THE DAILY EVEN ING TELEGRAPH PHILADELPHIA, SATURDAY, OCTOBER 2G, 1867.
SPIRIT OF THE rilE&S.
XDROBiAii orrtnons op thi LSADina jocrsals
PPOB OTJRBBST TOPICS COMPILED IVKRT
PAT FOB THI BVKNINQ TKLJBQBAPH-
Trance kud the Pop.
PromtheN.Y. Nation.
In spite of the raeiflo news from Paris, it is
quite evident tlie Roman question ia not Bet
tied. We predicted fortnight ago tLat
Trance would certainly not allow the move
ment against Rome to be consummated with
out interfering. This has been already con
firmed. We also predicted the Italian Govern
ment would be unable to enforce the September
convention and put down Garibaldians, even
if It were desirous of doing bo; and whether
we were right in this anticipation still remains
to be proved, but all appearances thus far are
in its favor. The story that the 1'ope intends
to fly to Bavaria or England in case the insur
gents reach Rome, is probably not true. The
experiment would perhaps have been a safe
one in 1841); but it would be in the highest
degree dangerous just now. In 1849 there
was a strong chance of his being brought back
from exile; to-day there would be almost none,
llis greatest friend, Austria, has Bince then
leoeived a mortal blow, and is bo little able to
befriend him that she is at this moment un
successfully endeavoring to defend the last
concordat against her own subjects.
Spain, the only other great Catholic power
in Kurope, is not able to help or harm any
body; and perhaps the last thing in the Roman
imbroglio which concerns France is the Tope's
personal comfort or local habitation. Ho
that the chances are that if the Pope were so
foolish as to leave Rome now, he could only
oorue back again in virtue of an arrangement
with Victor Emanuel, "the subalpine king"
whom he cursed handsomely only two er three
weeks ago, and this would be greater humilia
tion than his Holiness could possibly bear.
The report that, come what will, he will not
quit Rome, is therefore probably the true one,
and there is enough of the melodramatic- even
in Fio Nono's composition to make it not un
likely that he would celebrate the entrance of
the Garibaldians into Rome by taking refuge
In the catacombs from which "Christianity
first issued eighteen hundred years ago."
As long as he stays in Rome, too, he fur
nishes France, which is the only power likely
to interfere, with an excuse for interfering,
and France is likely to interfere in fact, by
the last accounts, is interfering, but not for
eoolesiastical reasons. France is not a Catho
lic power in the proper sense of the term
There is in France no State religion. All de
nominations oooupy the same position before
the law, and whatever appearance of honor or
consideration the Catholic Church may enjoy
10 aue 10 mu lact mai me --cniei or tne State "
and the majority of the people belong to it.
The title of "the eldest son of the Church,"
which the Emperor loves to claim and the
Tope is not unwilling to bestow, is a relio of
the feudal time which, since the Revolution,
has been simply absurd.
The "eldest son" in France is no longer a
privileged person, and the Church, of course,
knows no distinctions of her own making be
tween her children. The original interference
on behalf of the Pope, in 1849, was in reality
not due to any particular solicitude about the
Papacy on the part of any portion of the
French public. Those of the peasantry who
are still strongly influenced by the priests are
not a very powerful body, and the religious
fervor Is not strong enough to fill their heads
with any very marked ideas on foreign policy,
much less to cause them to press a particular
foreign policy on the Government. In
the French army there ia probably
no potentate held in less respect than his
Holiness, nor any one who adorns a greater
number of barrack-room jokes, and few ser
vices could have been more distasteful to the
troops than the Roman expedition. It was
undertaken avowedly not in the interest of re
ligion, but of French influence in Italy.
Austria had, under the leadership of Radetski,
recovered from her reverses, and, after Novara,
there was no question of her driving out Gari
baldi and occupying Rome as well as the
Marches. The French expedition was, there
fore, simply the first French protest against
the treaties of 1815, which gave Italy into
Austrian hands, avowedly as a check on
French influence at the South.
When Napoleon drove Austria out of Italy,
he really removed the cause which first took
the French army to Rome, and he was thus
enabled to prepare the way for a total with
drawal. What it was that dictated this with
drawal, as well as what it was that led him to
intervene on behalf of Italian independence,
will probably remain forever a mystery. No
analysis of his character or of his aitus ha
ever explained them. His Carbouaro reminis
cences, and the fear of assassination inspired
by the Orsini attempt, have done duty as the
real cause, in a hundred articles and brochures,
but they have probably never satisfied a dozen
intelligent readers. The theory that he went
to Italy because his dynasty needed to be '
cemented by the blood of successful war, and
Austria was easier to beat than any other
enemy that offered, is probably the nearest
approach that has been made to the solution
of the problem. But whatever the cause, the
logical result of his success was the evacuation
of Rome, and the evacuation of Rome was, as
far as his relations with France were con
cerned, the crowning error of a long series.
