring out upon the House a marvel lous torrent of invective and scornful elo quence, electrifying his hearers by the bril liancy of his wit and repartee, and scattering 3iis opponents with a rapid succession of. Stiletto thrusts, sharp, glittering, and cruel, as if the hand that delivered them knew well that it was engaged in a war to the death. .After one of these great displays the llouse of Commons would rise in a mass, and shout itself harse in cheering the man whose splendid talents have so often turned ruin into "victory, and maintained him in one of the greatest positions in England, in spite of an unpopularity which lias extended over a quar ter of a century. The long, and interesting series of events which have occurred in connection with the demand for reform, have resulted in what seems likely to be the crowning point of Mr. Disraeli's life. We are dinposed to believe, for reasons which we shall proceed to ex plain, that if he has not attained the ultimate end of his ambition, he has accomplished all that even an incomparable energy and an in tellect cultivated till every fibre of it glows with life and vigor, can bring to pass. He lias, indeed, done ranch. Even his lifelong detractors confess that he is at present the most popular man in .the House of Commons. In ability, sagacity, skill in the management of an intricate question, he has surpassed Mr. Gladstone. His enemies and few public men have ever had more own that some of his speeches this year are equal to any which Lave ever been delivered within the Walls of the House. 13ut with this acknow ledgment of his intellectual preeminence, the voice of praise stops. The deadly stigma ef dishonesty and insincerity ha3 been affixed to his name, and nothing that he can do will wipe it away. We believe that a calm and impartial scrutiny of his career would excul pate him from the blackest of the charges Which it is common to hurl against him. His publio acts at least have been straightforward and consistent. He lias not changed his opinion so often aa Lord Derby, or the late Sir Robert Peel, or Mr. Gladstone. But to these jnen publio opinion gave the credit of sin cerity, while to Mr. Disraeli none but the most reprehensible and disgraceful motives are attributed. He is judged not so much by hia actions as by the presumptive and conjectural motives which are said to have prompted those actions. It is alleged, tor instance, that be is not "sincere" upon the nutimi nf jieiorm, anu yei ine recent publication of Lis speeches proves beyond a doubt that for nearly twenty years past he has been advocating reform measures in the House of Commons. This is surely an evi dence of earnestness and reality of con viction; but we should be much mistaken if we supposed that it would have any influence In moufclitig. the popular estimation of his charactetvijjjeople, as a rule, do not read to change their opinions; they read what will support their views and strengthen their pre judices. It has been the fashion to cry that Air. Disraeli is insincere, and the general pubUo take tno tact for grauted. It would occasion them some trouble to inquire into the Subject for themselves, and that trouble they cannot or will not take. It is easier to acc ept aery than to investigate a policy. And it thus' arises that the imputations which rest upon Mr. Disraeli will never be removed during his lifetime; they form one of the imrdens which he must arry with him to his grave. This is one of the reasons which lead us to lelieve that we now see Mr. Disraeli at the pinnacle of Lis fame. Tartly through, the extraordinary blunders of Mr. Gladstone, partly by Lis own dexterity, be temporarily seized the commanding position in the House of Commons. Hut will require something more than fortuitous accidents to enable him to hold it. He will require what it is impos sible for him to obtain public sympathy and public confidence. hat be has achieved at ttresent is nurelv an intnllctual . triumrjh. The heart of England distrusts him distrusts Jiim because be cannot comprehend it, and does not Know us tree beat when he hears it 3Ie has not succeeded in throwing, himself into acoora whu me public reeliiw of the country. To the masses of the people he is unknown, except as a man wno makes very clever speeches in Parliament, and supplies 1 A A. A I A . A . 1 - an excellent mrgei jur me attacks oi penny weekly papeW 1 Mr. Gladstone, on the other Vnnd. is familiar to the common people. His tiame is associated with the change which has taken plaoe of late years in legiwlation affect- w h interests and welfare of the poor. He took a leading part ia the repeal of the paper QUI, WHICH uittu7 V"H",f l'voui7, and in many measures deigned to lighten the i.,un taxation on those who had hereto- lore n i n ihw,wiv - ' ..lull. his faults, want or ginoerity can be i' alleged agiilnRt him by no man. ifa Is .absolutely in eaniost in everything to which he puts his band, and his pride in thirf particular quality" leads him, sometimes, to make too great a how of-earneatnens on trivial matters. - It is amusing to see such a man chasing butterflies with the energy and fire which others reserve for the greatest pursuits of life. An English JoOfnftl attributus Mr. Gladstone's ill success as a party leader to his excess of righteousness, and thinks that Le is