In the first place, there is no people in
Europe for whom Frenchmen have less sym-
Eathy or esteem than for the Italiaus. They
ate the English, and they do not like the
Germans and Russians, but the Italians they
both hate and despise. They do not believe
In their capacity for self-government, or in
their military prowess, or in anything belong
ing to them but their music; and their dislike
of seeing Austria lording it in Italy was two
thirds due to the fact that Austria was doing
what all Frenchmen felt France, if anybody,
was entitled to do. The other third was due
we are bound to say it to the hearty detes
tation which every Frenchman feels in his
Tery bones for the spectacle of dishonest, in
capable, badly organized, and oppressive gov
ernment. In the second place, the occupation of Rome
was not by any means disagreeable to auy but
a small knot of educated Liberals in Pari
All other classes of the community found their
pride gratiiioa uy me signi or French soldiers
protecting the head, or tne Church. It made
little difference what they thought of the
rope's spiritual enarauier; no was sun a nie-
turesque and dignified parsonage, tke object 0f
much sentimental attachment; and to have
him blessing oti1 ourritig and singing and
praying urinr th wings of the Imperial eagla
was a very fine tabl-au, which no ordinarily
constituted FinK'luuan would contemplate
without pride. Therefor, though the building-up
of a Htrong aud iu.lepeudeiit Italy was
an offense whi h but few Frenchmen ever
forgave the Emjeror, it was not inexpiable or
unpardonable as long as he retained Jus hold
en Jtouie.
The evacuation, whnn It cirae, was a terri
ble mistake; it was logfoally Inevitable, but it
added to the bitterness bred by Mexloo and
Prussia. It was very fine, bnt It was not Judi
cious, and it is difficult to avoid believing that
the opportunity which now offers itself of re
tracing his steps is eagerly welcomed by the
Emperor. The faults of his policy with regard
to Jtafy, from the trench point or view, were,
of course, aggravated intensely by the part
which Italy played in the campaign of Sadowa.
Italy aiding Prussia to win that battle was a
spectacle which Bent the iron into the soul of
nine Frenchmen out of ten. We say it with
regret, but it must be said that there is proba
bly nothing Louis Napoleon could now do
which would be more gratifying to the French
public than to arrest further development of
the Italian kingdom by the French arms, aud
arrest it, if possible, in defiance of Prussia.
It is of course still within the bounds of pos
sibility that Victor Emanuel has an under
standing with the Emperor on the Roman
(juestion, and that when the proper moment
lor the in now ment has come, the actora will
group themselves in the appointed way on the
stage, and the play end in the surrender of
Rome to Victor Emanuel with the blessing of
"the eldest son of the Church." But it is
difficult to discover anything in the manifesta
tions of I rench opinion, or in the history of
the Italian imbroglio, to lead us to expect auy
Buch result. It does not necessarily follow,
however, that French troops will agaiu go to
Kome. It is even believed in Paris that mor
tal blows may be struck at the Italian king
dom without landing any troops in Italy at all.
A fleet which would cut communication with
Sicily would, it is said, precipitate a revolt in
that island and in Naples, and thua undo, at
one blow, Garibaldi's work in 18G0, and give
the Italian army other occupation than upset
ting the Papacy.
But for all that the Papacy, as a temporal
power, is doomed. The forces of the age are
fighting against it and bent on its destruction,
and all the men in France could not now save
it. The history of the last twenty years is a
magnificent demonstration of the triumph of
ideas over armies. They have left no political
relio of the middle ages now standing in
Europe except the Papacy, and the hour of the
Papacy has come. Bad as it is and has been,
nobody can well witness its fall without emo
tion. It has been in its day a great witness for
right against might, for moral against physical
force, and it derives additional and almost as
strong a claim to interest from the fact that
with it disappears the last trace of the organi
zing genius of Rome.
Victor Emanuel and the Roman Quest Ion
fVim the N. Y. Herald.
It was said of Charles Albert, the father of
Victor Emanuel, when he succumbed to the
Austrians, that he was incomprehensible, be
cause he did not see his opportunity for libe
rating and consolidating Italy at that time, or
because he had not the courage and skill to
lead the Italians to their destiny. The same
may be said now of the conduct of his son with
regard to the movement for the liberation of
Rome. With all the difficulties before him,
ana not me least oi winch is that of an ex
hausted treasury, we still are unable to sea
why he let3 the present opportunity of freeing
nome ana uniting it to his Kingdom slip away.
He has behind him twenty-six millions of
ardent Italian patriots, who on their own soil
ought to be equal to any foreign enemy, and
he could have, what is of the greatest import
ance, the sympathy of Europe and America,
apart from the ultramontane party, rtapoieuu
and some of the Catholic monarchs. These
hostile elements, however, are less powerful
than the mass of the people everywhere, who
are for the cause of Roman liuerty and Italian
unity.
Various conjectures are made as to the mo
tive of Victor Emanuel in sacrificing the cause
of Italy at the dictation of Louis Napoleon. A
French organ in this city throws out the idea
that the Italians are no match for Frenchmen
in a war, and that the King of Italy, being
conscious of this, wisely yielded to the de
mands of the Emperor. Such, probably, will
be the view taken also by the press of Franoe;
for it is just what might be expected from the
characteristic vanity of Frenchmen. And it
may be so. The Iing of Italy, though a brave
soldier, may have been afraid of the conse
quences of a war with France. But it is not so
with the Italian people. The old Roman fire
has been rekindled in their hearts; they feel
that they are the descendants of the old mas
ters of the world; and the glories of the past,
stimulated by the spirit and intelligence of the
present age, inspire them with enthusiasm
and with confidence in the future. Admitting
the military power of France and the bravery
of Frenchmen, we still think, as we said before,
that twenty-six millions of Italians, united and
led by their Government, could not be subju
gated on Italian soil. If, therefore, Victor
Emanuel has betrayed the cause of Italy and
yielded to French dictation from fear, he has
made a great mistake. In opposing tho ardent
aspirations of his people aud the movement to
free Rome he may lose control over the revo
lution, and he and his dynasty may ere long
be swept away as the consequence of his weak
ness. Heretofore he wisely placed himself at
the head of the movement, and became power
ful and beloved. He will find it extremelv
hazardous to place himself in opposition or to
stand still now. But it may be that he looks to
accomplishing the object of freeing Rome and
uniting it to his kingdom through negotiations,
iuiuuu a liuiupeau v ongruss, or mrougu
accidental events at no distant day. Possibly
mis nope may have been held out to him by
Napoleon or his allies. But will the people of
Rome and Italy wait ? Can the brakes be put
on the revolutionary car for such an indefinite
period ? Will it not break loose and plunge
Italy into a civil as well as a foreign war f We
think the King has not well weighed these im
portant considerations. We think he should
have led and tempered the movement should
have entered Rome and negotiated with Napo
leon and the Pope afterwards. His timidity
emboldened the ultramontane party aud the
French Emperor. Had he been bold, and made
the possession of Rome an accomplished fact,
Napoleon might have hesitated, and both civil
and foreign war been averted.
Possibly Victor Emanuel might have been
afraid of the revolution to his own dynasty
and to monarchical government in general,
ana ne may oppose tne uoiuan and Italian
patriots on that ground. Even the crowned
heads of Europe, who are his allies and who
favor constitutional government under monar
chy, may have been afraid of the movement
aud have advised him to stem it. The Govern
ments of Prussia and England even may fear
the republican tendencies of the Italiaus and
of the ege. Of course we cannot know yet
what influences led Victor Emanuel to take
the step ha has taken. We can only say his
onuutt is incomprehensible at present. For
the want of boldness and ability he has placed
ln vtry difficult, if not dangerous,
tl V t ,H8 was 886,1 iu th trouble he met
v.Yn sV 1 ulnot aud in forming a new one.
Still, it appears he Las Buoueod,l in hrido-inw
over this Just difficulty wilu his own people by
constructing a Cabinet with Claldkd at iu
bead. , But the end is not yet. The aspira
tions of the Italians cannot be long gup
pressed. .If the King will not march with
them they will leave him behind, wrecked on
the fthoals of his own weakness and want of
foresight. He might control the revolution
and establish the monarohy on a liberal basis
with a united Italy, but he will not be able
long to arrest its progress.
The Cate of Secretary 8tantou Congress
antt in) I'miatni,
From the N. Y. Herald.
'On the 21st day of November," said Mr.
Speaker Colfax, in his remarkable partisan
speech at the Cooper Institute the other even
ing, "only twenty -nine days more I count
the davs. dar bv day (cheers') on the 21st
of November the Congress of the United States
will aeain assemble: it will aeain assume its
legislative authority and power in those halls
(applause); and when twenty days expire from
that time Edwin M. Stanton will go back again
into the War Department (tremendous aud
prolonged cheering); and I can say, in the lan
guage of one of Watts' hymns:
"P ly swiftly round, ye wheels of lime,
And speed the welcome day."