too good for the House of Commons, and that the llouse of Commons knows it. There seems to be no necessity for this over-fanciful I explanation, i Mr. Glad stone's private austority may Lave a great influence upon Lis personal character, but it does not affect the estimation in which he Is held by.tLe House. It is Lis arrogance, hia impatient and irritable demeanor, Lis diffuse ness, Lis want of tact, his ill-regulated temper, his Inability to curb his tongue, which ar rayed a phalanx of the Liberal party against Lira. He is not more righteous than other men, only a little more captious and quarrel some. Determined partisans, like the Spec tator, can make it easily appear that a defect of character arises from the action of a sublime virtue, or else from the impulse of a demonia cal spirit. With friends the former mode of ratiocination is practised, with enemies the latter; and hence the different sketches which are presented of Mr. Gladetorie and Mr. Disraeli, and the good and evil spirit of the Spectator and other journals. The one is tho embodiment of righteousness, the other is the incarnation of evil. Mr. Gladstone is trans figured, and Mr. Disraeli is consigned to the bottomless pit. Both awards are unde served, but the public voice in the main ap proves of them. Mr. Disraeli cannot hold Lis present posi tion as virtual leader of the House very long. The prejudice against him is too deeply seated, ane moreover Le Las instincts which are always luring him on to the edge of precipices. His nature and Lis inclinations lead Lim to the constant practice of Jinesse and Jinesse is hateful to the English people, unless a foreign power is to be outwitted by it; and in such attempts English Jinesse, almost always breaks down. Russian diplo matists, for instance, always twistj English , statesmen round their lingers.' In many re -epects Mr. Disraeli would Lave made an ex cellent foreign Minister; the danger , would be that he would intermeddle far and near, and involve his country in a war. He has never given any indication that principle would stand in his way if he wished to change his views. He is a supple, mobile, accommodat ing man; show Lim his position and he squeezes himself into it, and you would sup rose he had been standing there all his life. This versatility is not the first qualification a statesman can possess. It may even lead him to many misfortunes, unless it is well guided and governed. Mr. Disraeli depends almost exclusively upon it for victory, and very, often the result justifies Lis calculations, as' we have seen during the present session. A want of deep conscientiousness is his primary blemish; and that want, although it may Often be concealed or rendered invisible, is sure to prove a stumbling-block in the path of a public man. It is inherent in the Chan cellor of the Exchequer, and we might as well expect the leopard to change his spots,' or the tiger his skin, as to look tor an amendment in this particular. But it will always be an astonishing fact and a memorable example of what perseverance, backed by talent, can ac complish that Mr. Disraeli should have risen to so exalted a position and maintained it against all comers so many years, notwith standing natural Haws and imperfections which were sufficient in themselves to lose the battle. But a strong Laud was over tLem; a restless eye, a dauntless nerve ever kept them under control. Yet they exist still, like one ( of those incurable physical maladies which leave the patient unworn and uninjured to outward appearance, while it is sapping the foundations of Lis being. It may be kept out of sight, but its effects oannot ultimately be hidden. Mr. Disraeli may achieve many more intellectual conquests, but we know that no effort Le could make would stir him up to gieat earnestness and enthusiasm, whatever might be the cause lie professed to have at heart. Condition of the Halloual Banks. From the Herald. The declaration of large dividends by seve ral of the national banks, in addition to the large amount carried to their surplus funds, shows the enormous profits of tLese establish ments. The First National Bank of New York, for example, Las just declared a regular semi-annual dividend of ten per cent., besides increasing its surplus fund sixty-live per cent. All tbe banks, in fact, that are managed with ordinary ability and Lonesty, are making im mense profits out of tLe public, which are altogetber out of proportion to tLose of every other business. We do not conclude that generally the gains are as large as forty, fifty, sixty, or more per cent., which some of them show; but we think we do not overestimate the aggregate at twenty-five to thirty per cent, The capital on which dividends are paid to the stockholders is over four hundred and eighteen millions, so that we may fairly calculate the total profits for all the national banks over a hundred millions a year. Probably they reach a hundred and twenty millions. While this exhibit is extremely gratifying to the few favored capitalists who hold the stock of the national banking associations, the mass of the people might properly inquire whence these excessive profits are derived, and whether they indicate a liealtmul state or things for the country at large. these prolits of a hundred to a hundred and twenty millions are drawn, of