This may be considered an ofTioial notice
from the Speaker of the House of Representa
tives to President Johnson to prepare for what
is coming. Mr. btanton, as Secretary of War,
was some time ago requested by the President
to resign. Mr. Stanton pointedly and posi
tively declined to do bo; whereupon he was
displaced, and General Grant for the time
being was assigned to the duties of the War
Office. The President, if he adopted the al
ternative of suspension, did so iu order, while
maintaining the dignity of his office, to avoid,
if possible, a collision with Congress on the
"Tenure of Office bill." That bill, passed
over the President's veto at the last session of
the Thirty-ninth Congress, provides, among
other things, "lhat the Secretaries of State,
of the Treasury, of War, of th9 Navy, of the
Interior, and the Postmaster-General aud the
Attorney-General, shall hold their offices
respectively during the term of the Presi
dent by whom they may have been ap
pointed, and one month thereafter, subject
to removal by and with the advice and con
sent ot the benate." ihe bill farther pro-
Tides:
"Section 2. That wbsn any oQleer appointed fti
aforesaid, exoep ine Judges ot the Umied (States
Col rn. shall, during a recess ot the beuale, be shown,
by evidence satlsfm tory to the President, to be icuilty
oi misconduct in oince, or crime, or lor any ratn
snau oecome muapauie or legally aisqn&iineu to per
form Us dultes, in Duett cash, ana no other, the Presi
dent may Busneud such olllcer. and doMnunte some
suitable person to perform temporari y the Untie) of
such on Ice until the next meeting ot the Manate, and
until the case shall be acted upon b tueSenate; and
ln such cate it shall be the duty of the President.
within twenty days alter the Urit day of such uext
meeting of the Senate, to report to the Snnate such
suspension, wilh the evidence and reasons tor bis
action in the case, and the name of the
person so designated to perform the duiiet of
such ollice, and It the beuate nhall coucur In
such Bunnell' ion and advise and consent to th
removal ot such oillcer, tuey shall so certify to the
President, who may thereupon remove such olllcer,
and by aud with tne advice and consent of ibe Senate
appoint another person to such otlice; but It the
heimte shall refuse to concur In such suspemlon, such
olllcer shall forthwith resume thi lunc.loui of his
ollice. and the rowers of the person appointed In his
Mead Bli nil cense and tire olliclal salary and emolu
ments ot such ollice shall, during such suspension,
belonK to the peison perform Inn the duties thereof,
and not to the olllcer iu suspended. Provided, bow
ever, that the President, In case be shall become
xaMHl'd that susprnHlon was u ade on lusutltuienl
grounds, sha'l be authorized al auy time before
report ug sucn suspension 10 me senate, as anove
nruvldcci. to revoke such susueiuion and reinstate
such olllcer In the performance of the duties ot his
oince."
This explains the prediction of Mr. Speaker
Colfax, that twenty days after the meeting of
CongreHB 'l'lwln M. titnntnn will go harsK
again into the war- Department, remaps
he will, and perhaps not. What Mr. Johnson
proposes to do in the premises we do not know,
we understand, nowever, irom parties wuo
profess to know, that Mr. Stanton's case will
turn out to be, not a case of suspension, but
of removal from office, and that probably
within the twenty days aforesaid alter the
meeting of Congress the name of Stanton's
chosen suocessor will be sent up to the Senate
for confirmation; that Mr. Johnson holds the
ground that this Tenure of Office bill iuvades
his constitutional rights; that he is, therefore,
bound to carry this question, if necessary, to
the Supreme Court; that he will, accordingly,
if called upon by the benate to reinstate Mr,
Stanton, decline to do so, and in such manner
as to compel a submission of the case to said
court. Of course, should the decision of the
court be against him, he will reinstate Mr,
Stanton, but if the line of action indicated
has been resolved upon by the Exeoutive, he
no doubt has his reasons for believing that
this Tenure of Office bill will be pronounced
by the court of last resort unconstitutional
and void.
The Speaker of the House, therefore, in pre
dicting the speedy reinstatement of the dis
placed Secretary of War, may be counting
without his host, we cannot imagine that Mr,
Johnson has superseded Stanton with no other
purpose than that of depriving him of his
salary for a month or two. lhat would be a
small game, indeed. It is much more reason
able to assume that in resolving upon Stanton's
displacement he had made up his mind to push
the issue with Congress to the supreme court,
and it is highly probable that to this enter
tainment the two houses will be invited.
The Washington newsmongers have been
hinting pretty broadly that if the New York
November election shall result in a popular
verdict like that of Ohio, a partial reconstruc
tion of the Cabinet, including the war umce,
may yet be made before the reassembling of
Congress; but, in any event, the case oi tan-
ton will suffice for an appeal to the Supreme
Court; and should Mr. Johnson adhere to his
purpose, Mr. Colfax's prophecy at least will
fail of fulfilment. The impeachment party
of the House, meantime, are flourishing their
whip over the head of Mr. Johnson: but we
guess that they have ceased to frighten him,
The Movement of Breadstuff.
From the N. Y. World.
The abundant quantity and excellent quality
of the cereals grown in the United States dur
ing the past season are now facts placed
beyond dispute. The movement of flour and
grain over the nnner lakea nromises, during
-mi--- r -
the mouth of October, to exceed all precedent,
aud the quality of the grain now being mar
keted affords much satisfaction to all brauohes
of the trade.
The receipts of flour and grain at Chioago,
Milwaukee, Detroit, Toledo, and Cleveland for
seven weeks, ending October IP, and the cor
responding period in 18(j(J, were as follows.