course, from the productive interests ef the country, and go into the pockets of a few, comparatively. It may be said that capital lias us rights and privileges, the same as labor or skill in busi ness, and that all have a right to make the most they can from their accumulated moans. Ibis is undoubtedly true as a general princi ple and as regards individual action. But in great national organizations or institutions, in institutions which are legalized and fostered by the Government, there should be a limit to their power of absorbing the products of in dustry and the wealth of a people. The prin ciple of restraining the grasping power of capi tal is recognized everywhere. It is embodied in usury laws and in laws prescribing the rate of interest on money. The general welfare, as against special interests or privileges, should be the object of government. But in the case of the national banks, what do we see ? We see a gigantic monopoly over shadowing the whole country, absorbing all .the prolits of industry, and threatening to ex ercise the most dangerous power both finan cially and politically. It is far more dangerous than the old United States Bank or any other moneyed institution ever was. We see the na tional banks not only, legalized and supported by the Government, but,, strange to say, in addition to the large profits which could be made in tho ordinary way of banking, and in the face of enormous dividends, the Govern ment actually makes a positive gift to them of over twenty, millions a year. t Besides giving them the exclusive privilege of banking, and driving all ther banks out of existence for that purpose, it gives them the profits of three hundred millions of circulation. The Bank of England, with all its services to the State, was never accorded anything like such privileges, and was neverpermitted to make such immense gains. , Although that great establishment manages the British national debt, and acts as our Treasury Department does for the Govern ment, besides coming to , the rescue with its funds whenever the Chancellor of the Exohequer is in a tight place,1 the Government takes two thirds of the profits of its circulation not repre sented by gold in its vaults that , is, of the circulation represented i by interest-bearing securities. The whole of the circulation of the national banks is represented by interest-bearing bonds; yet they draw their interest,' and pay nothing for the privilege of circulating the money of the country. Never before was there such favor conferred on capitalists, or such a fraud upon the people. The whole organization is, aa we said, a damrerous one. and a monstrous cheat upon the publio: but if ii. is io im couiiuueu, lei us at least save the twenty millions a year now given to the banks by substituting legal-tenders for their notes, and cancelling with these the three hundred millions of the interest-bearing bonds now de posited by them as seourity for their circula tion. This is the loast that a Loavily taxed people could expect. It would relieve our burdens, and Lelp pay the national debt, wbile me banks would, as the exhibit of their con. dition shows, make plenty of money without this extraordinary gratuity. Emancipation In Brazil. From the Tribune. , The telegraph yesterday bronght U3 news that the last formidable stronghold of slavery remaining in Christendom has virtually fallen before the irresistible advance of the great movement for universal freedom and equal rights. Brazil Las given tLe death-blow to the wicked system which Las been so long both her grievous burden and Ler foul dis grace. Henceforth, every cLild born into the empire is free, and in twenty years the chains will fall from the . limbs of her last surviving slave. By this decree, nearly 3,000,000 blacks are raised up from the dust; and though but few of this generation can Lope to see tLe day of general emancipation, it is much for them to know that the curse which rested on the parents will no longer be transmitted to the cuildren; it is something that the younger of them Lave a bright although distant future to look towards and to wait for. Very likely, too, the dying institution will not be suffered to linger out the whole of the existence which the new law accords to it; as the benefits of free labor to the whole country become appre ciated, fresh legislation may hasten the ad vent of national liberty and justice. The State which has just taken this import ant step in the road of progress covers about 3,000,000 square miles of the richest portion of the South American continent, being a little greater in extent than the United States. Nature has given it the most magnificent river system in the world. The Amazon rolls its , mighty waves through the dense forests of the northern provinc.ea forests teeming with all the gorgeousness and luxuriance of the tropics, rich in precious woods and valuable fruit-bearing trees, and alive with the most brilliant forms of animal nature; and its tributaries are streams which in any other part of the world would be called rivers of the first class. The Rio Erancisco in the east, and the affluents . of the La Plata in the south, give fertility and channels of easy intercommunication to enormous extents of country, while in the interior stretch the great grass-grown pampas, with their