1807.
,12 4(.-),0())
,. s f.oao
.. 5.274.0H J
lHtil).
Flcur, bblu
Wheat, bush..
Corn, buU
Ontw, b 11 till
101,800
8.87I),(X)0 Inc.
o.USii.OUO loo.
2.1U0.0II0 Iuo.
J, o(.( 00 Inn.
t! 1(1,000 Inc.
a.dio.oiio
Tfcl.OlK)
8 OS 1,000
'7'i7,Oi0
21.0J0
Hurley, biudi.
l.M).i,000
itje, bliBh OK.OOO
Total grain. ..25.740.000 18.U78.','00 7.008,000
or about 40 per cent., and the improvement
in the nnalitv of thn what and oatd H even
greater than the increase in the quantity. Iu
thia connection it. will lie inturestiug tO look
at prices, taking those of yesterday, compared
with tho of the name time In H'5'5, Including
tne jirunuiu uu ruiii: I
Oohl Hi
114 '
$11 (MM2-50
Hour, extra (State per
jn6V10 25
Wheat. No. ii wnrliiu
per buiiti a imi i 9n otn
Corn, per btisn 14:1, i-.,r, n:
Oats, per buah 0 Kit $ 0-81 0 ! (wo
Bnrley, ppr hush l-:ov 1-50 1 lo 1 .
hye, per buab 1 fed ns 1-24 1-43
It is too early, as yet, for stocks in store to
nave any important Bignincance. 1 lie neces
sary accumulation for the winter, when inland
navigation is suspended, does not coram inoa
much before the 1st of November.
We are now having a large export demand
for wheat. Of the increased receipts at the
Western markets, more than one-third has
been experted from this port, aud the balanje
of the increase has been absorbed en ru'e
Uut it would now appear that the intervening
marKPts are pretty well stocked up. for the
quantity to come forward to tide-water has
largely increased latterly.
Corn occupies a somewhat anomalous posi
tion. It is the only crop of which we have
heard any complaint of the yield. It un
doubtedly did suffer some from drougth in
August. Jiut the weather has Bince been
quite in its favor so much ro, that new
western corn may be suitable for market this
autumn. The receipts at the w estern mar
kets are now larger than last year. The quan
tity on the canal for tide-water Jast baturday
was 1,527,000 bushels, against 928,000 bushels
at the same date last year. The export de
mand has entirely ceased; and yet, with gold
five per cent, lower, the price in thi? market
is thirty cents per bushel higher than one
year ngo. liesides, the bouth promises us
considerable supplies and no important de
mand during the coming winter. A large de
mand for rve from Uermany is prouauie.
Late mail advices from Berlin speak of the sale
there of half a million bushels of American
rve. to be delivered at Hamburg. Thus an
active and, except in a single staple, a pros
perous trade in grain Beems to have com
menced with the Western people.
The New Radical Programme.
From their. Y. World.
As the lowest things in nature have their
use, there is a certain propriety in Forney. He
is the chameleon of radicalism, and reflects its
shifting tints. Once this chameleon was of
hell-fire hue, and breathed forth threatenings
and slaughter. This was when the radical
party carried the high hand, and wa3 just
about to hang, impeach, and confiscate. Now
our chameleon alloys his viperous sheen with
the dove-like tinge of peace. Under date of
the 23d inst. he is not, in the style of the
chaste Artemas, as thus as he was. lie ha3
been Captain Macheath heretofore, but now
condescends to a slight infusion of Jeremy
Diddler. In one word, the radical party, as
foreshadowed by Forney, is about to temper
its violence towards the South with a cajoling
rascality equally as base. The late elections
have changed front to rear, and the promise ia
now to be put in advance with tne threat in
reserve.
Listen to the dulcet "Occasional" who
falsifies his name by a never-ending quack
as he sings the syren song of Southern recon
struction:
"They." of the South, "should be consoled
for the deserved loss of a large part of the
power which they bo long abused when they
discover that their acquiescence will be gene
rously met by the Republicans in the Congress
Doua tv roAODOiublu It these moil
will honestly abandon their assaults upon re
construction, they will find their truest friends
among the radicals in Congress. A
frank and honest acquiescence, confirmed by
kind treatment of the white and black Union
men of the South, will secure not only the
substantial prosperity of the South, but will
invite the utmost magnanimity towards the
individuals who have proved themselves
worthy of the confidence and forgiveness of
their country." (A famous bid this to weak
ness and faint hearts.)
"JNot the most aimsed ot the radicals not
Charles Sumner nor Thaddeus Stevens, nor
Benjamin F. Wade, would hesitate a moment,
when this example" (that of some Southern
trimmers) "is universally followed, in leading
in such a legislation as would encourage all
those enterprises so necessary to the develop
ment of the recent insurrectionary States, and
bo constantly prayed for by all classes of the
Southern people."