count less herds of cattle, covering a region seven times as big as the whole of Prance. There are mines of gold; there is coal in plenty; there is iron;1 and the annual product of diamonds is not lar irom ,uw,uuu. mere is not a desert in tho empire. The whole is a rich loam, covered with a vegetation une qualled for magnificence and beauty, except, perhaps, in some of the fairy-like islands of the Indian Ocean. Even with her present meagre development, Brazil supplies half the world with coffee, and sends abroad also great quantities of cotton, sugar, and tobacco. S?he has exported more of coffee and sugar in eighteen months than of diamonds in eighty years. It is three hundred years since the first permanent settlement of the country by Europeans; yet in all this time, and with all the marvellous wealth of the soil, and the charms of a genial climate to tempt immigra tion, not one acre in a hundred and fifty has ever felt the labor of the husbandman; and immense regions are almost as unknown to-day as when Pincon, the companion of Columbus, first took possession of the country in the name of the King of Castile. Nor, for many years at least, Las the Government, which is one of the best, most liberal, and most progressive monarchies in the world, spared any effort to attract the superabundant popu lation in Europe. Since the Brazilians wrested their independence from the mother country, Portugal, in 182'.!, they have devoted them selves zealously to works of social and indus trial improvement. They have freedom of education, freedom of the press, and freedom of religious worship. They have labored hard to develop their means of communication with the Old World, having regular lines of mail steamers to the principal European ports. They have steamers on the coast and rivers. They have railways, built by English and American engineers. Their trade with Great Britain, Prance, and the United States is large, and constantly increasing. Their imports at the latest date for which we Lave returns (1803) amounted to $5.r,000,00(, and their ex ports to $08,000,000. Six or seven years ago, there were already some fifty foreign colonies, founded by the aid of liberal grants of Gov ernment lands; but the colonists did not number, all told, more than 00,000; and, at any rate, it is not by banding themselves together in isolated communities that immi grants fan materially benefit the country of their adoption. The infusion of new blood must permeate the whole body politic; and if the old blood and the new cannot mingle, one or the other will be driven out. . It is precisely because there was an element in the social and political life of Brazil which repelled these sturdy settlers, that the great South American empire is still so thinly peo pled; having only about 8,000,000 inhabitants, or less than a quarter of our own population. The same cause which, in this country has uniformly directed the stream of immigration to the Northern aud Western instead of to the Southern States, has been constantly counter acting all the inducements held out by nature and by man to draw settlers to Brazil. Slavery and a wholesome free immigration are natural enemies, and always have been, the world over. Brazil has beckoned to the settler with one Land, wLile with the other she has upheld the great wickedness, that drives him away The , first volonjsts enslaved the Imhaus; , and," despite the : futile measures of. emancipation i i i . ' . . ii '. . j . ... adopted 'by the Portuguese orownHn 1570, in 1G17, and in l()4, these unfortunate natives remained in servitude until i--f and would perhaps Lave been held to this day had they not proved very Unprofitable, j Negroes were Accordingly imported from other Portu guese dominions, and a slave trade with the African coast naturally sprang up, and ia only just ended. Portugal boijnd herself by treaty with England, in 1815,ito Abolish the; trade. Brazil renewed the obligation in hor own name in 1812(i. Yet in 1839 it was estimated that 80,000 blacks were imported every year; and, ten years later, the Minister of Foreign Affairs reported that the brutal traffio had only been reduced one-fourth. The energetio action of England, declaring in 1845 that .Brazilian slave-ships ithould be amenable to English authorities, led to a long diplomatio contest and threats of war; but it bore fruit in 18f0 in a statute wherein IJrazil assimilatod the trade to piracy, and in 1852 the Emperor declared it virtually extinct. In the meantime, an oppo sition, not to the slave trade alone, bnt to slavery, too, gradually strengthened itself within (lie Empire. Manumission booame fre quent, and the laws made it very easy. A society was organized under the protection of the Emperor, wincn, every year, in open church, solemnly liberated a number of Blaves; and in 1850 the English Ambassador wrote home that the Government had communicated to him their resolution gradually to abolish slavery in every part of the Empire. The grand step which taey have now taken has no doubt been impelled by the example of our own country. It is one of the many precious fruits which Lave Bprung, and are destined yet to spring, from the soil which we watered so freely with patriot blood. Six years have witnessed the emancipation of 25,000,000 serfs in Russia, the liberation of 4,000,000 slaves in the United btates, and the virtual manumission of 3,000,000 negroes in Brazil. It is a glorious six years' work 32.000.000 of men restored to freedom, and a curse taken off three of the largest empires in the world! The little that remains to do can not rest long undone. The miserable relio of barbarism lingers now only on a few islands belonging to the Spanish crown; and the slave holder who, in the face of the events of the last few years, hopes to retain the right to buy and sen his reiiow-man, even m those islands, must be sanguine inaeea. A New Political Party Governor Orr. From the World. In a speech last week to a mixed multitude of whites and blacks, at Columbia, S. C, Gov ernor Orr is reported to have made the fol lowing remark: "lie urged upon them to put no faith in either Democrat or Republicans Unit both parlies were on ine eve oi reorganization, ana mat a third one would, In all probability, be erected out of the better elements of both, and that that parly would be their best one; that they had belter send ' their representatives to Congress uncommitted, and thus secure, at least, tbe attention of both; that Grant for next President would be the man upon whom the new conservative party would unite." We so far agree with Governor Orr as to think it probable that the next Presidential election will be a triangular contest betwixt three candidates. But he is out in his con jecture as to the recruiting ground and the candidate of the third party. That there will be a schism in the Republican party and a cleaving on or a large segment of it, is an ex pectation for. which, good reasons may. be given, but we know no grounds for appre hending anything similar in the Democratic party. The assiduous attempts, more or less openly making, to construct such a third party as Governor Orr anticipates, are engineered entirely by dissatisfied Re publicans, without any Democratic co operation in ' the Northern States. The Times and the Commercial Advertiser, of this city, are its foremost organs, and their editors, with Mr. Seward, its chief abettors. We suppose it will have the zealous co-opera tion of such ex-Republican3 as Senators Doo little and Cowan, and many more who are ready to break with the party as soon as they can see a good chance to show it a fair pair of heels without going straight over to the Demo crats. The Philadelphia Convention had its origin in similar motives. It proved abortive because its projectors underrated the cou rageous tenacity of the Democratic party. The writer of the Philadelphia address, who was the first to bolt from the movement aud proclaim its failure, justified himself by laying the whole blame on Democratic stiffness. It is the same elements of dissatisfaction which last year tried to crystallize a new party around President Johnson, that are now in voking, for a similar purpose, the popularity and supposed Presidential availability of Gene ral Grant. Now, as then, the whole moving impulse comes from sources outside the Democratic party, Among a portion of the Republicans there is a growing and inappeas able discontent with their party relations, the disintegrating effect of which will become more and more apparent as the Presidential election approaches. Democrats, on the contrary, are fully satisfied with their rarty, and have in surmountable objections to disbanding it. The Democratic party is as compact and inflexible this year as it was last; and is stronger and more hopeful, as the Connecticut election and other indications attest. While, therefore, there are grounds for expecting a Republican schism, there are none for supposing that a conglomerate third party will arise, composed of seceders from loth of the existing organiza tions. The idea that the Democratic party is going to disband, instead of gathering new hope and energy from the prospect of a division iu the ranks of its opponents, is founded on a misconception of the Democratic spirit. All who were capable of being scared, driven, or seduced from the Democratic party long ago left us, under more plausible excuses than can occur again. Men who did not join the Republican party in its strength are not likely to become a tail appendage to it when its mis sion is on the point of being accomplished, and its organization crumbling to pieces. Those who went out from us during the war could allege motives of patriotism; if any should go now, what reasons could they give for their long and faithful adherence through seasons of olloquy and trial f The Democratic party has gone through a thrice-heated furnace. Those who stood firm and defied persecution and calumny dnring the war, are hardly the kind of men to listen to the blandishments of their former traducers. Democrats who have continued such for the last six years are made of sterner stuff. There is no motive to change pow which had not ten-fold force three years ao. The time is past when any offices are to be got by going over. There are no public reasons for change which can operate on tho piind of a Democrat. . The freedom and rights of the negroes are secured by Southern con sent. They will never be disturbed, lot Demo crats vote how they will. It would be a strangely selected time for turning their coats just at the moment when all these questions are passing out of politics. , .