"Let them" the above ICharles, ihaddeus,
and Benjamin "be convinced that reconstruc
tion is to have fair play in the South, and that
no more efforts will be made to persecute her
loyal millions, and no demand that can be
made for the benefit 01 the south will be re
fused. Their rivers would be made navigable,
their waste places redeemed, and their furthest
extremities brought into daily relation wifh
the great -cities of the JNorth by generous con
tributions from the national treasury."
Now, all this may be very cheerful, but it is
not all. Vague promise is not equal to note
of hand, and bo radicalism, per Forney, essays
to buy the South Into reconstruction by some
Bpeciflo concession. In order to do so, it takes
up and adopts the following doctrine, as found
in time-serving Southern sheets:
OUR PLATFOKM.
" 'Let our laws aud our institutions smealc not
of white men, not of red men, notof black men,
not, or men or any complexion; uut uite tue
laws of God the IVn Commandments and the
Lord's Prayer let them spealc of the people.'
JJorace Mann.
"Three Solid Planks for the Iiepubliraix riatform
"Rebuilding of the Levees by National Aid.
"Abolition of tlio Cotton Tux.
"fcutar interests of the btaie to be Protected
and rostered. "
It is difficult to read all this without a smile.
If there has been anything upon which radi
calism has principally insisted, it is, first, that
white men in the South had no rights black
men were bound to respect; second, that there
was to be no Federal levee aid; aud, thirdly,
that the cotton tax was a most just and neces
sary imposition, against which none but the
"disloyal" would complain.
Truly, there is a quaking of dry bones in the
radical camp, roruey, cuauieieuu rumo, ia
as pleasant to us now as the buds in June. He
represents the knee-quakings and the sweats
and the tremblings of his party a party that
once dared to threaten the masses of the
North, and is now reduced to an attempted
cajolery of the conquered Bonth.
Kiw Perils JerT. Davie Again ou the
Kampag ,
Fi om the N. Y. Timet.
We fear that the country has not received
with sufficient gravity Mr, Forney's alarming
news that Jeff. Davis, Toombs, Breckinridge,
and Thompson are busily engaged in plotting
another Southern rebellion.
It was the same Forney who a few weeks
ago sounded the alarm in reference to the
quite horrid designs of the awful Maryland
militia; and in cooperating with him to en
lighten the country as to the real charaoter
of that organization, we had hoped that after
it was crushed out we should, be able to
Old My e. Wlmkiet,
THE LARGEST AND l5Efcri fc'UK K OK
F I N E OLD R Y C H I K I f:
IN THE LAND IS NOW TO&ir I H I) 1,7
II E N 11 Y S. II A N.N I S & 0 O..
Nos. 218 and E20 SOUTH. FJ.W uii-.Ert,
WIIO ffFFEIlTIlK NAME TO TIli:TItAlE I!H ,T n Vl ltl n vtn. ,
Yhtlr Stock of By WliWkln, III BI, .n t . ati t. 1, ,UI( b
itDt,iBd ram tbronph thvrloi aisslbf b; )' r-,'.-t, 4 o!tit ie,r
prtirnt date. ' "
Liberal contracts mad tor lota to anlv 1 f k 1 ij It 1. 1 tnuria !.
i.rtlcnoa Wtiarl.or at lioaded Unrfliiin'tM, itl ictt. '
CARPETING
OIL CLOTHS IN 1J DUUGGF.Ts.
EEEVE L. KKIGIIT &. CON,
12th8tu2tn SO, Mil (lilflM T STRi n,
rest for a time from our struggles in the
way of saving the Government irom the plots
of grey-coated traitors and grey-eyed con
spirators. But already we are again startled with the
cry of danger; and therefore we shall now
make up our minds to spend the rest of our
lives in armor, always prepared for the fray
and ever on the alert for the appearance of the
enemy, who, we had thought, was hung,
drawn, quartered, and buried in a bottomless
grave two years ago.
There is no sleep for loyal men hencefor
ward. To be a moment off the watch-tower
may result in the enemy getting possession of
the citadel, and even to wink a single eye may
cost us a life which can never be resumed
except by defunct traitors.
We know of but one consolation in the
sleepless, watchful, and vigilant existence
which we feel we must henceforth lead that
is, the company we shall constantly enjoy.
If we are laitniul to duty we snail enjoy, by
day and by night, in foul weather and fair,
the inestimable privilege of keeping step with
the bold sentinel who has so often called his
fellow-countrymen to arms sinoe Lee sur
rendered his sword, and who now again gives
warning that the arch-conBpirator is pre
paring to summon his hosts from their
graves, to give battle for a cause which lies
buried beneath the trenches in which their
bones are piled. We know that while we
follow his guidance we will never be derelict
in duty; while copy hi3 example, we will
always be sure of our loyal watchfulness.