-, It may be said that Democrats are not ex petted to join the Republicans," but a new i .. . .a,.... i . . . 1 pW'ty. 1 DUl wuuk uuro iuv unw aivjr iiiiuse to dot lis advocates Lave, as yet, professed butsa single object, namely, to hold the radicals in check. But that will be accom plished by the approachin schism in the Republican party. , The Democratio party needs but a small addition to Its strength to be superior to the whole Republican party united. It noeds not " a single recruit to insure its success against the Republican party divided. A Democratio split will be as latal to the radicals aa would be the forma tion of a new party. If the split occurs, the Domooracy will be triumphant; if it does not occur, we shall gain from the discontented Kepubncans votes enough to make us a majority. , In either case the radicals will be held in check without any such desperate re sort as disbanding the KnpucUcan party. Messrs. Seward, Weed, and Raymond would no doubt prefer a hospitable half-way house. They would find it awkward to join a party which they have spent their whole lives in abusing. But the rank and file of quiet voters, who go to the ballot-box and deposit a silent vote, have no such antecedents to pro tect. The profound and widespread discontent of the working classes will alone suffice to turn the scale in our favor, lhat their ltnpove risbment is the direct fruit of the Republi can policy, is a truth quite level to their ap prehension. The whole strength and promise of this third party movement, so far as it has any, consist in tho expectation of running General Grant for the Presidency. Hut suppose Gene- ral Grant should refuse the nomination ? He would not knowingly run to be beaten; and it may be safely assumed that he is a prudent calculator of the chances. As the nominee of the discontented Republicans, he would beat the bush for the Democratic candidate to catch the bird. At the very utmost he could only get votes enough to prevent any election by' the people; and if the choice is thrown into the llouse, the radical candidate will be elected. But the more probable effect of run nine a third candidate would be an easy vic tory for the Democrats. History of tbe Resumption of Specie rsymtBii in au(iina, In a recent issue of the New York UcralJ, nearly an entire page is devoted to a history of the resumption of specie payments in Eng land after the peace of 1815. , We will endea vor to present a summary of the most striking statements and statistics of this financial sketch, without adopting its deduotions. The treaty of peace, after the battle of Waterloo was definitely concluded in December, and there was a demand on the part of the "Bul- lionists" for the immediate resumption of specie payments. The Ministry fixed the day ot resumption on July D, 1810. The conse queuces are thus portrayed: "The bank of England began at once rapidly to contract Its Issues, and io reduce Its dis counts to tbe commercial world; the country bankers, all of whose Issues were convertible Into JUank of Englaud notes, were forced to lot low suit. Gold, which was then of course a mere commodity, renin price rrom 5 . per ounce to i 8s, iu January, 1818, and to 4 per ounce in may oi me same year, isur ine prices of everything else fell In a still greater ratio. 'Wheat, which was 85s. a quarter in 1811, fell to Wis. in 1810. The consequence or this contraction of circulation and simultaneous fall of prices was a scene of agricultural and commercial dis tress of unprecedented severity. Mr, Tierney Bi-aiea rrom nix puioe in ine nouse or commons that 'the people of Knglaud were suffering more intensely man at any period since ine Norman conquest.' The total number of bank ruptcies in 1815 was 128-5; in 1816 they increased to 2089, being an addition of 65 per cent In one year. The manufacturing districts suffered aa much as the agricultural and commercial ones; nor was the stagnation of Industry confined to any particular department. Distress was as great among the cotton spinners of Manchester or Glasgow, the silk weaver of (Spitaiflelds, or the glove manufacturers of Nottingham, aa among tbe hardware men of Birmingham or the iron moulders of tbe Methyr-Tydvll." In this season of distress, the Government of Lord Liverpool brought in a bill to pro rogue the resumption of specie payments until July 5, 1818. The bill was carried through both Houses by a very large ma jority. During the two years of the suspen sion of specie payments, the country bankers enlarged their issues, the Bank of England did not contract, and a rise in prices took place. The home consumption of manufac tures expanded a sure sign that the working classes are employed. The three per cents, which in January, 1817, were sixty-two, had risen by December of that year to eighty three. The bankruptcies fell from 2lbi) in 181(i to 1575 in 1817, and further to 105G in 1818. The revenue rose, and in both years the amount paid of the national debt was large larger than it has ever been since. The imports rose from jt'2.r),00O,0lK) in 181(i to 30,000,000. A second attempt was now made to return to specie. The history of this effort at resumption is thus narrated: "In October, 1817. the Directors of the bank Issued a notice that they would pay specie lor ikiUm of every description lgstied prior to Jauu iii y 1st of that year. Tbe attempt was a fail ure. A great drain of gold set in upon tbe bunk, and the sum paid in specie for these notes before the end of the year amounted to 2,600,(jW). The result of this experiment con vinced the Government that it would not do to return to specie payments on July 5, 1818, according to tbe net then lu force. Tuey there fore proposed to Parliament to grant the sym bolic currency auolher reprieve for a twelve month, or until July 5, l.MI). The opposition passionately combated and denouueed this measure, but they were beaten in the House of Commons by Hit to Ull, and in the House of I,onlH by 22 to I). It was during this debate Hint Mr. Hudson Gurney and Alderman Iley gule declared against a resumption on princi ple, and that the former gentleman uttered the following emphatic declaration aud remark able warning: '"Hut do what you will, one thing is certain: your pound of account is not Hie pound of account of tbe days of William 111; and under a debt of 8 10,000 ,000, you cau no more force back your prices to the prices ot former times, without ruin to all parties, than you can make the shadow go back on the dial." Under the second "reprieve" the country began to flourish again, prices maintained a high level, the Treasury was full, imports in creased, and new channels of profit and enter prise were opened, trade and commerce were in a nourishing condition, and the Chancellor of the Exchequer boasted that in three years he had paid off nearly thirty millions of pounds of the national debt. But this was not to last. A committee of the House of Commons was appointed to inquire into the question of re suming1 specie payments. It . reported resolu tions providing for a partial resumption of specie payments on February 1, 1820 and proceeding by degrees to a total resumption, which was to take place, at the existing price of gold, on May 1, 1821. These resolutions were brought before the House by Mr. Reel in the month of May, 1819. The Government yielded to the bullionists, and a bill was drawn up embody ing the substance of the resolutions of the Committee, l'etitions against the Committee's resolution and bill poured into the House of Commons from "the merchants, bankers, and manufacturers of Bristol;" from "the princi pal merchants and manufacturers of Leeds;" from "the merchants of Liverpool;" and from five hundred merchants of Loudon. The bill, siuce known as Reel's act of 1819, passed through both Houses. The consequences are thus described by the historian Sir Archibald Alison: The effects- of this extraordinary piece of legislation wr soon unparenU The Industry ol the nation Was speedily concealed, ft a 11 ow ing stream Is by I tie severity of an arctic wlntnr . The RJarm been ine unlvnisaiRg widespread a confldenee and activity had recently been. The country bankers who bad mlTamwil largely on ine stooK oi gofi imported, rafnsed to oon linne their support to tbolr customers, ana they were In consequence forced to bring their st,oo mio iiibi ki'i. i rires, in conspnnouee. rtnldlr foil: that of cotton. In particular, sunk In tiw space of three months to half us firmer level. 1 lie country bankers' circulation was contracted uy bo less man nvo millions sterling; the entire circulation of F.nglnnd fell from U8.H78.000 In 1818 to MO.H'28.000 In 1820; and In the succeeding year it sank no low as 11,14-). OK)." ,lk . ; Beveral tables of prices are given to cor roborate this picture, which we need nob' publish. . On May 1, 1821, the Bank of Eng., land oompletely resumed. One year afterward Air. Atwood, a .banker of Birmingham, had. occasion to say: "We have been thrown back, upon a state of society in which all industry and enterprise have been rendered pernicious or ruinous, and where no property has beon sale, unless hoarded in the shape of money or lent io others on a double security.' , . That is a state of things which, in its results, leaves the landownor without rent, the mer chant without profit, the laborer without em ployment or wages which revolutionizes property and deranges aud disorganizes all the different rotations and interests of society. ' We will now append a few of the deduo tions given at the conclusion of the instruc tive article from which we have collated the foregoing facts, premising that we do not accept them throughout, but at the same time admitting that they contain muoh that is true and valuable. The propositions are thus put. We begin with the third in the series: 3. That a forced and artificial contraction of the currency brings disaster to every Industrial, productive, and commercial class, and bene fits only one very small class, namely, the "moneyed capitalist," as defiued by Hudson, Gurney. 4. That the resumption of specie pavmenta favors the national creditor at tbeexpenseof the national debtor, and individual creditor at the expense of the individual debtor. 5. That the resumption of specie payments tends to render the payment of a national debt immensely difficult, if not impossible. 