When he sees a bush stir, we will suspect an
advancing foe; when he descries a figure
stealthily approaching, we will be certain the
enemy is there; when he gives warning, we
will ghout danger; when he utters the alarm,
we will sound a blast that may be
heard round the world; when he seizes
a gun. we will rush to a cannon; and
when lie fires grapeshot all around, we
will liurl hundred-pound balls at the enemy's
head.
Thus we shall be sure that we are always
right; and even if it should turn out, after the
hullabaloo is over, that it was all a false alarm,
we shall still be able to save ourselves from
being ridiculous by getting up another uproar
and panic still wilder than those which have
just blown over.
We utter our warning, therefore, loud as
we can roar, that Jeff. Davis is at the gates
that Toombs is on the walls that Breokin-
ridge is breaking into the citadel and that
Thompson (with a p) has our fellow-sentinel
by the throat. If, now, General Grant fail to
do his duty, we shall report the delinquency
to President Johnson, who will, doubtless, at
once place tne troops and tne Treasury at the
command of Colonel Forney.
The National Finance Mr. Jay Cooke'a
Letter Reviewed Editorial Oplulona ot
the Leading Journal of tn Country,
Ktc. Etc.
mr. jat cooke's letter.
From the Newark Advertiser, 2Uh Republican.
This letter of Mr. Cooke's ought to be a final
answer to that remarkable school ot financiers.
led off bv Pendleton aad Butler, who have pro
posed the great outrage of practical repudiation
by using greenbacks to pay tue national U3bt,
and the ueelers and dangerous experiment of
breaking down a banking svstem which has no
eoual in the world or in history lor convenience,
unilormity ond security. Without these banks
we should be compelled to go back to the old
chaotic condition, where every State had a dif
feieut syttem.aud where the value of a particu
lar bank note wa a problem ln every com uier-
cial transaction onlv to be solved by reference
to a "detector," or by a journey to a broker's or
a bankers office to consult an expert.
Froti the New York Tribune, 23f7i Republican.
The letter of Mr. Jav Cooke on the National
Blinking tiystem states facts which, unless the
statements themselves can be shown to be. false,
amount to a conclusive demonstration that the
National Banking system is far better than
either the old State banks, or auy device which
Mr. Fenuieton and his 6et nave proposed as t
substitute.
II we have any doubt9 relative to the pence
Hon of the National Bitnkiuir system, they are
directed towardR points not covered by Mr. Jay
Cooke's letter. We have doubts whetuer a ys
tern which allows a corporation to issue a paper
dollar upon depositing Government boni s worm
only blity-elght cents in gold, does not tend to
delay rather than to aid a return to specie pay
ments Obvioiuly, were it not for the clause
limitinor to $300,000,000 the number of these
paper dollars issued on a biiHin of 68 cents, the
currency of the country would go up like a bal
loon, wueu the cable is cut, into the highest
bravens 01 lmnaiion.
But, though this limitation lessens Iheouan
tlty, it docs not otherwise add to the value of
the paper currency which maybe actually is
sued on this inadequate basis. We venture to
eutartain a doubt whether it would not be bet
tcr to require the banks to depo-dt bonds worth
In gold SPIO as security for every dollar of
paper issued, and a reserve worth In gold
twenty-live per cent, of the amount of deposits.
This would be planting the National Bank cur
rency, if not on gold, at least on a basis worth
gold, to the amount of tho cuireney, aud ten
per cent. over. With this amount of security,
or as nearly this as tho bankets would stand,
in the hands ot tho Government, Congress
might fcufcly repeal the f300,000,OUO limitation
altogether, and allow as many tmiika to isue as
much cuirencyon these conditions as might
choose to do bo. . , ,
This would be substituting a specie basis for
one of depreciated promises, a natural, sell
adjusting limit to the circulation instead of a
cast iron and wholly arbitrary one, and a sys
tem of free and yet saie banking for a mono
poly which cannut be invaded, and which puts
I'D ft curitics worth 1cm in gold than the lace
or the rn on. lues bnsed on them. We cauuot
conceive that any institution wuIqU qhu isue
promises to j ay based on 08 (or aildiini the
margin of 10 j er cent.. 7f.) cents iu poll h
security, can lavor or otherwise thau hiudjr a
leturn to specie payments.
From the Cleveland Leader, aid Republican.
The intimate and ptouiincnt connection of
Mr. Jay Cooke with the financial history of the
Government during the inception of our present
financial policy, and his well-known relations
with the sjstetn of national banks, will give his
views on this subject, here expressed, a value
and interest quite apart from their great in
trinsic meiit, and Mr. Cooke's cogent reasoning
and clear presentation of facts will b3 widely
read and deeply pondered by all who are can
didly seeking the truth in this matter. On one
point, however, Mr. Cooke's arsruraeut soems to
us one-sided and unfair. It is his enumeration
of the taxation. State and national, Imposed by
the Government upon the national bauks.