0. That merchants, manufacturers, and farm ers, who give their minds to this subject, are more likely lobe right on currency question than bullionists, pamphleteers, aud Journalists, 7. That although nine outot every ten bank ers muv bo but noorlv versed In the tlmorv of monetary science, yet that their praotlcal good sense makes them safer guides than cold blooded bulllonlst theorists, whose principle of action is, "Perish the country rather than our crotchets.'' SPECIAL NOTICES. EST NOTICE. NORTH PENNSYLVANIA RAILROAD. change op nouns. On and after WEDE8DAY, May 8, 1867, THB PA8 BfcKCiER TBAINS OF THIS ROAD will leave THE NEW DEPOT. N.w r.nRNFR nr rprwc asin AMrRirnxcTc A3 FOLLOWS: For Bethlehem at 7 45 A.M., 1-3D P. M., and B'MP. M. 7-4& A. M. and 1'80 I. M. are Through Train to Wllkesbarre, Miibanoy City, and Mauch Chunk. S :u V. M. Train is Tn rough Train to 'Huston. Allen town nnd Wauch Chunk. ior Jioylestown at 8N5 A. M, Z45 P. M., and IP, M, For Jjunrulule, at 620 P. M. For Fere U'ashlngion ai in-l.t A. if. and 1VS0 p, Jt. :' THAI I'OK IlIILAIt:L.IlIIA. Leave ileihleham at ti'ia A. M,, 11 o5 noon, and PIS V. Mm ' Leave Doyleatown at 6-30 A. M, 115 P. M. and 5 49 P. Al. Leave Fort Washlncton at 11 A. M. and J-15 P. M Leave Lansdule st A. M. OS MI KDAYN. Philadelphia for Bethlehem at ;i A. M, Philadelphia for Doylesiown at 2M5 P, M. . Xioylumown for Philadelphia at 7'20 A. M. Bethlehem for Philadelphia al 4-30 P. M. 62t FLL13CLAKK, Ueueral Agent HEALTH OFFICE- rHIt.AIIHPllli. Kfuvl lam In accordance with a resolution of the Board of Health, adopted April 2, !8ti7, propnaala will be re ceived ut the .Health Olllce until 12 o'clock M., the loth liiHtuut, for the removal ofsuoh nutnnnoesas may be directed by said Board of Health within the Ire Bpecllve districts, to wit: First District, com prising the 1st, 2d, 3d, 4th, 5th. 7th, 8th, and 2ih Wards. . becond District, comprising the 6th, 9th. loth. 11th. 12th, lath, nth, and lhth Wards. ' Third District, comprising the 20th, 21st, 2M. 24th ' and Kth Wards. Fourth District, comprising the Kith, 17th, 18th. 18th. 23d. and 28th Wards. . bald proposals to specify the price pereublo foot lor cleanidK Privies, the price per day for use ot horse and cart, with driver, aud the price per day for each laborer employed. bald contract to continue until December .11, 1807. Bids lor the cleantun of l'rlvy Wells will be re ceived from licensed cleaners only. Address HOilATIO O. 8ICKEL, 8 1 lt Health Ullloer. , ITvSp NOTICE IS HEREBY GIVE.V THAT an application will be made by the under signed lo the DEPARTMENT OF HIGHWAYS, for a contract to pave Hancock street, from Norrls to Berks streets; and all persons interested will present any objections they mar have to such Improvement, on or before 12 o'clock JIJKDAY, May 20. The followlug-nauiea persons have sinned an agree ment for the pavini; of the street aloresuld: Joseph Boates, Bugh O'Doiinell, J. U. Blbhen & Co., Warner Justice, J. S. Smith, J. N. Moore, J. L. Haines, Pouley Howard, K Marks, Mam Devlne. 6 4 at S. A. MILLER. NOTICE-TUE NEW ORLEANS KB- Pl'HLll'AN solicits the patronage of all loyal men In the North who have business Interests lu the (South. Having been selected by the Clerk of the House of Representative under tne law of Congress passed March 2, ltf7, as the paper lor printing ail the Laws and Treaties, and all the Federal advertise ments within the blute ot Louisiana, H will be the best advertising meuium in the Southwest, reaching a larger number of business men than any other paper. Address MATUF.WS b HAMILTON, Con ve.vaiiceis. No. 7u7 KANcOM Street, or S. L. BKOWJST & CO., New Orleans, Louisiana. 4 2U Irn OFFICE OF THE WARRBN AND FRANKLIN RAILWAY COMPANY. No. iiod, WALNUT (street. Philadelphia, April an, 18A7, The Coupons of the Warteu and k ran kiln itailwav Company, due May 1. will be paid at the Banking House ol JAx couivl'J a: ju., i-miBaeiinia. 6 1 ii. P. BUTTER, Treasurer. frr?r NATIONAL DANK OF THE REPUB- 1 tin. rim.iiiKi.i'HiA. Muv a. iki7. Applications for the unallotted shares In the in crease of tbe Capital Stock of this Bank are now beiug received and the stock delivered. 8 I If JOWEPH P. MUM FORD. Cashier. NATIONAL BANK OF THE RE- PUBLIC. PiiiLAUKi.l'HiA, May 1, 18I7. The Board of Directors have This Day declared a dividend of FOUR 1'EH CENT., clear or taxes, pay able on demand. By order of the Hoard. 6 1 lit ) t isKPH P. MU Alt UK D, Cashier. fltgT THE PHILADELPHIA NATIONAL, Philadiclimiia, uajruiw. t The Directors have declared a Dividend of bEVEN PER CENT, for tho lust six uioutus, clear of lxa pauble on demand. .. b2iit H. B CQMEOY8. Cashier. K5?T AMERICAN ANTI-INCRUSTATIOX COMPANY, No. 147 H. FOURTH Street. PaiLAivKi.PiiiA, May 1, 1HH7. The Annual Meeting of the Stockholders of this Company will he held at the ott;e on TUESDAY, 7tli Innunt, at 8 o'clock P. M. An election lor bEVEN DIHKCTURb will also lake place. 8 I 4t h, u. EElsKNRIXO, Secretary. 1553"- WEM JERSES" RAILROAD COM- pan y. Tkkasitreb a Office, t Camokm.N. J. April US, lS7.f Tbe Board of Directors have lbl day declared a euii-aunual Dividend of FOUR PER CEN 1'. on lha capital stock of the Company, clear ol aailoual tax, payable at the Othce or the Company, In Ouudeu.ou aud alter the fourteenth day of May pro 27 lftt ukoHDK J. ItoilBIN h, Treasurer. tor vnTir tiiw flMH FOIL RKHKfV- nuiiVu.-riiiu . .... i.ii.iui- ut ttut VAta who ere willing t exchsune inm lor City feix per Cu. Loan, tree from tax. is exUniled to Ihe 2ih insl. Respectfully. 11. P. ulLUN""'1; Clmirman, llli ' No.a7iWCUEbNV'i 'tolreot
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