He figures up the total taxation upon the
banks, toseth with a six per cent. Interest
upon their reserves held lor deposits and for
circulation, 11 1 $28,84,000, while the iutcrest on
the $300,000,000 ln circulation, which the oppo
nents of the national banking system claim
would be saved to the Government by its aboli
tion, amounts to $18,000,000, leaving a balance
of profit to the Government, in this view of the
case, ot $10,843,000. In order that we may not
do Mr. Cooke injustice, we quote his words:
"The American people, by destroying the na
tional banking ejstem, retiring the national
bank currency, and substituting greenbacks
therefor, would lose more in net revenue alone,
now paid to the Government by the banks, than
they would pain in the cancellation of their own
interest-bearing bonds."
Mr. Cooke, however, falls to present the
other side of the case. It the natioual bauk
system were abolished, and greenbacks substi
tuted, the business of issuing notes by banks
would be abolished, but the deposit and bro
kerage business would continue. Every bank
would be trail formed into a bank of deposit and
brokerage, and the revenue from taxation upon
these branches of business would be as large aa
ever. Our readers will find Mr. Cooke'a table exhi
biting the taxation of national banks ia another
column. Let us examine it, and see how many
of these drawbacks are attributable to national
bank currency, and how many would exist were
mat currency retired.
in tne nrst place, all these banks would have;
to keep, as at present, a reserve of legal-tenders
lor tneir deposit, anu woui 1 be compelled by
State laws to keep, on the average, as largo a
reserve as atp-esent under the natiouul banking
system twenty per cent. The first drawback.
tnereiore, 01 interest on reserves tor deposits
would exist as much after the national bauk
note currency had been retired as before. The
taxes on deposits, on banking capital not in
vested in Government bonds, the license tax ot
two dollars a thousand 011 capital invested, and
the St-tfe taxes paid by national bauks, would
exist as much, aud would yield as much revenue
after the withdrawal ol the national bank cur
rency, as beiore.
From the Wash in (ton Intelligencer, 'HthJohn
son Vemocrul. ,
The letter ol Mr. Cocke is an able and interest
ing exposition of the origin of the national bank
ing system, the character of its currency, its
present position, and its relative meiits in com-,
parison with other systems. The hib character
of Mr. Cooke a a banker and financier, and his
intimate relations and familiarity wilh the
whole system of national banks, eminently lit
him o explaiu the questions propounded to
him, and entitle his views to earnest and candid
consideration.
Prom the tSprintjjleld Mats.) Republican, 2lth
Rational Htmovrat.
In answer to a letter of inquiry from several
national bank officers of Sandusky, Ohio, Jay
Cooke, the great seller of- natioual bonds, has
written a long letter explaining the origin,
workings, and advantages ot the national banks,
and defending these institutions against the de
tractions of their opponents. The letter is timely
und conclusive, and will have the effect to re
assure many timid and ignorant persons who
may have lost faiih in the national banks
through the persistent assaults made upon tueia
by their enemies.
From the Ne York Herald bf the Zith National
Weathercock Urant- Johnson - Anti-Ncaro-bu-
fraye Uemocrat.
The burden ot Jay Cooke's plea Is of a nega
tive character that Is, he argues that the old
Hate banks were not good, were Inefficient and
insecure were not uniform, aDd gave a currency
w hich had not the same value in all places, and
therefore the national bank must be exoelleut.
There were defects, undoubtedly, iu the old
system of State banks, though not so many or
of such magnitude as is represented. The banks
of this city and pome other cities, for example,
were substantial and answered the purpose very
M But admitting there were serious defects, and
that under the changed state ot things produced
bv the war and a great national debt it was
necrsf ary to have a new aud improved system
of banking, witn a uniform currency, does that
nrove the system actually adopted to bo a good
one? Does it prove that It Is better thau the
other' If there are not the same evils con
nected with it, there may be other aud greater
evils One plaster applied to a wound may not
heal'it while the application of auother and
different one roipbt be still more injurious. We
maiutain that this is r-ially the cae as to the
banks. We have substituted a worse and far
moie dangerous system, on the whole, thau lhat
which existed previously.
Mr. Jay Cooke lays great stress upon the ser
vices of the national hanks to the Government
during the war. If we rightly remember, the
first aid the Government received and that,
too, in its greatest need-was a hundred and
titty millions liom the old banks ot this city.
Mr. Chase, then Secretary of the Treasury,
coull have received more could have received
all he needed from our bankers and the bank
ers of other large cities,, had be carried out
the plan first agreed upon of selling his bonds
In the market, from time to time, for what
tiipo uonld havj reftlizod. Then we should
not have had an inflated currency nor a suspen-
t-ion
on of fpecie paytuent.s InBiea.l I of tho national
nuU vu, it was uthe other
ha
TrcaTurVl op both the bond, ani
the cum'ney. The ppiwuul bauks did uot sup-